Sharjah played a smart role in boosting its real estate to life by cutting down property transaction fees. The Sharjah Executive Council (SEC) is the empowered body that confirmed this strategic initiative. It targets getting more investors interested in the sector within the local and global market, thus promoting its growth.
What’s Changing?
Developers have been paying a reduced fee plus one-thousandth of each property transaction now as of today. For UAE and GCC citizens, one % of the buying property fees have been reduced. Still, foreign investors will now be paying 2 % less.
These fee cuts are anticipated to lead to an increase of buying and selling properties, primarily in Central and Eastern Sharjah. These sides have been super successful in the first half of the year, exceeding yet more.
Why the Change?
To become one of the top destinations in the real estate sector, higher property income is necessary. First of all, lower fees for owners are a big incentive for the cost-benefit which will make the project investment cheaper, hence, sellers will be more flexible and adaptive. It is both a UAE boon and a prerequisite for them while the world planners are looking for areas other than Dubai and Abu Dhabi.
Sharjah is excited to unveil its real estate properties at the ACRES exhibition that will take place from the 22nd to the 25th of January 2025. This program will introduce leading developers and investment firms.
They will disclose the novelties as well as the region’s real estate future in the program.
Expected Impact
The ongoing fees will lower the prices of the market in Sharjah in a short time. Thus, it is only a means of boosting investments. Reduction in fees is not only about cost-saving as it is also about projecting Sharjah as a world real estate hub.
The policy will be favorable to both local buyers and international buyers, so it will be a catalyst to several property sectors. The main segments are residential, commercial, and industrial developments. Both residential and commercial property owners will enjoy the benefits of improving quality in the market and thereby turn Sharjah into a lucrative real estate market for investors.
Looking Ahead
As a strategy to lower property transaction fees, Sharjah aims to increase the growth of the real estate sector. The coming ACRES exhibition will present the emirate’s real estate potential as well as new and creatively designed projects.
Hence, Sharjah’s choice of lowering property transaction fees is a well-timed and strategic move. It is an initiative that will boost the real estate sector in the emirate. Thus, this may just be a new beginning for Sharjah and, in fact, it may be the ‘real estate capital’ of the world.
