New law allows expats to buy in Sharjah
Foreigners must hold a UAE residency visa to be granted a lease
Foreigners are now able to buy property in Sharjah after the government passed a new law.
Now, expats from any country can invest in the Emirate's real estate market.
Foreigners must hold a UAE residency visa to be granted a lease, which has a maximum of 100 years.
It is believed a major reason behind the change in the law was the demand from people working in Dubai who have been priced out of their property and wanted to buy in the neighbouring Sharjah for a lower price.
However, restrictions are in place only allowing investment in certain areas on the edge of the city centre.
The first new development to offer the leases will be Tilal City, a 25mn ft2 development on Emirates Road close to the Al Dhaid Interchange which is being developed by Sharjah Asset Management and Eskan Real Estate Development. The project comprises 1,800 land plots.
The new rules are aimed at creating cluster cities outside the centre, in a bid to reduce traffic.
"There are over 220 nationalities here in Sharjah. But we think the biggest demand will come from Arab and Asian Muslims living here who want their families to live in a stable and safe environment," Hamad Salem Al Mazrooa, director general of the Sharjah Real Estate Registration Department told Property Wire.
"The only restriction is that they must have a residence visa at the time of purchase. If for some reason after the purchase their residence visa expires, they are free to hold the property, lease or sell it as they wish."