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Sharjah intends to attract partners from the private sector to develop state-owned land, which will be a great incentive for its real estate and construction sectors.
What is the goal? A statement issued by the Sharjah Executive Council said the goal was to "reclaim them (the lands) in a way that contributes to achieving comprehensive development in the emirate". This should be considered in the light of Sharjah's decision to allow the sale of property rights to persons of all nationalities at the end of 2022.
According to market participants, this caused a new wave of real estate purchases in the new buildings of the communities of Arad and Majid Al-Futtaim in the last weeks of 2022. This trend will continue in 2023. Developers expect an increase in the number of launches.
The latest decision of the Sharjah Executive Council calls for the launch of "major economic projects" and the promotion of investment prospects. Public-private partnerships can help in this by allowing land to be sold at a profit. In accordance with the forecasts of population growth and housing demand, Sharjah considers it necessary to include more areas in urban development. Currently, more than 1.7 million people live in the emirate.
