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Almost 70% of the plots in a new residential community Tital City in Sharjah has already been sold, the developer Tilal Properties revealed.
Tital City became the first major residential community in Sharjah, where expatriates can buy and build and lease property. Buyers rushed to take advantage of this and are actively buying up plots here. According to the developer Tilal Properties, 28-30% of plots for property construction in the complex were sold to foreign buyers. Among them there are citizens of the UK, USA, Canada, Europe and Russia.
Tital City has 1855 plots for development in total. So far only zones A and C were opened for expatriates. Also, in contrast to the UAE nationals, who can buy property in full ownership, foreigners so far can only buy on a 100-year leasehold basis, but the developer did not rule out the possibility, that in the future this period may be extended, or the descendants of the land owners will get it in full ownership.
Land plots development in Tital City began in November last year, and is to be finalized before the end of 2016. Also, according to the developer, most of the plot buyers are planning to build small-sized 1-2 storey houses here.
Tital City attracts buyers, firstly, with its location, for that Sharjah district is situated not far from Dubai, where many landowners are working, and, secondly, with the cost of land plots, which are much cheaper compared to Dubai prices for land plots and ready housing. Land plots here can cost an average of US $ 323 per square meter.
According to the developer’s master plan, homes in Tital City will be surrounded by green areas, playgrounds, bicycle and jogging tracks. In total, approximately 55,000 – 65,000 inhabitants will live here at the end of the construction.
