Sharjah realty most stable in the region

Sharjah - "Sharjah's real estate market had been the least affected by the economic crisis that hit the world a few years ago for many reasons, including the balance of supply and demand and the confidence of investors in Sharjah's market, as well as market prices, which managed to remain within a reasonable range," Al Shaibani said.

 Sharjah will continue to witness an unprecedented boom in various sectors, including the real estate sector, which has managed to gain the confidence of investors over the past years, said Khalifa Al Shaibani, director general of Tilal Properties, United Investment and Basma Group.
"Sharjah's real estate market had been the least affected by the economic crisis that hit the world a few years ago for many reasons, including the balance of supply and demand and the confidence of investors in Sharjah's market, as well as market prices, which managed to remain within a reasonable range," Al Shaibani said.
"There is no doubt that laws regulate the real estate market and guarantee the rights of all the parties involved, including developers and investors. The Sharjah Executive Council recently issued a resolution that allows foreign investors the right to own properties in Sharjah for up to 100 years. Fortunately, this resolution came into effect with the launch of Tilal City project, which was welcomed by investors and heralded the beginning of a new era in the future of Sharjah's promising real estate sector," he noted. Talking about Tilal Properties, he said that it was launched in November 2014 as a joint venture between Sharjah Asset Management and Eskan Real Estate Development, and took it upon itself to develop quality projects in the emirate. One of its first projects was the flagship Tilal City. Covering an area of 25 million square feet along Emirates Road, Tilal City is the first model community of its kind in Sharjah. It is also the first development available on a 100-year leasehold basis for all nationalities.
Tilal Properties will also soon unveil the Tilal Mall project, the first of its kind in Sharjah. "The consultant has been selected and the designs finalised. The project will constitute a leap in the retail market and cater to the shopping needs of residents in Tilal City and neighboring areas in particular and in Sharjah and neighbouring emirates in general," Al Shaibani said.
On the Sharjah Expo Hotel, he said that the necessary designs have been completed and approvals obtained. On-site work will commence within the next three months to result in an architectural masterpiece and a new hotel stay experience for both business and leisure guests. Thanks to its strategic location, Sharjah Expo Hotel is set to serve business executives visiting the various exhibitions held at Expo Centre Sharjah, as well as guests of the Chamber of Commerce and Industry, which is a strategic partner in the project.
Sharjah Holding is another landmark initiative which came about as a strategic partnership between the Government of Sharjah and Majid Al Futtaim Properties. The mission has already started to bear fruit with the launch of Matajer, the neighbourhood retail concept, and Al Zahia, an integrated residential community.
Al Shaibani said: "We believe that the economic wheel never stops spinning. Therefore, we are currently considering several options to introduce a series of new real estate projects, including industrial, commercial and residential ones."
Al Shaibani also said that it is not just real estate sector that remains a safe and attractive investment option in Sharjah, but also all other sectors. However, he advised investors to carefully study their choices, considering factors such as the supply and demand and the economic conditions regionally and internationally.
- rohma@khaleejtimes.com