 |
|
No foreign freehold in Sharjah – government decree
Sharjah has moved to quell speculation that it would offer freehold ownership on property in the emirate to foreign investors.
A government decree issued yesterday by the Ruler of Sharjah, Dr Sultan bin Mohammed Al Qasimi, said that only UAE nationals, nationals of GCC states and companies fully owned by Gulf nationals can own real estate in the emirate.
Global property consultancy CB Richard Ellis (CBRE) said earlier this month that Sharjah was considering offering freehold to nationals from other countries, as lease rates in the emirate had slipped by more than half since 2008.
“One potential driver for fuelling new market demand in Sharjah is the offer of freehold right to foreign nationals. The topic, amongst others, is understood to have been discussed during Q2, as various measures are considered to help rejuvenate the market,” the CBRE report stated.
The decree added that an exemption could be granted by the Ruler “to own property through the inheritance transition in accordance with sharia declaration, legitimate or waiver of the owner to a relative of the first degree as prescribed by executive regulations of this law”.
Further provisions of the decree stipulate that only the Department of Real Estate Registration and branch offices in Sharjah are entitled to register real-estate-related documents.
Source: Arabian Business.com |
