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Sharjah opens up investment to expats

20.11.2014
Plots have gone on sale with prices ranging from AED110 a square foot to AED303 depending on plot size, position and usage. Sharjah is opening up its residential property market to direct investments by non-Arab expatriates holding a UAE resident visa, Gulf News reported.
For the first time, non-Arab expats can acquire plots at a newly launched master-development in Sharjah — the Tilal City — on 100-year leases. Until now, only UAE and GCC nationals were allowed to acquire plots and properties in the emirate.
The project is located on Emirates Road, close to Al Dhaid interchange, and 10 kilometres from Sharjah International Airport. Tilal City will eventually be home to 65,000 residents.
Plots have gone on sale with prices ranging from AED110 a square foot to AED303 depending on plot size, position and usage. The average plot will be around 7,500 per square feet, and investors could even acquire multiple plots or “entire zones”. Construction works have started on site, with full project completion projected for end 2017.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management