The UAE’s real estate market presents lucrative opportunities for buyers and investors. Both UAE nationals and expats can now purchase property in the UAE with ease. Khairallah Law Firm ensures that you can own land in the UAE regardless of your nationality once you complete the necessary documentation. In the past, expats living in Sharjah were restricted from buying property. However, the Emirate has recently opened its doors to everyone, allowing people of all nationalities full ownership of property under Sharjah real estate law.

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New Sharjah Real Estate Law: Updated Regulations for Property Ownership

This comes after the Sharjah Executive Council (SEC) revealed any individual can purchase and own a property in Sharjah without restrictions upon passing under its new real estate investment law. Chaired by His Highness Dr. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah With this step, the goal is to help Sharjah grow in regards to its real estate sector and offer a better chance for international investors.

The move will improve Dubai’s real estate and give an investment chance to all majority around the world that underpins stability as well as growth in one of their emirate. Under the new property ownership law, Sharjah real estate laws grant all nationalities a right to possess legally.

In addition, expats can receive usufruct of up to 100 years when someone invest in Sharjah and registering with the SRRD. That apart, Sharjah mainland and free zones offer 100% foreign ownership with the possibility for extended leasing.

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Sharjah Executive Council’s Latest Property Ownership Decision

His Highness Dr. Sheikh Sultan bin Muhammad Al Qasimi, the Supreme Council Member and Ruler of Sharjah, issued Law No. (2) of 2022, amending Law No. (5) of 2010 regarding property registration in Sharjah.

Under the new law, Article (4) of Law No. (5) of 2010 is replaced with updated amendments. Now, the right to own property in Sharjah is limited to UAE citizens and citizens of the Cooperation Council.

The right of Sharjah real estate ownership may also be granted to other nationalities under specific rules:

In Dubai real estate Sharjah, with the current Ruler’s approval, any nationality can fully own property. Property transfers are allowed through inheritance with a legal notification. Additionally, owners can transfer property to first-degree relatives. Furthermore, ownership in real estate projects and developments is permitted according to the rules established by the Council.

Article (7) of Law No. (5) of 2010 will be updated with new terms. According to Article (4) of this Law, property owners in Sharjah must adhere to the following regulations:

The legal owner must notify the Real Estate Registration Department of any changes to the property, including adjustments in partners’ shares, changes in trade name, ownership transfers, or any other legal modifications to the owner’s rights. Additionally, the owner must rectify any issues if they add more partners or transfer ownership to someone who is not allowed to own property in the UAE.

These new rules outline the process for buying property in Sharjah. Purchasing property here offers several benefits, such as enjoying tax-free income from renting out residential property. Before renting out your property, be sure to familiarize yourself with the Sharjah real estate law and the Sharjah Municipality Tenancy Laws and Rules.

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Conclusion 

Recent updates to Sharjah real estate law now allow all nationalities, including expats, to buy property in Sharjah. This change, driven by His Highness Dr. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, aims to enhance the real estate sector and attract global investors. For legal assistance, Khairallah Law Firm, a leading Dubai real estate lawyer, can provide expert guidance.

You can benefit from the free consultation for 30-min, and get the help you need from the best lawyers in dubai, whether you’re in the region or not!