Sharjah cabinet greenlights two real estate rentals draft legislations

Sharjah to get a new rental law: Sharjah Executive Council (SEC) gave preliminary approval for two draft bills to regulate real estate rentals in the emirate, state news agency Wam reports. The draft legislation will introduce rental regulations and streamline government procedures for rentals in the emirate, as well as establish a center for resolving rental disputes, the news agency added.

ICYMI- Sharjah’s real estate transactions rose 13.1% y-o-y in 2023 to reach AED 27.1 bn, the highest level since 2017. The number of investors’ nationalities rose 21.2% y-o-y to 103 during the year, with the number of non-Arab foreign investors rising 165% in trading volume.

What’s next for the draft laws? The executive council will forward the bills to the Sharjah Consultative Council, where they will be reviewed before being submitted to the emirate’s ruler Sheikh Sultan bin Mohammed al-Qasimi to be ratified.