The Council authorized numerous acts meant to boost more development and simplify the procedure for developers and buyers given the fast expansion of the real estate sector and growing investor interest in property transactions, Among the most important choices taken during the conference was a cut in sales and buy transaction costs for the forthcoming ACRES Real Estate Exhibition in 2025.

In order to boost real estate transactions and investment, the SEC chose to apply a scaled fee system Set at 0.5% for real estate developers, the sales fee is meant to encourage development activity and help new project growth, Depending on their nationality, property purchasers will pay varying fees, GCC nationals and UAE residents will pay a 1% purchasing fee; those from other nationalities will pay a 2%. These fee changes are meant to make Sharjah's real estate market more accessible not just to locals but also to foreign investors, therefore improving the general attractiveness of the emirate's property market.

Apart from the price cuts, the conference concentrated on enhancing the effectiveness and openness of the emirate's rental and real estate dispute handling systems. Regarding the Rental Disputes Center's enforcement policies, the SEC made fresh ruling. Establishing a new enforcement department inside the center under the direction of the enforcement judge was crucial in this choice. The responsibility of supervising the execution of decisions and rulings rendered by the Enforcement Judge falls to this department. It will also be in charge of making sure rules are followed correctly, which should result in more uniform and quick resolution of conflicts involving rentals and properties.

The SEC's ruling also provided a thorough framework for administering enforcement matters at the Centre, comprising rules for storing inventory, addressing appeals against enforcement decisions, applying coercive measures, and holding public auctions for properties in conflict, The clauses also cover the suspension of enforcement policies in some circumstances and, when needed, outsourcing of enforcement tasks. These law modifications are supposed to simplify the procedure for all the parties engaged in rental conflicts, therefore increasing clarity and lowering delays.

The SEC wants to encourage the expansion of Sharjah's real estate market as well as more general economic development of the emirate by increasing the efficiency of the Rental Disputes Center and lowering the cost of real estate transactions.

These developments show a great will to create a more investor-friendly climate, therefore boosting local and international confidence in Sharjah as a viable real estate location, By means of these initiatives, Sharjah is establishing itself as a leader in the real estate market of the area, therefore guaranteeing that its financial and legal environment supports long-term development and sustainability.

UAE: Sharjah unveils plan to reduce real estate transaction fees

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