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Benefits you can get by investing in Sharjah Real Estate
By: William King |
| word count: 416 comments(0) views: 131 |
| Sharjah real estate market has got a long way to go before it is considered a real estate force like Dubai. But it has its own advantages like low prices, cultural richness, Islamic roots and a strong economy. This article briefly describes these benefits. |
Covering 2600 km, Sharjah is the third largest emirate in the United Arab Emirates, known for its rich cultural heritage, mosques, museums, souks and cricket matches. Like all other emirates, its economy is powered by oil and gas reserves that were discovered back in 1971. Since than it has made a lot of progress but it differs from other estates in a unique manner. Sharjah has preserved the cultural roots and values all along. If you are visiting UAE as a tourist and finding it hard to explore the real Arab and Islamic culture in places like Dubai and Abu Dhabi, try visiting Sharjah for that purpose. You will not be disappointed.
Pros and Cons of Sharjah Real Estate:
Sharjah hasn't joined the real estate race as yet; although it is picking up but huge skyscrapers and mega structures are not sprinkled all over the place as yet. Property prices and more importantly rents are much lower than Dubai; this is the reason why most of the expatriates working in Dubai now choose to live in Sharjah. Sharjah has a relatively strict decency law in effect that prohibits from alcohol consumption and other similar activities. So some conventional religious families will also prefer to reside in Sharjah as compared to Dubai or other estates.
Sharjah has not introduced freehold property zones like Dubai, Ajman or Ras Al Khaimah, and 99-years leasehold is the best form of ownership foreigners can acquire. But there are possibilities that Sharjah Government will do so in the future, and as it happened in the case of Dubai or Ajman, it will be followed with immediate investments and price hikes. With all these positives and negatives, Sharjah provides a different set of opportunities, which may not be as lucrative as Dubai or Abu Dhabi in short terms but can be equally or even more rewarding in some years.
Nujoom Islands:
A mega project by all means, this is the largest residential and commercial project going around in Sharjah with an estimated cost of $4.9 billion. Nujoom Island is a set of 10 islands, separated by water channels. A refreshingly positive change is its landscape division; just 40% land will be used for buildings while the remaining 60% of space is allocated to canals and green spaces, grounds and parks. These islands are located at the coastline of Al Hamrya, which is really close to Sharjah international airport. The developers, Al Hanoo Holding Company is expecting to complete the work by 2010. |
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