Did you know that Sharjah is the third largest city in the UAE? It’s truly an exciting and lively city that’s considered to be the cultural capital of the UAE with its commercial centers, museums, restored houses and the modern building etc. As per the Gulf News, Sharjah is not giving residency visas to the foreigners unlike other emirates. But the good thing here is that Sharjah will provide them with the investment contract that will allow buyers to invest in the properties for 99 years.
Sharjah Waterfront City
Recently, Sharjah is having a huge development that includes Sharjah Waterfront City, which will be home to 200k people with 10 islands connected by canals and bridges. According to the authentic reports, it’s going to have almost 200 Mixed-used giant towers and over 95 apartment building. These buildings will have all the luxury apartments. Hang on, there’s more. This picturesque city will have serviced apartments, hotels and over 1100 villas along with the shopping mall, mosques, schools, entertainment centers, cafes, banks and restaurants.
Ironically, another largest development is known as the Tilal city. As per the real estate companies in Sharjah, this infrastructure is near to its completion with over 1800 plots. These plots won’t only be for the residential purposes, it would cover all that a city needs. Therefore, these 1800 plots are for apartment, villas, retail, commercial and leisure use.
This new development has 6 towers. Out of these, 5 are sold. 6th one is under construction and it will be completed by 2019. This beautiful place is between Sharjah and Dubai. It’s exactly 7 minutes away from the Dubai International Airport. Most amazingly, this place is at the perk locations as it has so many facilities nearby such as hospitals, shopping malls, schools, parks and universities.
Real Estate Registration Department
As per the Department of Real Estate Registration in Sharjah, “our mission is to provide real estate registration, documentation, valuation, and set rules and regulations to protect the rights of property owners, within a framework of Excellency, transparency and integration.”
The director general of the Sharjah Real Estate Registration Department, Hamad Salem Al Mazrooa said the only restriction is that property buyers or investors “must have a residence visa when they purchase the property. If, due to some reason, their residence visa expires after the purchase, they hold the rights to own the property, lease or sell it as they wish.”
Most of the investors, who buy property in Sharjah, have an intent to rent it out. There are Central Bank lending guidelines. Under that rule, expats buying property of under US$1,360,000 will deposit approx. 25%. The 35% will be down payment for properties over US$1,360,000. It’s mandatory to get the property registered with Sharjah Real Estate Registration Department especially with the tenancy contract.
Quick Tip: If you are a foreigner and willing to invest in the Sharjah Property, it’s imperative to consult some reliable real estate companies in Sharjah rather than going by yourself.