The move is expected to significantly increase investor interest and provide a much-needed boost to the market in Sharjah.
Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, chaired the recent Sharjah Executive Council (SEC) meeting wherein this crucial decision was mentioned. With growing investor interest and strong growth in the real estate area, the Council determined to reduce the charges associated with property transactions.
Reducing costs to build investor confidence
The new rate structure includes a sales discount set at 0.5 % for real estate developers. UAE nationals and GCC citizens will enjoy a 1% discount on purchases, while other nationals will enjoy a 2% discount.
These significant discounts make property transactions more attractive and affordable for regional and international buyers, leading to further growth in the real estate market.
Enhancements to the rules for rent disputes
Along with fee reduction, the SEC made important decisions about how things work at the Rental Disputes Centre. This decision also set up a special team to enforce rules led by a judge who oversees enforcement. This new group will focus on enforcing decisions, reviewing execution decisions, and ensuring transparency and efficiency.
All these steps show Sharjah wants to create a place where investors feel welcome and help its real estate market grow in a lasting way. As the ACRES show gets closer, people think the tax cuts will make more folks interested in turning Sharjah into a top spot for buying property in the area.
