UAE: Property demand in Sharjah grows after expats allowed to buy in freehold areas – News

Sharjah’s real estate sector, which has seen massive growth in recent years, continues to grow and has not yet reached its peak, a senior official said on Wednesday.

Lamia Al Jewaied, head of the survey and research office at the Sharjah Real Estate Registration Department, said multiple factors have driven the growth, especially the introduction of the law in late 2022 that would allow non-GCC citizens owning properties in certain freehold areas.

“There are many factors that have driven the growth, such as infrastructure, investor-friendly laws passed by the government and its central location. Furthermore, different developers in Sharjah launched many new projects with many units that suit all types of buyers, which attracted new types of investors from different countries around the world,” Al Jewaied told the Khaleej Times in an interview on Wednesday.

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“The Sharjah market has not yet reached its peak. We are in the growth stage of the economic cycle,” Al Jewaied said on the sidelines of the Acres 2024 exhibition taking place at the Sharjah Expo Centre.

Lamia Al Jewaied, Head of the Studies and Investigations Office of the Sharjah Real Estate Registration Department

He added that property buyers will also benefit from the 50 percent discount offered on real estate registration fees during the four-day exhibition, which began on January 17.

Previously, Abdulaziz Ahmed Al Shamsi, director general of the Sharjah Real Estate Registration Department, said that the emirate is attracting investment and capital, so the population is increasing, resulting in greater demand for residential units. “Such demand was met and enhanced by Sharjah Executive Council Resolution No. 30 issued in November 2022, which allowed all nationalities to own real estate of all types, after obtaining approval,” he said.

“This law passed in November 2022 contributed significantly to the growth of the real estate sector and property sales,” added Lamia Al Jewaied.

It is expected that during the four days of the exhibition there will be high property sales thanks to the 50 percent discount offered in the property registry.

The head of the survey and research office of the Sharjah Real Estate Registration Department said that certain nationalities such as Indians, Pakistanis and Syrians are very interested in investing in the industrial land of the emirate because the industrial area is one of the best areas of the region.

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