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UAE: Sharjah property demand grows after expats allowed to buy in freehold areas

UAE: Sharjah property demand grows after expats allowed to buy in freehold areas

Sharjah’s real estate sector, which has witnessed massive growth in the past few years, continues to grow and has not yet reached its peak, a senior official said on Wednesday.

Lamia Al Jewaied, head of studies and research bureau at Sharjah Real Estate Registration Department, said multiple factors have driven the growth, especially the introduction of the law in late 2022 which allowed non-GCC nationals to own property in certain freehold areas.

“There are many factors that have driven the growth such as infrastructure, the investor-friendly laws approved by the government and its central location. Moreover, many new projects with a lot of units which suit all kind of buyers were launched by different developers in Sharjah, that attracted new types of investors from different countries across the globe,” Al Jewaied told the Khaleej Times in an interview on Wednesday.

“Sharjah’s market has not yet reached its peak. We are in the growth stage of the economic cycle,” Al Jewaied said on the sidelines of the Acres 2024 exhibition taking place at the Expo Centre, Sharjah.

She added that property buyers are also benefiting from the 50 per cent discount offered on real estate registration fees during the four-day exhibition, which began on January 17.

Earlier, Abdulaziz Ahmed Al Shamsi, director-general of the Sharjah Real Estate Registration Department, said the emirate is attracting investments and capital, hence the population is increasing, resulting in increased demand for residential units. “Such demand was met and enhanced by the Sharjah Executive Council Resolution No. 30 issued in November 2022, which allowed all nationalities to own real estate of all kinds, after getting the approval,” he said.

“This law passed in November 2022 made a significant contribution to the real estate sector and property sales growth,” added Lamia Al Jewaied.

She expects high property sales during the four-day exhibition due to the 50 per cent discount offered on property registration.

Sharjah Real Estate Registration Department’s head of studies and research bureau said certain nationalities such as Indians, Pakistanis and Syrians are very keen to invest in the emirate’s industrial land because the industrial area is one of the best areas in the region.

Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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