New Law For Expats Governing Real Estate Ownership In Sharjah & More You Need To Know
Sharjah’s Supreme Council Member and Ruler, Dr Sheikh Sultan bin Muhammad Al Qasimi, issued Law No. (2) of 2022 amending 2010’s Law No. (5) on real estate registration.
This law requires the replacement of Article (4) of Law No. (5) of 2010. In the emirate, real estate ownership rights are restricted to UAE citizens and members of the Cooperation Council for the Arab States of the Gulf, however, it may be granted to others if the following conditions are met, according to this new law.
- Ownership with the agreement of the Ruler.
- Passing on by inheritance as a condition of a legal notice.
- Assignment by the owner to one of his first-degree relatives in accordance with what is specified in the executive regulations of this law.
- Ownership in real estate development areas and projects in accordance with the regulations set by the Council.
As part of the bill, the following text is mandated to replace Law No. (5) of 2010 Article 7:
Under the stipulations of Article No. (4), legal persons with real estate in the emirate must follow the following rules.
- Changes in ownership, transfers of ownership, changes in the legal form of the entity, or changes in its trade name must be notified to the Real Estate Registration Department.
- In the case of an addition to a partner or the transfer of ownership to an entity that is not permitted in the Emirate to hold real estate, a fix needs to be found.
In a recent decision issued by the Sharjah Executive Council (SEC), full ownership of real estate projects is now available to all nationalities with no time restrictions. Real estate of all kinds and uses can be owned by citizens of any country in Sharjah.
All Nationalities Are Allowed To Own Real Estate In Sharjah
A meeting of the SEC was chaired by Sharjah’s Crown Prince and Deputy Ruler, Sheikh Sultan bin Muhammad bin Sultan Al Qasimi.
Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah issued the law yesterday, continuing the executive structure for real estate registration in Sharjah. Citizens of the UAE and Gulf states are the only ones who are allowed to own real estate in Sharjah. Exceptions to this rule include areas and projects related to real estate development made in accordance with SEC regulations.
Keeping up with the growth of the real estate sector in the UAE and providing ownership opportunities to all nationalities is a priority of the development of real estate registration. Owners and investors of all nationalities are also protected by the legislation.
A separate decree has been issued by the council to regulate Sharjah’s mortgage insurance.
Source:https://www.khaleejtimes.com/property/sharjah-allows-full-real-estate-ownership-to-all-nationalities
FAQs
Can you own a property in Sharjah?
In a recent decision issued by the Sharjah Executive Council (SEC), full ownership of real estate projects is now available to all nationalities with no time restrictions. Real estate of all kinds and uses can be owned by citizens of any country in Sharjah.