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Property Ownership for Foreigners in Sharjah
Last Modified on September 23, 2024
Owning property in Sharjah seems to be out of the reach of foreigners; but in reality, property ownership for foreigners in Sharjah ismore viable than one thinks. Expats are increasingly being attracted toward this dynamic emirate real estate investment.Now, let us talk about some specifics on Sharjah property ownership by foreigners. Let’s go ahead and start!
Sharjah Emirate is a city with a rich history and the arts. It is the oldest and therefore the most attractive part of the country, though. So yes, people are amazed. But why do they desire to live and own property in this city?
Sharjah provides more value at a more affordable price as compared to the property markets in Dubai and Abu Dhabi.
Living nearby Dubai lets locals take advantage of easy access to recreational and business facilities.
Sharjah is a sanctuary for lovers of art and culture because of its many museums, art galleries, and cultural events.
It’s easier to raise a family in Sharjah because of wonderful parks, schools, and family-friendly resources.
Property Ownership for Foreigners in Sharjah
Are you a foreigner considering flat for sale in Sharjah? You’re in the right place! Even if the rules and procedures seem complex at first, we can help you understand them. Let’s discuss the relevant laws and the best places to invest money in Sharjah’s real estate market. Ready to get started right away? Let’s begin.
Understanding the Legal Framework for Foreign Property Ownership
Do you want to know how foreigners can buy property in Sharjah? As a foreign investor, let us analyse the legal landscape to assist you in understanding your options and rights!
The Historical Background of Ownership
Sharjah used to have some very strict laws regarding foreign property ownership. Foreign investors have just two options: 99-year leasehold agreements or absolute ownership. These measures protect the emirate’s cultural and economic interests.
Current Law Reforms Affecting Real Estate Investments
For foreign investors, good news! In recent years, Sharjah has loosened property ownership rules in order to attract foreign investment. Certain places, especially freehold zones, now permit foreigners to purchase real estate.This project was set up by His Highness Dr. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi as a way to attract foreign direct investment to land real estate and promote the industry. The upcoming law opens up the possibility for long-term usufruct agreements of a maximum term of 100 years and ensures that the real land rights of all nationalities in Sharjah are established for law. Now foreign investors are able to buy the entire shares or just to rent the space in regions such as:
Innovation Park
Sharjah Media City
Sharjah Research Technology
Sharjah Publishing City
Sharjah Airport International Free Zone (SAIF)
Hamriyah Free Zone
Types of Properties That Foreigners Can Purchase
Excited about what is possible? Let’s look at the many sorts of housing you can buy as a foreigner in Sharjah.
Residential Properties
There are a few possibilities for residential properties that are accessible to you as a foreigner in Sharjah. You’ll find something to meet your requirements whether you’re searching for apartments townhomes, villas for sale in Sharjah. Moreover, as per the area, you have a choice between leasehold and freehold.
Commercial Real Estate
Is it good to say that you are hoping to lay out or grow a business in Sharjah? You’re lucky! Business land, for example, places of business, retail locations, and warehouses, is additionally accessible to unfamiliar financial backers. These resources give fantastic opportunities to understand your organisation’s objectives in this creating emirate.
How to Purchase Real Estate in Sharjah as a Foreigner
It’s important for foreigners buying real estate in Sharjah to be aware of the rules and specifications established by the Emirate. A detailed guide based on Executive Council Resolution No. 26 of 2014 is provided below:Learn About Ownership Restrictions: You are not permitted to own real estate in Sharjah if you are a foreign citizen or a corporation owned by a foreign person. On the other hand, you can acquire the usufruct right, which gives you a maximum of 100 years to utilise the land.Register Usufruct Rights: The Sharjah Real Estate Registration Department (SRERD) requires registration to provide usufruct rights. This is an important step in ensuring your rights are legally recognised.Verify Designated regions: Make sure the property you’re interested in is located in the regions that the Sharjah government has designated for usufruct. The intended usage of the various zones within the Emirate is maintained partially by this restriction.Get Approval: Finally, to protect your usufruct rights, you need to get approval from the Ruler of Sharjah. To complete your usage of the land, this permission is required.
