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In the first half of 2023, the number of real estate transactions in Sharjah increased record-breaking. The main reason, according to experts, was the emergence of the opportunity to buy housing on the freehold principle.
The most notable example was the Masaar project - a suburban residential area with townhouses and villas. In the first half of 2023, 813 real estate transactions totaling AED 2.34 billion ($640,000) were made here. This is 200% more than in the first half of 2022.
Masaar is being built by Arada, the first local developer to be allowed by the Sharjah Real Estate Registration Department to sell real estate on the freehold principle.
In December 2022, the government of Sharjah took the next step: it allowed foreigners to own real estate en masse. This is what helped to multiply the demand, experts say.
Sharjah is a relatively conservative emirate of the UAE, more strictly adhering to the legal and ethical norms of Islam. It boasts relatively affordable housing prices, a developed structure and low prices for goods and services.
