All property buyers will be able to convert their 100-year leasehold rights into full freehold titles thanks to Arada, the largest developer in Sharjah. This will be achievable after receiving the required Sharjah Real Estate Registration Department approvals.
Recently, Sharjah granted freehold rights to owners of real estate in specific investment zones. All nationalities and non-residents are covered by this. Ahmed Alkhoshaibi (Group CEO of Arada) stated that Sharjah’s landmark decision to allow freehold ownership for all nationalities further enhances Sharjah’s position as a prominent and international investment destination. It will encourage further foreign and domestic direct investment in the emirate.
The benefits of the freehold rights streaming into Sharjah throughout the entire year may cause the city’s real estate market to boom in 2023. Through 2022, the market attracted a wide range of consumers. The ability to own the property, though, was seen to be a major game-changer. This is precisely what is happening right now.
Homes at Arada and other approved developers are available for freehold purchase to new buyers. This might serve as the impetus for more off-plan launches the following spring.
The rules governing the Sharjah real estate market have undergone numerous changes. Among them is the choice made in 2014 to permit non-Arab nationals with UAE residency visas to purchase real estate in Sharjah with a 100-year leasehold arrangement. In 2018, the requirement for UAE residency was dropped.
Alkhoshaibi said that sales have already seen an immediate impact from the recent decision. They reached a monthly record for November, and are now at record levels. This will encourage us to continue launching new projects and reinvest capital into Sharjah, thereby helping the local economy.