In the past, expats in Sharjah had to bid farewell to their dreams of becoming property owners due to laws preferring leasehold ownership. However, with the new property ownership rules in Sharjah, expats can buy a freehold property. But what do the laws say?
Check out the most recent laws and policies related to expats owning property in Sharjah.
Expats’ Guide to Owning Property in Sharjah
Expats need to follow the right rules and processes when it comes to buying a property in Sharjah. The procedure can be made easier and more profitable by being aware of the relevant laws and regulations and identifying which locations are open to international real estate investment.
If you’re an expat who is interested in Sharjah real estate, you’ll have to follow a clear set of rules to make the process safe and transparent. You can confidently follow your dreams of becoming a property owner by finding out freehold areas and keeping up with the necessary legal regulations.
Sharjah’s New Property Ownership Laws
Recent changes to Sharjah’s property laws resulted in a new era of transparency and accessibility for property owners. The Sharjah Executive Council (SEC), headed by His Highness Dr Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, declared that property ownership limitations are no longer applicable and invited people of all nationalities to make investments in the Emirate.
This choice supports the real estate industry and makes Sharjah’s economy more stable and conducive to international investment.
All nationalities will have legal rights under the updated property ownership legislation, which creates a safe and secure atmosphere for real estate transactions.
SRERD facilitates long-term lease options in mainland and free zones, 100% foreign ownership, and usufruct rights for up to 100 years for expatriates residing in Sharjah.
- Sharjah Airport International Free zone (SAIF)
- Hamriyah Free zone
- Sharjah Publishing City
- Sharjah Research Technology and Innovation Park
- Sharjah Media City
Sharjah Executive Council’s New Decision on Property Ownership
Law No. (2) of 2022, issued by His Highness Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council member and ruler of Sharjah, is a significant upgrade to Law No. (5) of 2010. This updated law offers new ownership standards and opportunities, reshaping Sharjah’s property registration process.
The revision is resulting in important changes to Law No. (5) of 2010’s Article (4).
Expats in Sharjah can now own property if they meet certain requirements, while UAE nationals of the Cooperation Council still hold the majority of property ownership in Sharjah:
- Everyone can own property with the present Ruler’s approval in Sharjah.
- With formal notice, the inheritance law is effective for all owners.
- Property owners can transfer the ownership to first-degree relatives.
- Ownership is permitted inside real estate developments and projects as long as it follows council rules.
Article 7 of Law No. 5 of 2010 has some new rules for property ownership in Sharjah:
- Inform the Real Estate Registration Department of any legal modifications, ownership transfers, trade name changes, partner share changes, or other changes to the property.
- Resolve any non-compliance concerns, such as adding unauthorised partners or transferring ownership to ineligible parties.
FAQs
Yes, Sharjah now allows people and organisations of any nationality or country to buy full real estate. The Crown Prince has backed the Sharjah Executive Council’s (SEC) historic decision. It has opened the door for expats to purchase real estate without restriction.
Of course! Purchasing real estate in Sharjah is a wise and successful financial move. Property ownership in Sharjah is an appealing and profitable aspect for investors. Sharjah has a growing and developing market that promises great profits, whether you’re searching for residential or commercial properties.
It’s important for foreigners to be aware of property ownership rules in Sharjah, legal requirements, and financing alternatives. To get the most out of your assets, familiarise yourself with freehold zones, documentation procedures, and current rules. If you are moving from Dubai to Sharjah, you can choose to buy a freehold property in the emirate.
Also, learn about the free zones and mainland areas in Sharjah if you are looking for commercial properties.
To get more information about buying properties in the UAE, check out the Property Finder blog.
