Sharjah will call in private sector to develop government-owned land in boost to property market

Sharjah will call in private sector to develop government-owned land in boost to property market

Dubai: in what is a major boost for its real estate and construction sectors, Sharjah intends to call in private sector partners to develop government-owned land. The goal? To ‘reclaim them (land) in a way that contributes to achieving comprehensive development in the emirate’, said a statement issued by the Sharjah Executive Council. It should be seen in the context of the move Sharjah made late last year to allow freehold sales and titles to all nationalities. It set off a renewed burst of property buying in projects such as those from Arada and Majid Al Futtaim Communities in the final weeks of 2022, according to market feedback. The trend continues into this year as well, with developers expected to announce more offplan launches. In its latest decision, the Sharjah Executive Council will launch ‘significant economic projects’, and support investment opportunities. This is where public-private partnerships come in, whereby land will be offered at favourable rates. Sharjah sees the need to bring in more areas under urban development in keeping with forecasts of population growth and the subsequent need for homes. The emirate’s current population is estimated at 1.7 million plus. The Council at its meeting also reviewed progress made