Earlier on Monday, #Sharjah announced changes to real estate ownership law for ex-pats. The amendment mentions the circumstances under which a person who is not a citizen of the UAE or a Gulf nation can own real estate in the Emirate.
His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of the Sharjah Executive Council (SEC) in the presence of H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah. issued Law No. (2) of 2022 on the amendment of Law No. (5) of 2010 on real estate registration in the Emirate of Sharjah.
According to the Law, the text of Article (4) of Law No. (5) of 2010 shall be replaced by the following text:
UAE and GCC citizens are the only people who have the legal right to own real estate in Sharjah; however, the right of ownership may be given to outsiders under the following conditions:
1-Ownership with the agreement of the Ruler.
2-Transferring by inheritance by virtue of a legal notification.
3-Assignment by the owner to one of his first-degree relatives in accordance with what is specified in the executive regulations of this Law.
4-Ownership in real estate development areas and projects in accordance with the regulations set by the council.
1- Inform the Real Estate Registration Department of any change in the ownership of the legal person if it will lead to a decrease or increase in the partners’ shares, transfer of ownership, or a change in its legal form or trade name.
2- Correcting the contravening situation in case of adding a partner or transferring his ownership to persons who are not entitled to own real estate in the Emirate.
It is paramount for real estate registration legislation to keep up with the significant growth in this vital and rapidly evolving industry to provide equal ownership opportunities for all nationalities. The council also issued a decision regulating the conditions and procedures for registering mortgages on real estate in the Emirate of Sharjah.
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#source: https://u.ae/en/media/news
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