What do you need to know about new projects in Sharjah?
There are lots of people that relocate to Sharjah these days which is no surprise when considering the pleasant climate and the wide range of affordable housing available. However, until 2014 it was not possible for foreigners to buy real estate in the Emirate of Sharjah and even then it was only possible for those who had a UAE residence permit. Nowadays, most new projects in Sharjah are freehold properties and in 2018 the law was changed so that buyers of all nationalities can buy properties without a residence permit. Sharjah is the 3rd largest emirate in the UAE in size and has about 1.4 million residents. The emirate borders Dubai, Umm Al Quwain, Ras Al Khaimah, as well as Dubai. It also has access to the Persian Gulf and the Gulf of Oman.
Why are people interested in new residential projects in Sharjah?
There are several reasons that draw people to Sharjah.
- Low cost of living and real estate: Compared to other Emirates, especially Dubai, the cost of living is much lower, allowing people to get more bang for their buck when purchasing real estate.
- Family-friendly environment: Near the sea and with lots of natural beauty, Sharjah is the ideal place to raise a family.
- Holiday destination: More and more tourists come to Sharjah each year. This provides the opportunity to let your property to tourists and receive excellent rental yields.
- Student accommodation: Sharjah hosts some of the best universities in the UAE and the number of students is growing annually.
- Excellent payment plans: Foreigners without a residence permit have little chance to receive a mortgage. However, development companies offer long-term payment plans making bank credit obsolete.
- Proximity to other emirates: The central position of Sharjah makes it the perfect place for those who work in another emirate and are looking for a cheaper alternative for accommodation. This is especially the case for those that work in Dubai.
What are the most popular districts in Sharjah for future projects?
These are the three most popular districts among homebuyers and investors in Sharjah.
- Aljada: Not far away from University City and Sharjah Airport International Free (SAIF) Zone, Aljada is the epicenter of the Sharjah real estate scene. Residents can combine work, life and play while the living standards are high in this new urban community.
- Al Mamsha: Being a mixed-use community, Al Mamsha offers a diverse lifestyle that combines leisure and retail. Full of remarkable architecture and plenty of green spaces Al Mamsha is an attractive place to settle down. Another benefit is its close proximity to University City.
- Tilal City: Located on Emirates Road, Tilal City is a mixed-use community. The heart of this new neighborhood is a shopping mall that is surrounded by gardens, offering residents shopping in a green surrounding.