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How To Buy Property In Sharjah?

Posted by cafedetech on June 24, 2024
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The UAE’s real estate sector produces a tremendous impact through its dynamic development and constant growth. Through its unprecedented development, the UAE’s property sector has established a strong reputation and attracts local and foreign investors to capitalize on its real estate sector. No matter whether it is Dubai, Abu Dhabi, or Sharjah, every city offers a plethora of real estate investment options, allowing investors to get high ROI.

Sharjah is one of the most populated cities in the United Arab Emirates. It is located quite close to Dubai and offers a range of real estate investment opportunities. The government of Sharjah is keenly focusing on the growth and development of its real estate sector to stand it out and make it a real estate investment hub like Dubai.

Choose Wisely, Choose Sharjah: Best Real Estate Investment Destination

For UAE nationals and foreign real estate investors, Sharjah’s property sector has become an incredible choice. Besides enabling investors to choose property based on their interests and requirements and offering high-end living facilities and amenities, this city allows locals and foreign nationals to own real estate and use it as per their specific desires.

Previously, foreign investors were not allowed to own real estate in Sharjah. However, the government of Sharjah has amended this law and allowed expats and foreign nationals to own properties in Sharjah in a bid to attract investors and boost the growth and expansion of the city’s real estate sector.

Why To Choose Sharjah For Real Estate Investment?

Property-related investment is said to be one of the best investment options. However, if you choose to invest in a city like Sharjah, you increase the possibility of high ROI. Here are a few reasons that may incite you to invest in Sharjah.

  • It is located near Dubai and is considered a great place to live and work
  • Investors can consider freehold property for sale in Sharjah to enjoy exclusive property ownership rights
  • Its development standards, the construction of new projects and luxury offerings make it a worth-considering investment option
  • Sharjah property prices are quite reasonable compared to Dubai’s real estate
  • If you own a property in this city, you can sell or rent it to produce ROI
  • The real estate rental business is expanding in Sharjah because of the continuously increasing demand for rental properties
  • It is an incredible place to consider for real estate investment because of its potential for property appreciation and high ROI
  • If you intend to live a deluxe lifestyle or generate income from your investment, then Sharjah is a decent choice

Types Of Properties In Sharjah:

Freehold Property, Sharjah

Sharjah has also accepted the idea of freehold properties and has allowed investors to own their purchased real estate in Sharjah if it aligns with legal rules and regulations. Freehold property for sale in Sharjah has the potential to attract investors as it offers significant ROI.

Leasehold 

Properties can also be owned for a fixed term in Sharjah. After the end of the lease period, the buyer is entitled to return the property to the actual owner of the property.

How To Buy Property In Sharjah?

Take Approval From The Rulers

Expats or non-locals must seek the approval of the ruler to buy real estate in Sharjah. If you intend to buy a villa for sale in Sharjah or any other residential or commercial property, you are required to obtain approval of the rules to make a real estate purchase as a foreigner in Sharjah.

Find A Real Estate Partner

Before heading for a purchase, ensure that you have a real estate expert beside you. Choose a real estate company to get assistance. A professional will help you find and purchase the most viable option based on your specific interests and requirements.

Locate A Property And Negotiate With The Owner

Consider your requirements and interests and choose the most appropriate option. While finding a property, do not ignore the importance of a prime location and the availability of advanced facilities and amenities. Once you find the best option then negotiate terms and conditions with the property owner.

Make A Draft And Sign The Agreement

After negotiating terms and conditions, make a draft. Write down everything important related to that property in the draft, such as the payment schedule, etc. Make sure you comprehend everything in the draft. Now, sign the agreement or memorandum of understanding and also pay a down payment or initial deposit.

Apply For NOC And Get Your Property Transferred

Obtain a No-Objection Certificate from the developer to ensure that the developer has approved the sale and purchase. After that, visit the relevant public office in Sharjah to transfer property ownership. Both parties must be present at the time of the property transfer. Pay the required fees to complete this procedure.

Factors To Consider Before Buying Property In Sharjah?

Choose the Property Type You Intend To Buy

Your purpose for a purchase must be clear. You must know why you want to buy a particular property. Whether you aim to earn profits through capital appreciation or rental income or finding a property for your personal use. In both cases, factors to consider will not be the same. For example, if you are looking for a property, you will consider a nearby educational and health institute. However, if you intend to develop your business, you will choose business districts. 

