Real Estate Sector in Sharjah and its Legal System

The real estate sector in Sharjah has witnessed a record-breaking growth over the past few years. This is mainly attributed to the affordable property options and reliable investment choices. A significant number of investors have invested in real estate properties in Sharjah. Emirate of Sharjah is known for its reliable property options, prices and luxury. Sharjah continues to modernize its real estate sector. The combination of integrated real estate services, a robust legal framework, and qualified legal professionals creates a solid foundation for sustainable growth. Families in UAE, love to live in Sharjah.

This has resulted in the need for a consolidated legal legal framework. A well-regulated real estate market is supported by well-integrated real estate services platforms. Therefore, Sharjah has been committed to adopting a transparent, efficient, and well-regulated framework. This streamlines the property transactions. It also improves the investor’s faith and supports the efficiency and effectiveness. Sharjah has integrated real estate platforms in the property market. Once they are aligned with UAE federal laws and local laws, this contributes to transparency and fairness. It also simplifies the process and safeguards the investors’ interest. It also reduces the risk and smoothens the transaction.

Sharjah is a prosperous city well known for its rich culture, family-friendly atmosphere, and ancient heritage. It has been the center of attention for UAE nationals and expatriates. Over the past few years, the city has been grabbing the attention of a foreign audience. With the introduction of designated freehold areas, the foreign investors are considering Sharjah a place to invest.

This has resulted in foreign investment, and thus, foreigners and expatriates are buying properties in the Emirate, which boosts market activity. It is essential to manage the growth, and thus, an integrated real estate service platform is introduced. This ensures the legal protection for all stakeholders.

The city has wholeheartedly embraced technology-driven solutions. The integrated real estate services platforms consolidate various services. It brings together property registration, ownership transfer, legal documentation, and payment processing all under one roof. This makes the system more centralized within a digitalized ecosystem.

Like other Emirates, Sharjah has its own set of laws and rules. The real estate sector of Sharjah is mainly governed by UAE federal laws, which is done to ensure uniformity and also cohesiveness with the rest of the country.

Federal Law No. 5 of 1985 on UAE Civil Transactions Law administers the civil transactions. It governs property ownership, agreements, and obligations. It lays down the legal foundation for property rights, sale agreements, and lease contracts within the UAE.

Federal Law No. 6 of 2018 on the UAE Anti-Money Laundering Law is also related to real estate transactions. Under the law, the property transaction will comply with anti-money laundering (AML) regulations. The Real Estate platforms in Sharjah incorporate AML checks into their ecosystems. This helps in preventing unlawful and illicit financial activities across the UAE.

Federal Decree-Law No. 20 of 2018 concerning Countering Money Laundering and Terrorism Financing also regulates the real estate transactions. It ensures the property dealing remains fair, clear, and transparent. Besides, it also supports fully documented transactions that are free from financial crimes.

Federal Law No. 2 of 2015 on Commercial Companies Law, also supports real estate transactions. The stakeholders, such as investors, developers, real estate brokers, and firms operating within Sharjah, must comply with it.  It generally governs the company formulation, legal obligations, and operational specifications.

They are specifically designed to provide seamless and secure real estate services in Sharjah. It also supports legal compliance with the UAE federal laws. The prominent features of the platform include the following:

• It has a Centralized Property Listings where all the properties are listed on the platform. The properties listed are properly verified, and thus, they provide security to the buyers. The buyers can quickly access accurate, up-to-date, and complete information. It also reduces the risk of fraudulent activities across the city.
• There is a Digital Ownership Transfer that is conducted electronically. All the legal documentation is fully integrated into the platform. This is fully in line with the UAE federal laws. It offers clarity and transparency in real estate transactions.
• The platform offers Legal Document Verification for contracts, certificates, and agreements. This permits the buyers to easily verify the documents using the platform.

They can verify the title deeds, property ownership contracts, and more. This ensures compliance and also secures the transactions. The entire platform is fully integrated with the regulatory authorities of Sharjah. It is well connected to Sharjah Real Estate Registration Department (SRERD) and other government bodies. This simplifies the process of licensing, approvals, registration, and fee payments.

Secure Financial Transactions are now made through escrow accounts or services. This protects the buyers and sellers to prevent the risk of fraud. It also compels them to remain compliant with federal laws and anti-money laundering regulations.

All the transactions conducted via platforms were properly documented and complied with the federal law and the Sharjah local laws. This reduces the risk of disputes and chances of fraud.  It secures all investors, developers, buyers, and sellers of property.

This streamlines the entire process from registration to ownership transfers, verification, and the title transfer. It boosts the investors’ confidence and also secures the investments. It aligns the UAE legal framework with regulatory authorities, which makes the Sharjah real estate sector more secure and investment-friendly. We have trusted Advocates in Sharjah.