The Sharjah Government has structured a new property freehold law that is awaiting approval by the emirate’s ruler, informed sources said.
"The freehold law has been worked out and is awaiting the Ruler’s approval," a person close to the process told Emirates Business. The person declined to say whether the law will offer property ownership only to Arab nationals or to all expatriates.
"It will be great news if Sharjah announces a freehold law. It will fuel growth in the property market, considering the fact that most people working in Dubai reside there," said a real estate analyst.
Sharjah was the first emirate to offer property on leasehold to GCC nationals, the analyst said.
Currently, the major developments in Sharjah are Al Nujoom Islands, being developed by Al Hanoo Holding Company, and Sharjah Investment Centre by Saudi-based property developer Snasco.
In 2006, Dubai passed Freehold Law No 7, which allows non-GCC nationals to own property within designated areas either in the form of freehold or a 99-year lease period. There are more than 30 designated freehold areas in Dubai that permit foreign ownership.
In June, His Highness Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman and Member of the Supreme Council, issued decrees to regulate the property sector.
By Parag Deulgaonkar
business24-7.ae
Dubai
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