Earlier this week, the developer of Sharjah’s Tilal City master-development confirmed that any non-Arab expat with a valid UAE residency permit, can acquire plots there, making it the first such in Sharjah.
“Each investor will appoint a contractor at their own discretion, so there is no primary contractor,” said Lucy Bush, head of sales and leasing at Cluttons, which is handling the sales and marketing of the Tilal City plots. “At present, land plots in Zones A, B, C and D are available for purchase, while the planned retail development will be located in Zone E,” she said.
Even in Dubai, developers are aiming to bring about a subtle shift by creating more opportunities for investors to acquire plots.
“Over the last 12 months, Dubai has seen a decline in property transaction due to several changes (increase in registration fees and lower loan-to-value mortgage limits) in market dynamics,” said Cecilia Reinaldo, managing director at Fine & Country M.E.
“However, institutional investors and developers have started to heavily invest in acquiring land as the development sentiment is still very strong. There is also a shortage of affordable housing which developers understand and are refocusing their marketing by targeting that. In addition, the prices of plots as they are now still represent great value to investors.”