Supreme Council Member and Ruler of Sharjah, His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi has issued an amendment to the real estate registration of Sharjah. He signed Law No. (2) of 2022 amending Law No. (5) of 2010. He replaced Article (4) of Law No. (5) of 2010. The change in the law caters to expats thinking about buying property in the Emirate.
Amendments In The Property Law
Only people who are citizens of the United Arab Emirates and the Cooperation Council for the Arab States of the Gulf will have the right to own estate in the Emirate. As an exception to this rule, the individuals in accordance with the conditions will have the right of ownership.
View this post on Instagram
Also Read: All You Need To Know About 10th UAE Flag Day Being Celebrated On Nov 3
Conditions:
1. The ownership of the property has to be with the approval of the ruler.
2. Assignment to a first-degree relative of the owner in accordance with the terms of this law’s executive rules.
3. A legal notification has to be made before transferring the property by inheritance.
4. The regulations set by the Council have to be followed before owning any real estate development areas and projects.
View this post on Instagram
According to the new provisions, a person who owns a real estate property in the Emirate has to follow the below rules:
1. Any change in the legal person’s ownership that would result in a reduction or increase in the partners’ shares, a transfer of ownership, a change in the legal structure, or a change in its trade name must give information about the same to the Real Estate Registration Department.
2. Resolving conflicts in the event that a partner is added or his ownership is transferred to those who are ineligible to hold real estate in the Emirate.
Also Read: Now Fly Directly From Vijayawada To Sharjah As Air India Express Launches New Route
Make sure to check the amendments before you buy any property.
Cover Image Courtesy: Flickr