Sharjah: The Sharjah Government will restrict foreign ownership of land and properties to the UAE and GCC nationals, according to a government decree issued yesterday.
This also puts to an end the real estate community's expectation that the emirate might open its land and property sector for foreign ownership.
Sharjah's Department of Property Registration will be the sole authority in dealing with property registration.
Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued law No (5) for 2010, regarding the real estate registration in Sharjah. The provisions of the law are applicable to all real estate property ownership in the emirate.
‘Limited right'
"The law has limited the right to own real estate in the emirate to the UAE nationals and nationals of GCC Gulf Arab states and corporate bodies fully owned by them. But the exception may be granted by [the] Ruler to own property through the inheritance transition in accordance with sharia declaration, legitimate or waiver of the owner to a relative of the first degree as prescribed by executive regulations of this law," the decree says.
It added that the transfer of property ownership will not be legal unless the bill of ownership is valid and registered in accordance with the provisions of the law.
The law stressed that all real estate transactions, which were effected legally before this law comes into force, are legally valid.
In accordance with the law and upon the request of the department, a committee or more committees named "ownership verification committee", would be composed of efficient UAE nationals with integrity. The committee/committees will directly report to the department. According to the law, the Department of Property Registration in Sharjah and its branches will solely be tasked with registering documents and contracts related to properties in Sharjah.
