Sharjah contemplates fresh regulations in response to a thriving Real Estate market within the emirate.
Spearheaded by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, the Sharjah Executive Council convened to discuss the proposed laws concerning property leasing and the establishment of a Rental Disputes Centre.
The endorsed legislation will now proceed to the Sharjah Consultative Council for further deliberation. The primary objective of these regulations is to bring order to rental agreements, aligning them with urban development dynamics and market demands. Additionally, the aim is to streamline governmental processes, safeguard the rights of all involved parties, and facilitate smoother transactions for landlords and tenants alike.
During the meeting, the council also reviewed the outcomes of the ninth edition of the Sharjah Real Estate Exhibition – ACRES 2024, which saw the participation of 93 real estate companies. Notably, real estate transactions during the event totaled AED1.3 billion ($354 million), with nearly 13,000 visitors and 691 sales transactions recorded.
The report underscored a significant surge in sales volume between 2023 and 2024, reflecting a 20% increase. Furthermore, the council was briefed on the satisfaction survey results from exhibitors, alongside insights from workshops conducted during the exhibition. Various supporting institutions and companies involved in the event were also acknowledged in the report.
