In a move to bring investment into the area, Sharjah is now allowing expat residents to purchase property here. However, there are a few limitations for prospective owners. Unlike other areas in the emirates like Dubai, those looking to purchase a property in Sharjah will need to have a UAE residency visa.
Are there any other limitations to buy property in Sharjah?
As well as expats having a residency visa, there are a few other limitations for prospective owners. Expats looking to make a purchase can only buy a property and not land. Furthermore, they will only be able to have property on a leasehold basis or on a long lease of up to 100 years, to be more precise. However, expats can be of any nationality.
What happens if the UAE residency visa expires?
If an expat’s visa expires after a property had been purchased, the building is still theirs to own, lease or sell a property in Sharjah.
Where can property be purchased in Sharjah?
A property must be purchased in a particular area of Sharjah. Restrictions apply to the edge of the city centre in which new areas have been developed. This is to reduce congestion in the district. The first place to offer long leases will be Tilal City. Situated close to the Al Dhaid Interchange, this 25m development on Emirates Road has a potential completion date of December 2016. There will be apartments, townhouses and villas to house 65,000 residents and the area will be split into five zones.
How can a property be purchased in Tilal?
A registration office will soon open on site and investors can register their properties here. A sales office will also open in Robot Park Tower for those interested in purchasing a property in Tilal City. While this is currently the only development open to expatriates, it’s expected that more will open in the future.