This decision came as Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, chaired a meeting at Sharjah Executive Council (SEC). The decree issued later allowed citizens of any country to own real estate of all kinds and uses in Sharjah.
The decision is 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 Council Member and Ruler of Sharjah, yesterday. According to the law, the right to own real estate in Sharjah is limited to citizens of the UAE and Gulf states. One of the exceptions is real estate development areas and projects in accordance with the regulations set by the SEC.
The real estate registration developments aim to keep up with the growth of this vital sector and to provide ownership opportunities to all nationalities in a “regulated fashion while maintaining stability”. The legislations also protect the rights of owners and investors of all nationalities.
The council has issued a separate decree to regulate the insurance of mortgage in Sharjah.
Sharjah is considered the cultural capital of the country – an abundance of unique museums, galleries, and theaters can impress anyone. The rapid heyday of trade in the 19th century made the city one of the most important seaports in the region.