Locational Advantages

Don’t ever ignore the importance of location. It defines the worth of a property. Choose properties that are located at prime locations and are easily accessible. You can find a range of apartments and villas for sale in Sharjah that are situated at significant locations, allowing you to take advantage of their strategic whereabouts.

Legal Compliance

You need to verify that the property has an undisputed title and ensure that the property owner has the right to sell it to avoid any issues. Also, learn about local property-related rules and regulations to follow the pattern set by the authorities.

Required Documents

You will have to present a few documents in order to buy real estate in Sharjah. These documents are mandatory to make a purchase. Documents include an electronic no objection certificate, Emirates ID, power of attorney (only if needed), property title deed, and sale and purchase agreement.

Popular Areas In Sharjah To Consider For Real Estate Investment:

ALJADA

This area is quite close to Sharjah’s city center. Aljada is a modern development that offers a vibrant lifestyle. It is located in a prime location and is well-connected to other prominent areas. Residents can enjoy the state-of-the-art facilities and amenities in this development and live the lifestyle they choose. Villas for sale in Aljada are deemed economical because of their luxury offerings and affordable prices.

Al Khan

Expats and foreign nationals who aim to invest in luxury real estate in Sharjah, such as villas, must consider the Al Khan neighborhood. This neighborhood offers lavish lifestyle facilities and a deluxe living ambiance to its residents. Furthermore, this community is easily reachable, and foreign investors can also generate significant revenues from their investments in Al Khan.

Al Majaz

Al Majaz is one of the most popular real estate investment destinations in Sharjah. It is a waterfront development that offers a beautiful yet exciting living environment and allows its residents to experience the utmost relish, luxury, and solace. Located along Khalid Lagoon, it is well-connected to other locations and is also laced with modern facilities and amenities to incite luxury enthusiasts.

Muwaileh

Muwaileh is a prominent district in Sharjah that is located at a prime location. This district is easily accessible because of its proximity to major highways such as Sheikh Mohammed Bin Zayed Road (E311). Furthermore, it is also famous because of its vicinity to high educational institutes. This development offers a family-friendly environment and a secure yet lavish lifestyle, attracting people who are prone to enjoy a balanced lifestyle.

Al Mamsha

Al Mamsha is a mixed-use development in Sharjah. Its contemporary lifestyle, extravagant facilities and amenities, and commercial real estate investment options make it an attractive investment choice. You may also find the cheapest flat in Sharjah in this community. Locals and foreign nationals can both buy apartments for sale in Al Mamsha, Sharjah, to enjoy its unique architecture and live a splendid life.

The Bottom Line:

Sharjah offers a range of real estate investment options that attract investors from around the world. It is located near Dubai, and its government has given significant attention to the property sector and has also allowed foreign nationals to purchase residential and commercial real estate in some areas of Sharjah. One needs to get approval to buy real estate and have exclusive ownership rights in Sharjah.

Choose The Most Trustworthy Real Estate Partner To Make a profitable Deal:

If you are interested in real estate investment, then you must seek the assistance and guidance of a real estate professional. A real estate agent understands market trends and propensities and can choose the most viable option based on a client’s preferences and requirements. 

FAQS:

Can anyone buy property in Sharjah?

Yes, both locals and foreign nationals can purchase real estate in Sharjah. If you are an expat, you are allowed to buy property in some specific areas of Sharjah called freehold zones. So, regardless of your nationality, you can purchase real estate in Sharjah.

Is there freehold property for sale in Sharjah?

Yes. Like Dubai, Sharjah also allows foreign nationals to buy freehold properties. Sharjah’s real estate sector is growing rapidly because of the government’s initiatives. Whether you are looking for villas for sale in Sharjah or the cheapest flat in Sharjah as an expat, you can find the most viable option for real estate investment.

Is Sharjah good for real estate investment?

You must be wondering whether Sharjah is good for real estate investment. Indeed, it is. Luxury real estate and stable rental yields make Sharjah a decent place for real estate investment.

Is freehold ownership legal in Sharjah for all nationalities?

Yes. Foreign investors can purchase freehold real estate in Sharjah. There are cheap houses for sale in Sharjah, and property prices in Sharjah are also economical. It means, real estate investment in Sharjah is a beneficial decision no matter whether you are a local or foreign investor.

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