UAE: 50% discount offered to Sharjah property buyers on registration fee

The discount will be offered to those buying property at the Sharjah Real Estate Exhibition – Acres 2024

Waheed Abbas

Published: Tue 9 Jan 2024, 6:00 AM

Last updated: Tue 9 Jan 2024, 11:47 PM

Investors and end-users who plan to buy property in Sharjah will get a 50 per cent discount on registration fees this month.

A statement issued by the Sharjah Chamber of Commerce and Industry and Real Estate Registration Department said the discount will be offered to people buying property at the Sharjah Real Estate Exhibition – Acres 2024, which will run from January 17 to 20 at Expo Centre Sharjah.

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Abdulaziz Ahmed Al Shamsi, director-general of Sharjah Real Estate Registration Department, said the discount is part of a series of decisions taken to support the real estate sector.

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“The emirate is attracting investments and capital, hence the population is increasing, resulting in increased demand for residential units. Such demand was met and enhanced by the Sharjah Executive Council Resolution No. 30 issued in November 2022, which allowed all nationalities to own real estate of all kinds, after getting the approval,” he said.

“The emirate is witnessing the launch of various commercial, industrial, and residential projects, which reflects the continuous growth of the real estate sector in Sharjah,” he added.

The Sharjah Executive Council approved reduced buying and selling fees on real estate transactions that will be implemented during ACRES 2024. The selling fees for real estate developers will be 0.5 per cent; the purchasing fees for UAE and GCC nationals will be 1 per cent; while other nationalities will pay only a two per cent fee during the exhibition.

More than 372 new real estate projects will be showcased from the UAE, Oman, Jordan, Georgia, Egypt, and Turkey by major real estate developers during the exhibition.

The event will also feature panel discussions, workshops, and specialised industry talks in both Arabic and English by key industry experts and market leaders. In order to accommodate increased demand, the exhibition space has increased by 60 per cent compared to last year.

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Mohammed Ahmed Amin Al Awadhi, director-general of the Sharjah Chamber of Commerce and Industry (SCCI), said the real estate sector constitutes one of the pillars of the economic diversification strategy in the emirate, as Sharjah is characterised by a wide urban renaissance that has strengthened its position as a leading global destination.

Saeed Ghanem Al Suwaidi, chairman of the Representative Committee of the Real Estate Sector Business Group at (SCCI), and chairman of the Organising Committee of Acres, said hundreds of new real estate projects from inside and outside the country would be displayed, providing competitive and exclusive real estate offers during its four days. He added this is a great opportunity for local, Arab, and foreign investors and businessmen.