What’s fuelling Sharjah’s property boom

What’s fuelling Sharjah’s property boom

Volume of sales transactions reached more than 5.1m square feet

By providing unrestricted and absolute ownership of property to all nationalities, Sharjah has unlocked exciting opportunities for foreign property investors. - KT file

Published: Wed 12 Apr 2023, 6:13 PM Last updated: Wed 12 Apr 2023, 6:14 PM

Sharjah’s landmark freehold initiative, rolled out a few months ago, has been triggering a property boom that saw the value of real estate transactions in the emirate increasing in tandem with a spurt in demand.

According to official data, 3,386 transactions valued at Dh1.7 billion were recorded across the emirate during March as the total volume of sales transactions reached more than 5.1 million square feet.

Realty analysts said the decision by Sharjah Executive Council (SEC) in November 2022 marked a key turning point for the property sector, sparking a freehold boom cycle.

The SEC decree allows all nationalities full ownership with no time restrictions in real estate projects. The move allows citizens of any country to own real estate of all kinds and uses in Sharjah.

The decision was a continuation of the executive structure for real estate registration in Sharjah and based on a law issued by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme