Sharjah follows Dubai’s footsteps and goes global!
Being the third largest Emirate in the country, the real-estate industry in Sharjah is quite well-developed too. With newer and finer projects spurring in every now and then, the Emirate has been able to stand tall with some state’s best property developments in place. However, a little glitch with Sharjah’s flourishing real-estate empire was the policy of the local government that only allowed UAE residents with valid UAE National Visa to purchase properties within the region unlike in Dubai where even foreign investors were investing huge amounts of money into properties. This policy had over the years, halted the much-required push in Sharjah’s real-estate industry and narrowed its market segment.
However, much to Sharjah‘s path to international recognition and to people’s surprise, the local government recently decided to lift off the policy and make the real-estate free and open to the everyone willing to invest within the region. According to this new policy, even non-Arab nationals can purchase and invest in properties within Sharjah under a 100-year renewable land lease. This move by the government is surely going to prove as a game-changer.
Upon discussion with Marwan Jassim Al Sarkal, CEO of Sharjah Investment and Development Authority, or Shurooq, he stated: “It is true that Sharjah established itself as a major destination for real estate investment in the region and we achieved this by stimulating the market in Sharjah in two ways: understanding the real estate market and providing investors with the highest possible return on their investments”.
Thus, this statement clearly proves that Sharjah is now all set to give some tough competition to Dubai in terms of newer mixed-use developments, competitive prices, and increased demand for Sharjah’s real-estate among not just locals but also the residents residing within the country on employment or commercial visas and looking to invest in fruit-bearing long-term beneficial properties.
Precariously, this increased flexibility and support by the government to different states across the country is strategically aimed at consequently benefitting the whole country in a global and international market scenario and lift up its face value amongst major real-estate markets around the world.