FINANCIAL NEWS

Sharjah allows foreign ownership of property

23 May 2010

(MENAFN) Khaleej Times reported that Sharjah may allow non-Emiratis to own freehold property in the emirate under certain conditions, after the consultative council of the emirate approved a new real estate registration draft law,.

As per Article 4 of the new law, only UAE nationals and Gulf Cooperation Council citizens, as well as the companies they fully own are entitled to freehold ownership in the emirate. Exceptions to this rule (including expatriates? freehold ownership) are only granted by the Ruler of Sharjah under the conditions he deems right.

Failing to register any property at the real estate registration department concerned entails no rights to the landlord under article 10. All unregistered transactions are thereby considered null and void.

The 18-article draft law, referred on May 3 from the Sharjah Executive Council to the Legal and Legislative Committee of the Sharjah Consultative Council (SCC), is to be finally approved and signed by Shaikh Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, to take immediate effect.

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