Khaleej Times: No residence visa needed to buy property in Sharjah
News: 21 April 2018
In a game-changing development in the real estate market, non-Arabs will no longer need a UAE residence visa to purchase a property in Sharjah. It was in 2014 that Sharjah government opened its realty market to foreign investment by allowing expatriates to buy property with the rider of a mandatory UAE residence visa.
Back then only certain areas were earmarked for investment. Tilal Properties, a joint venture between the government’s investment arm Sharjah Asset Management and Eskan Real Estate Development, was the first entity to offer expatriates leases of up to 100 years with its Tilal City project.
Tilal Properties director general Khalifa Al Shaibani in an exclusive chat with Khaleej Times said as per the government’s new legislation foreign investors need not have a UAE residence visa to buy property in Tilal City.
“I thank the Sharjah government for continuous support in shaping the legislation with us. We are working hand-to-hand with the government. In 2014, we were the first to offer lease hold of 100 years for the non-Arabs. According to the new legislation of Sharjah, there is no visa required for any buyer in Tilal City. We are in a position to start any roadshow globally. We invite any investor to buy in Tilal City without having the necessity of a UAE residence visa. This is a good opportunity for a lot of companies looking for a good and secure return. It is not necessary for them to have actual appearance here. They can invest remotely from their countries,” Al Shaibani said on the sidelines of Cityscape exhibition being held at Abu Dhabi National Exhibition Centre.
He highlighted that Sharjah real estate market is ‘stable and future is promising‘.
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