SEC approves 2 proposed laws regarding real estate matters

SHARJAH, 13th February, 2024 — H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, chaired the Sharjah Executive Council (SEC) meeting, on Tuesday, at the Sharjah Ruler’s Office.

The meeting was attended by H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, and Vice Chairman of the Sharjah Executive Council.

The SEC discussed various work issues in Sharjah, reviewed departmental progress, and made decisions in the interest of citizens and residents to provide them a decent life.

The Council has given its approval to the proposed laws regarding leasing real estate and establishing the Rental Disputes Centre in the Emirate of Sharjah. The next step is to forward these drafts to the Sharjah Consultative Council for discussion.

During its session, the Council discussed a proposal for draft rental legislation in the Emirate of Sharjah. The aim of this proposed legislation is to regulate rental regulations and to develop the legislative structure in conjunction with urban development and demand in the real estate sector, in addition to streamlining government procedures, protecting the rights of all parties, and making it easier for landlords and tenants alike.

The council has reviewed the report on the ninth session of the Sharjah Real Estate Exhibition – ACRES 2024, with 93 real estate companies participating. The value of real estate transactions reaches AED1.3 billion. The exhibition was visited by nearly 13,000 visitors, and 691 sales transactions were made. The report also highlighted a significant growth in sales volume between the years 2023 and 2024, with a 202% increase.

The Council was presented with a detailed report on the sales transaction statistics and the results of the satisfaction survey for the participating exhibitors. The report also covered the workshops conducted during the exhibition, as well as the supporting institutions and companies that participated.