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Sharjah curbs foreign property ownership

Sharjah, August 25, 2010

Sharjah has restricted foreign ownership of land and properties only to the UAE and Gulf nationals and companies fully owned by them under a new decree, said a report.

As per the decree issued by Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Tuesday, Sharjah's Department of Property Registration will be the sole authority in dealing with property registration.

This new rule puts an end to the real estate community's expectation that the emirate might open its land and property sector for foreign ownership,the Gulf News reported.

The provisions of the law are applicable to all real estate property ownership in the emirate, it added.

The new Sharjah land rule has limited the right to own real estate in the emirate to the UAE nationals and nationals of GCC states and corporate bodies fully owned by them.

However, the exception may be granted by [the] Ruler to own property through the inheritance transition in accordance with sharia declaration, legitimate or waiver of the owner to a relative of the first degree as prescribed by executive regulations of this law,' the report said citing the decree.

It added that the transfer of property ownership will not be legal unless the bill of ownership is valid and registered in accordance with the provisions of the law.




Tags: Sharjah | property | expats | foreign ownership | Emiratis | restrict | GCC nationals |

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