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The aim of the new proposed legislation is to regulate rental regulations and develop the legislative structure in keeping with the demands of the sector
February 15, 2024 | Staff Reporter | UAE | Developers
Sharjah is considering new laws to govern the real estate sector in the emirate as the property market continues to flourish. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, chaired the Sharjah Executive Council (SEC) meeting in which real estate laws were presented. The Council has given its approval to the proposed laws regarding leasing real estate and establishing the Rental Disputes Centre in the emirate.
The next step is to forward these drafts to the Sharjah Consultative Council for discussion. During its session, the Council discussed a proposal for draft rental legislation in the emirate.
The aim of the new proposed legislation is to regulate rental regulations and develop the legislative structure in conjunction with urban development and demand in the real estate sector, in addition to streamlining government procedures, protecting the rights of all parties, and making it easier for landlords and tenants alike.
The Council reviewed the report during the ninth session of the Sharjah Real Estate Exhibition – ACRES 2024, which had 93 real estate companies taking part. The exhibition was visited by nearly 13,000 visitors, and 691 sales transactions were made. The report also highlighted a significant growth in sales volume between the years 2023 and 2024, with a 202% increase.
The Council was presented with a detailed report on the sales transaction statistics and the results of the satisfaction survey for the participating exhibitors. The report also covered the workshops conducted during the exhibition, as well as the supporting institutions and companies that participated.
