His Majesty Law No. (2) of 2022 modifying Law No. (5) of 2010 on real estate registration in the emirate of Sharjah was passed by Dr. Sheikh Sultan bin Muhammad Al Qasimi, a member of the Supreme Council and the ruler of Sharjah.
As required by law, the text of Article (4) of Law No. (5) of 2010 shall be replaced with the following text:
The only persons who are permitted to own property in the emirate are citizens of the United Arab Emirates and the Cooperation Council for the Arab States of the Gulf; however, the right to own property may be granted to outsiders under the following conditions:
- Ownership with the agreement of the Ruler.
- Passing on by inheritance as a condition of a legal notice.
- Assignment by the owner to a first-degree relative in compliance with the guidelines laid out in this law’s executive rules.
- Ownership in real estate development areas and projects in accordance with the regulations set by the Council.
The bill also mandated that the following text will be used in place of Article (7) of Law No. (5) of 2010:
A legal person who possesses real estate in the emirate shall follow the following rules, subject to the stipulations of Article No. (4) of this Law:
- If a change in ownership of the legal entity will result in a reduction or rise in the number of partners’ shares, a transfer of ownership, a change in the legal form of the entity, or a change in its trade name, you must notify the Real Estate Registration Department.
- Fixing the inconvenient circumstance in the event that a partner is added or his ownership is transferred to individuals who are not permitted to hold real estate in the Emirate.