An amendment was made to owning real estate in Sharjah.
Issued by His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, the law now states, "the right to own real estate in the emirate is limited to persons who are citizens of the UAE and citizens of the Cooperation Council for the Arab States of the Gulf, and as an exception to this, the right of ownership may be granted to others according to the following:
- Ownership with the agreement of the Ruler
- Transferring by inheritance by virtue of a legal notification
- Assignment by the owner to one of his first-degree relatives, in accordance with what is specified in the executive regulations of this law
- Ownership in real estate development areas and projects, in accordance with the regulations set by the council"
Additionally, the law also states that a person that owns real estate should abide by the following:
- Inform the Real Estate Registration Department of any change in the ownership of the legal person if it will lead to a decrease or increase in the partners’ shares, transfer of ownership, or a change in its legal form or trade name
- Correcting the contravening situation in case of adding a partner or transferring his ownership to persons who are not entitled to own real estate in the Emirate