Sharjah’s largest developer Arada will allow all property buyers to convert their 100-year leasehold rights into full freehold titles. After obtaining the necessary approvals from Sharjah Real estate Registration Department, this will be possible.
Sharjah recently granted freehold rights to property owners in selected investment zones. This applies to all nationalities, as well as non-residents. Ahmed Alkhoshaibi (Group CEO of Arada) stated that Sharjah’s landmark decision to allow freehold ownership for all nationalities further enhances Sharjah’s position as a prominent and international investment destination. It will encourage further foreign and domestic direct investment in the emirate.
The full-year benefits of the freehold rights flowing into Sharjah could make Sharjah’s real estate market a hot one in 2023. The market has attracted a diverse buyer population throughout 2022. However, it was felt that the right to own the property would be a game changer. This is exactly what’s taking place right now.
New buyers can purchase homes freehold at Arada and other designated developers. This could be the catalyst for additional off-plan launches next spring.
Multiple amendments have been made to the Sharjah property market regulations. They include a 2014 decision to allow non-Arab nationals with a UAE residency visa to buy property in Sharjah on an 100-year leasehold basis. The UAE residency requirement was removed in 2018.
Alkhoshaibi said that sales have already seen an immediate impact from the recent decision. They reached a monthly record for November, and are now at record levels. This will encourage us to continue launching new projects and reinvest capital into Sharjah, thereby helping the local economy.