Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued Law No. (2) of 2022 on the amendment of Law No. (5) of 2010 on real estate registration in Sharjah.
As per the law, the text of Article (4) of Law No. (5) of 2010 will be replaced by the following wording:
The right to own real estate in the emirate is limited to persons who are citizens of the UAE and citizens of the Cooperation Council for the Arab States of the Gulf, and as an exception to this, the right of ownership may be granted to others according to the following:
- Ownership with the agreement of the Ruler
- Transferring by inheritance by virtue of a legal notification
- Assignment by the owner to one of his first-degree relatives in accordance with what is specified in the executive regulations of this law
- Ownership in real estate development areas and projects in accordance with the regulations set by the Council’
In August 2022, Sharjah Commerce and Tourism Development Authority (SCTDA) announced a new regulatory framework – Sharjah Tourism’s ‘Holiday Homes Project’.
The law also stipulated that the text of Article (7) of Law No. (5) of 2010 would be replaced by the following wording:
Subject to the provisions of Article No. (4) of this Law, a legal person who owns real estate in the emirate shall abide by the following:
- Inform the Real Estate Registration Department of any change in the ownership of the legal person if it will lead to a decrease or increase in the partners’ shares, transfer of ownership, or a change in its legal form or trade name
- Correcting the contravening situation in case of adding a partner or transferring his ownership to persons who are not entitled to own real estate in the emirate
It is understood that these amendments take place with immediate effect.
In September 2022, construction works were completed on the Kalba Waterfront developer and, in early October, Arada launched the Masaar Discovery Centre within its forested villa community in Sharjah.