02 November 2022 – Khaleej Times – www.khaleejtimes.com
The Sharjah Executive Council (SEC) has issued a decision, allowing full ownership with no time restrictions in real estate projects to all nationalities. The decree allows citizens of any country to own real estate of all kinds and uses in Sharjah.
This came as Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, chaired an SEC meeting on Tuesday.
The decision is a continuation of the executive structure for real estate registration in Sharjah and based on a law issued by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, yesterday. According to the law, the right to own real estate in Sharjah is limited to citizens of the UAE and Gulf states. One of the exceptions is real estate development areas and projects in accordance with the regulations set by the SEC.
The real estate registration developments aim to keep up with the growth of this vital sector and to provide ownership opportunities to all nationalities in a “regulated fashion while maintaining stability”. The legislations also protect the rights of owners and investors of all nationalities.
The council has issued a separate decree to regulate the insurance of mortgage in Sharjah.