Sharjah offers 100-year lease to foreign property buyers

Tilal Properties is a joint venture between Sharjah Asset Management and Eskan Real Estate Development. (Supplied)

All foreign nationalities will be allowed to lease properties for 100 years in Sharjah’s new Dh2 billion mixed-use project, Tilal City, according to the developer.

Tilal Properties, the new joint venture between Sharjah Asset Management and Eskan Real Estate Development, will sell freehold land plots for GCC and Arab Nationals, but all other nationalities will be entitled for a 100-year leasehold provided they have a valid UAE residency visa.

An artist's impression of Tilal City (Supplied)

“Tilal City is one of a series of projects that will be implemented by Tilal Properties and it will allow UAE residents to buy properties on a 100-year leasehold basis, according to the laws regulating Sharjah’s property market,” Sheikh Sultan bin Ahmed Al Qasimi, Chairman, Tilal Properties, said during the launch of the project.

The Sharjah Executive Council recently issued Resolution No 26 of 2014, which allows foreign investors the right to own properties in Sharjah for up to 100 years.

This resolution is expected to stimulate investment in the emirate.

Tilal City will occupy a total area of 25 million square feet, including 13 million square feet for sale and 12 million square feet for public facilities, roads and parks, said Khalifa Al Shaibani, Director General, Tilal Properties.

The project will comprise 1,800 land plots. Split into five zones, it will provide, affordable housing for 65,000 residents in apartments, villas and townhouses.

“The construction of the infrastructure is well under way and will be complete in the first three zones by December 2016.

Tilal Properties expects to complete Phase I (Zones A and C)  and of central park areas in 2016, while Phase II (Zone B and D) is  expected to be completed by 2017

“It will also include commercial, office and retail space as well as multi-use community facilities, schools, mosques and landscaped open areas,” Al Shaibani said.

The completion and handover will take between 24 and 36 months. Sewa connectivity will be at handover, hence allowing plot owners to use their properties as soon as it is completed.

Emirates24|7 reported earlier that Arab nationalities with UAE residency visa can buy freehold properties in Sharjah, provided they get clearance by Sharjah Real Estate Department.

Click to read: Arabs allowed to buy freehold property in Sharjah, but...

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