By Andy Sambidge
Gov't officials preparing draft documents, set to be sent to exec council and ruler for approval.
Sharjah government officials are looking to allow the sale of freehold property to foreigners for the first time, it was reported on Thursday.
The draft document will need to be approved by the ruler of Sharjah to become law, UAE daily Emirates Business reported.
A law has been drafted by the Sharjah Executive Council and forwarded to the Sharjah Consultative Council for discussion, it said.
The paper quoted a source at the Sharjah Consultative Council saying the draft law included an article that allows registration of properties bought by not only UAE and GCC nationals but also expats, adding that it was "subject to the Ruler's approval and order".
The paper said further details about freehold for expatriates were expected once the draft was approved and issued by the Executive Council and the ruler.
Sharjah is currently developing mega projects such as Al Nujoom Islands and Sharjah Marina.
I remember that some 3 or 4 years ago my friend and I, all Europeans with families and reserved lifestyles thought about this and how nice it would be to secure a future for the family. That interest is long gone and so are most of the people, including myself. Reason: The increasing unattractiveness of the place due to economic and other reasons (you might figure these out yourself as I want this to be posted...). But they might find some Russians and so to buy houses, good luck for all of you!
It would be nice if Sharjah allows this as it is a more conservative place for families and children to be in as well as being cheaper than Dubai, even though the bust in the Dubai market has bought rentals to almost the same levels now. However, they should have done this a long time ago while interest in UAE projects and developments was still ripe in the market. Now it will be too little too less untill it can give expats added benifits more than Dubai and Abu Dhabi to attract them to Sharjah. Lack to proper roads and infrastructure, traffic problems, only arabic speaking courts are a major problem faced by expats in Sharjah. They should have a per sq foot cap to keep prices attractive for investors to chose Sharjah over others keeping in mind its limitations.
Bring out a proper law so that all the mistakes which have creeped in to the system in other emirates are not repeated. Many people who live in this part of the world paying high rents will at least think of buying the house by paying EMI's instead of Rent. Banks have to ensure that prudent valuation is being done by them before disbursement of any monies.
With the new law of six months R.Visa who wants to invest here (UAE) any more ! I invested here more than 1000,000 $ now after 7 years have to go out of UAE ! 6 months Visa! no way
its really GOOD for the families,bec sharjah peace,calm,little conservative,A best place to live for all(families) but the prices p/sq feet should not above 500 dhms p/sqft and they should have to manage power problem which i think not a big hurdle.i hope they pass this law very soon
I strongly recommend the passing of the law where expats get rights to own property. Earlier to this news I have written to a member of the Sharjah Consultative Council offering my idea of an eco friendly affordable housing cum tourism project. If the project goes to the executive council and gets the nod I am sure Sharjah will become a model for the world to emulate. Expats will get a real good investment unlike the ones they had from greedy Sharks in the neighbouring Emirate. All the best to the Sharjah Government this move will mean moving in the right direction with a long term vision
The only question is why??why should anyone buy in sharjah? beside the corniche, the whole place is a giant flee market. Even roads do not exist in majority of the town..let alone the floods, dirts, parking issues....etc.
GOOD OFFER! I just hope that they will also AMEND the Residency rules and allow home buyers to buy/get CITIZEN status -- Otherwise, it is useless to buy a home at all in Sharjah. Why buy a home, when you know you CANNOT stay long here in UAE coz you are NOT A CITIZEN and have to regularly PURCHASE Residence visa?? Also, Sharjah should pull in contractors to put up the Electricity, build roads, parking lots, shopping malls, parks and beaches, and water-sewerage systems. Not to mention, that Sharjah should DEVELOP PUBLIC TRANSPORT systems for their residents. I lived in Sharjah 2 years ago, and I left it coz I can't keep on paying TAXIS just to get to the next block. While taxis in Sharjah are cheap, bus and trains are CHEAPER and more efficient. I CHALLENGE you to go home during the rush hours of 6-8 pm in Corniche... I guarantee that you WILL NEVER find a taxi in 1 hour of waiting!! And if you do, the taxi REFUSES go with you, either. If Sharjah gets its act together, then it could get some of the Business from Dubai, which is now populated by property speculators and loan sharks. If and If Sharjah RELAXES its residency rules, and allows citizenship to expats, WOW, it could be the MECCA that outshines Dubai. Dubai is perfect, but it doesn't allow CITIZENSHIP. If Sharjah can SOLVE this small detail, TONS of investments can fall on its doorsteps very soon.
Well news is good but who belive , lot of people stuck who purchesd prperty some back in Ajman and Dubai. with promise residence Visa later on they said No more visa and who has already three year visa should be cancelled Immediately. Can you tell what to do person like me who after retairment invest his whole saving here. and he can not leave here