UAE: Demand for real estate in Sharjah is growing after expatriates were allowed to purchase in freehold areas.

Real estate in the emirate has not yet reached its peak, claims a senior official who reported this on Wednesday. Lamia Al Jawaid, head of the research and analytics department of the Sharjah land registry, noted that the real estate sector in the region, which has made significant progress in recent years, continues to develop and has not yet reached its saturation point. The main reason for this growth has been numerous factors, such as the introduction of a new law at the end of 2022 that allowed foreign citizens who are not members of the Gulf Cooperation Council to purchase property in certain free zones.

"There are many aspects contributing to this growth, including the current infrastructure, investor-friendly laws approved by the government, and the central location of Sharjah. Additionally, various developers have initiated new projects with a large number of residential units suitable for a wide range of buyers, which has attracted the interest of investors from different countries," Al Jawaid said in an interview with Khaleej Times on the day of the Acres 2024 exhibition taking place at the Sharjah Expo Center.

According to Al Jawaid, the Sharjah market is still in a growth phase, and as she noted: "We are in a stage of the economic cycle characterized by an upswing." Earlier, Sharjah real estate agent Abdullaziz Ahmed Al Shamsi also emphasized that the emirate is successfully attracting investments, which is leading to an increase in population and a rise in demand for residential spaces.“This demand was met thanks to the Sharjah Executive Council Resolution No. 30, adopted in November 2022, which allowed all nationalities to own real estate of any type after obtaining the necessary approval.”“he noted.”

Lamia Al Jawaid also added that the law passed in November 2022 significantly contributed to the growth of the real estate market and sales.

Thus, the rapid development of the real estate sector in Sharjah, combined with legislative innovations and an increase in foreign capital inflow, creates stable conditions for further growth. This trend is observed against the backdrop of the emirate's overall desire to improve its economic indicators and become an attractive place for real estate investment. It is also important to note the support from the government and the establishment of a legal framework that facilitates the entry of new players into the market. As a result, Sharjah continues to be an important center for investment and promising development in the real estate sector, which will undoubtedly impact the region's future economic indicators.