Dubai: Sharjah will offer property investors as much flexibility they need when it comes to issuing freehold titles, according to the CEO of the investment firm Shurooq.
“The Sharjah government’s decision to open freehold to a majority of ongoing projects has added to the boom the real estate sector is experiencing,” said Ahmed Obaid Al Qaseer, CEO of Shurooq, whose real estate portfolio is valued at Dh7 billion.
“The decision gives developers and buyers a good deal of flexibility. For instance, we will issue freehold titles to properties sold in the current Phase 4 of the Sharjah Sustainable City.
“But if someone had bought a property there before the government decision was made and they want to sell that unit now, freehold deeds will be granted to them. They just need to seek the approval.
“That’s what I mean by having that flexibility.” (Until now, Sharjah was offering long-term leasehold rights for property buyers.)
The changes at the regulatory level is manifest across the emirate’s property market. Since last year, successive quarters have delivered a string of upbeat transaction numbers. Developers are speeding up new launches, while handovers keep coming on existing projects.
A Khorfakkan venture
At the Acres 2023 event, the investment entity on Thursday launched a new project – ‘Ajwan’ – in eastern Khorfakkan and right by the beach, offering 183 apartments of 2-4 bedrooms. With apartment sizes that are ‘huge’, says Al Qaseer, helpfully. “They would be ideal for weekend getaways if need be,” he added. “There aren’t that many new projects in Khorfakkan, and especially one with all that access to the ocean.
(The CEO will not reveal the prices on these 183 homes, saying that will await until the ‘one-on-one’ discussions are done with interested parties.)
Shurooq will for future launches looks across the city at opportunities, with the Al Qasba neighbourhood of particular interest. “These are important times for Sharjah real estate,” said Al Qaseer. “We will work through partners in developing projects or do them on our own. Ajwan is one where it’s a 100 per cent Shurooq project.”
Apart from the freehold title rights, the other major decision Sharjah has taken in the recent past is free up more land for freehold investment zones. The emirate’s population has grown 22 per cent in recent years to more than 1.6 million, and that’s another dynamic added to the property market.