Arabs allowed to buy freehold property in Sharjah, but...

Arab nationalities with UAE residency visa can buy freehold properties in Sharjah, provided they get  clearance by Sharjah Real Estate Department, a Sharjah-based developer told Emirates24|7.

“We can only sell to Gulf Cooperation Council (GCC) nationals and to Arabs who have a UAE residency visa after getting approval from the Sharjah Real Estate Department,” George Khouzami, Operations and Commercial Manager, Al Thuriah Group said in an interview during Cityscape Global.

The developer is showcasing two of its new projects: Sahara Tower 4 and Sahara Tower 5, located in close proximity to Sahara Centre.

“There is no restrictions for GCC nationals, but Arabs can purchase only up to five apartments regardless of the value being Dh10 million or Dh100,000."

Khouzami disclosed that Arabs have been buying apartments in their towers, where price for a 1,550 square feet two-bedroom units starts at Dh850,000, or Dh548 per square feet.

“Majority of the Arabs buying apartments is end users and our units have been designed to cater to their needs. Even GCC nationals are buying as a second home.”

The developer, which also built and manages 11 towers, will be charging Dh4 per square feet as service fees for the new towers.

“We collect the service fee of one year in advance at the time of handover and we make sure to create an owners’ association in the first year itself and transfer the funds to them,” Khouzami revealed.

Al Thuriah was established in 1996 by Sheikh Majid bin Hamad Al Qassimi and Raymond Khouzami.

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