In order to develop government-owned land, Sharjah will recruit the help of the private sector, which would significantly improve the city’s real estate and construction industries.
The goal? It was said that the objective was to “reclaim them (the land) in a way that contributes to realizing comprehensive development in the emirate” in a statement issued by the Sharjah Executive Council. In light of Sharjah’s decision to allow freehold sales and titles to persons of all nationalities in the latter part of last year, it should be viewed.
In the last weeks of 2022, it reportedly prompted a new wave of real estate acquisitions in developments by Arada and Majid Al Futtaim Communities.
additional “suburban councils”
The Council also addressed the successes of the 15 suburban councils in the emirate during its meeting. 96 residential zones are monitored by these organizations. There are plans to expand the size of the suburban councils, according to Sharjah’s “population growth and urban expansion in the cities and regions.”
Numerous companies are deciding to open offices in Sharjah. Its industrial centres and free zones are proving to be highly popular, and it is thought that this would increase demand for residential buildings as well.
According to market statistics, Sharjah’s residential rents are still stuck in a narrow growth range, and some data even suggests that the delivery of freehold homes may have caused a drop in prices in some coveted neighborhoods during the final three months of 2022. Also, as more towers were turned over, tenants were more likely to move into brand-new, higher-quality housing options.
According to sources, this year’s rents may climb as a result of increased economic activity and higher apartment occupancy rates.