Despite long speculation about the possibility of giving foreign investors the right to purchase real estate in full ownership, the emirate`s authorities have not decided on this step.
According to an official decree by the emirate`s ruler Sultan bin Mohammed Al Qasimi, only citizens of the UAE and the countries of the Cooperation Council of Arab Gulf states, as well as companies that belong to the mentioned categories of citizens can buy property in Sharjah in full ownership.
Previously consulting agency CB Richard Ellis reported that the emirate`s authorities are considering giving more freedoms to foreigners because of falling rents housing more than doubled relative to 2008, says Arabian Business.
In another emirate of the UAE, Dubai, foreign investors who have bought real estate, have similar rights with citizens of the UAE to use the property as well as the possibility of obtaining a residence permit, renewed every three years.
In the UAE capital Abu Dhabi, foreign citizens can become homeowners only in specially designated investment areas.
In addition, foreign investors are not allowed to own land, which is built belongs to them property. If they want to buy it in their property, they will need to apply for it in the Executive Council of Abu Dhabi.