No foreign ownership in new Sharjah realty law - Emirates24|7

No foreign ownership in new Sharjah realty law

Sharjah will soon issue a new law to regulate the sale of land and property and to organise the real estate brokerage sector.

Hamed Salem Al Abdouli, Director of the emirate’s Real Estate Registration Department, said his department had referred a draft law for amending Law No32 of 2005 to the Legal Department of His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to re-organise transactions in the real estate sector and the working of brokers.

The amendments, to be approved soon, re-affirm the ban on foreign ownership of land and real estate in Sharjah, said Abdouli.

“They also stipulate that brokerage licences would be issued only to Sharjah passport holders who should not be involved in any other business. “The draft law has fixed bank guarantees which will be needed to obtain licences for setting up brokerages, and other regulations,” said Al Abdouli.

He said the law aims to regulate the real estate brokerage market.

Al Abdouli also said 61 apartments in the emirate were owned by foreigners in violation of the real estate law.

The ownership status of these was being corrected in concert with the bodies concerned. Also, construction was halted at 10 towers because they violated real estate laws and regulations of ownership, said Al Abdouli.

 

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