Some Popular Investment Locations for Foreigners
Are you ready to learn about the best places in Sharjah to invest in real estate? Let’s explore the most sought-after areas where foreigners are becoming established!
Al Khan
A great choice is Al Khan! Located near the Arabian Gulf. It provides stunning views of the waterfront as well as convenient access to main highways, such as a short trip to Sharjah International Airport and Dubai. Al Khan is a great place to buy property, according to Sharjah Property Report. Because of the variety of restaurants, lovely beaches, and retail centres like Al Qasba and Safeer Mall. For foreigners seeking a contemporary lifestyle with a dash of beach tranquillity and cultural charm, Al Khan is ideal, with average flat prices of AED 949,000 and a potential 3.67% ROI.
Types of Apartments and Average Costs
One – Bedroom: AED 602,000
Two-bedroom: AED 905,000
Studio: AED 398,000
Al Majaz
Al Majaz, located in the centre of Sharjah, gives convenient access to highways and bridges, connecting you to different emirates. This area, which was presented by the Sharjah investment and development authority in 2010, has a lovely beachfront walkway as well as the magnificent Khalid Lagoon. Al Majaz is great for foreigners searching for a lively and peaceful neighbourhood since it offers amenities including parks, jogging routes, the Al Majaz Amphitheater, and family-friendly food options. This is a superb spot to contribute since lofts here have an amazing 6.12% return from investment, with a typical cost of AED 784,000.
Types of Apartments and Average Costs
One -Bedroom:AED 342,000
Two -Bedroom: AED 602,000
Studio: Not available.
Muwaileh
Easily accessible to main roads such as Sheikh Mohammed Bin Zayed Road (E311), Muwaileh lies in the centre of Sharjah and makes travelling a snap. It’s a great option for families because of its proximity to colleges and educational institutions like Delta English School and Brilliant International Private School. Muwaileh offers a family-friendly atmosphere with a variety of services like parks, shopping centres, and medical facilities. These apartments provide a balanced lifestyle for foreigners who appreciate convenience and educational possibilities, with an average price of AED 838,000 and a return on investment of 2.92%.
Types of Apartments and Average Costs
One-Bedroom: AED 673,00
Two-bedroom: AED 1,081,000
Studio: AED 433,000
Al Nahda
Al Nahda is a great option for commuters because of its perfect location for quick access to Dubai. It provides all the necessities for everyday life, including great access to public transportation, retail centres, educational institutions, and medical facilities. Its appeal is enhanced by the green parks and sense of community, providing a wonderful living experience. Al Nahda offers affordable investment opportunities for foreigners, with average apartment costs of AED 587,000 and an ROI of 6%.
Types of Apartments and Average Costs
One Bedroom: AED 438,000
Two-Bedroom: AED 542,000
Studio: AED 180,000
Benefits of Property Ownership in Sharjah
Rent: Take advantage of consistent rental income due to the strong demand from foreign employees in Dubai.Residence Visa: If you are granted eligibility for a residence visa, you will be able to live and benefit from the UAE.Capital Appreciation: As Sharjah grows and draws more investors, property values will rise.Quality of Life: Take use of excellent healthcare, education, and leisure opportunities while appreciating a diverse cultural background.
FAQs
1. Does Sharjah Let People of All Nationalities Acquire Entire Real Estate?
Yes, the new real estate legislation allows foreigners of all countries to own property in Sharjah’s specified districts. This amendment grants freehold homes clear inheritance rights and is expected to attract a huge number of new buyers. That includes foreign investors who are not Arabs.
2. Is Sharjah on a lease, or is it a freehold?
Property investors can now purchase real estate in Sharjah with complete freehold ownership. Before, they could only get long-term leaseholds with the option to renew them. This change allows you to finally enjoy full property ownership in Sharjah!Sharjah, offering a blend of affordability and culture, is swiftly rising to the top of the list for international investors. Whether looking for a successful investment or a place to call home, make Sharjah your choice. For more blogs related to Sharjah, browse the Property Finder blogs.
