- Ownership rules were amended in early November following decision by Sharjah Executive Council
Sharjah, United Arab Emirates – Arada has revealed that 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.
All buyers will now be able to purchase homes on a freehold basis in Arada’s popular 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.
Ahmed Alkhoshaibi, Group CEO of Arada, said: “This landmark decision to allow freehold ownership for all nationalities enhances still further Sharjah’s positioning as a prominent and global investment destination. It 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.
“As Sharjah’s largest master developer, we welcome this decision, which is encouraging significant added interest in the Emirate’s fast-growing property market. We have already witnessed first-hand how recent moves by the Government of Sharjah have resulted in higher volumes of sales and an increase in the number of nationalities purchasing homes here.
“We are already seeing the immediate effects of this move on our sales, which have reached a new monthly record during November. This will in turn encourage us to launch more projects and re-invest capital back into the Sharjah market, helping the local economy still further.”
Since the start of November, Arada has recorded more than AED640 million in the total value of property sold and is well on track to overcome its 2022 sales target of AED3 billion.
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.
The amendment follows a succession of legislative changes in recent years to encourage property ownership in the UAE, including the introduction of the 10-year Golden Visa for those who buy homes valued at over AED2 million.
In the five years since its foundation in 2017, Arada has expanded rapidly to capture a leadership position in Sharjah’s in-demand property market, launching projects valued at over AED33 billion and with 30,000 homes in the pipeline. The company has now sold almost 11,000 homes, with 2,600 delivered and 7,500 currently under construction.
With Arada’s first project, Nasma Residences, already sold out and completed, the developer is focusing on the rapid delivery of its two megaprojects in Sharjah, Aljada and Masaar. Earlier this year, Arada became the youngest private company in the UAE to secure international credit ratings from Moody’s and Fitch and also completed its debut sukuk, valued at $450 million.
With 25,000 homes spread over a 24 million square foot plot, Aljada is Sharjah’s largest ever project and a transformational community for the Emirate. A fully ‘live, work, play’ destination, Aljada also contains extensive entertainment, sporting, hospitality, retail, commercial, cultural, healthcare and educational components in its master plan, which will feature an eventual population of more than 70,000 people.
Launched in 2021, Masaar is an upscale forested community featuring 4,000 villas and townhouses connected by a ‘green spine’ featuring more than 50,000 trees. Sharjah’s bestselling community since its launch, Masaar is already a third sold out, with construction on its first residential phase already under way.
Based in the UAE, Arada is a developer that has been created to build communities that enrich, engage and inspire their residents. Our homes are exceptionally designed and are complemented with best-in-class amenities, all provided at an accessible price point. Arada was founded in 2017 by HH Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Basma Group, and HRH Prince Khaled bin Alwaleed bin Talal, founding Chairman of KBW Investments, with the intention of delivering superior properties to the UAE real estate segment.
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For more information about Arada: www.arada.com