UAE - Sharjah developer Arada said the recent change in government regulations in Sharjah that has allowed all nationalities the right to purchase property on a freehold basis in the emirate has already had a positive impact on investor sentiment.
Announced by Sharjah Executive Council at the beginning of November, the move has resulted in a sharp rise in demand for the master developer’s two Sharjah megaprojects, Aljada and Masaar, resulting in Arada’s best-performing sales month since the company’s foundation in 2017, said a statement from the developer.
The Sharjah developer said it has been receiving solid investor response leading to AED640 million ($174.2 million) in property sales in November alone. And now the developer said is well on track to overcome its 2022 sales target of AED3 billion.
Arada said all buyers will now be able to purchase homes on a freehold basis in its key communities, regardless of nationality.
"Buyers who had previously bought Arada homes on a 100-year leasehold basis will also be entitled to change their title deeds to freehold, subject to approval from Sharjah Real Estate Registration Department," stated its Group CEO Ahmed Alkhoshaibi.
"This landmark decision will spur further domestic and foreign direct investment into the emirate, which will help boost what is already one of the most diversified and stable economies in the region," noted Alkhoshaibi.
The change in regulations follows a succession of legislative amendments that have been designed to encourage wider investment into the Sharjah property market.
These included a decision in 2014 to allow non-Arab nationalities holding a UAE residency visa to purchase property in certain locations within Sharjah on a 100-year leasehold basis, and a further decision in 2018 that removed the requirement for buyers to hold a UAE residency, he added.
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