Khaleej Times: Sharjah realty opens up to overseas investors

Khaleej Times: Sharjah realty opens up to overseas investors

News: 6 May 2018

Foreign buyers without a UAE residence visa can now purchase property in the emirate

Khaleej Times: 6 May 2018

The decision by Sharjah authorities to allow non-Arab investors without a UAE residence visa to purchase property in the emirate is a landmark one. This is a follow-up to the decision in 2014 when non-Arabic UAE residents were given the go-ahead to buy property in Sharjah on a 100-year lease. The former move will open up the market to overseas investors and help its property sector to compete with neighbouring markets.

Developers will now be able to market projects globally and target purchasers from around the world and not just those within the GCC. A wider range of buyers will help generate sales and re-sales of properties. Previously, some investors were reluctant to buy even if they did have a current resident visa, as they didn’t feel certain as to what would happen should they lose their employment,” says Suzanne Eveleigh, Cluttons’ head of Sharjah.

Prior to 2014, only Emiratis and Arab nationals were entitled to own real estate in Sharjah (on the condition they get approval from the Sharjah Real Estate Registration Department). After the market opened up, a number of developers launched master-plan projects to cater to the pent-up domestic demand from long-term residents. These include Tilal City, Al Zahia, Aljada, Al Mamsha, Nasma Residences, Maryam Island and Sharjah Waterfront City, to name a few.

Sharjah has always been popular, particularly for Arab and Asian nationals, mainly due to the low cost of living and the family-friendly environment, and now they can own their homes. In addition, the emirate is a lot cheaper than its neighbour Dubai and the government’s diversification and growth initiatives are also expected to stimulate investment,” says John Stevens, managing director of Asteco.

Read the full article here.