SEC Approves Significant Reduction In Real Estate Buying And Selling Fees At ACRES Exhibition 2025
H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, led a meeting of the Sharjah Executive Council (SEC) on Tuesday. H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, also attended the session at the Ruler's Office.
The SEC has approved a reduction in fees for real estate transactions during the ACRES Real Estate Exhibition 2025. For developers, the sale fee is set at 0.5%. UAE citizens and GCC nationals will pay a purchase fee of 1%, while other nationalities will incur a 2% fee.
In response to growth in Sharjah's real estate sector, SEC has introduced changes at the Rental Disputes Center. An Enforcement Department will be established under an Enforcement Judge's supervision to oversee judgment executions and enforcement decisions.
The decision outlines legal provisions such as appeals against enforcement decisions, suspension procedures, notifications, coercive measures, inventory management, guardianship issues, public auction sales, outsourcing services for enforcement, execution processes, and publication requirements.
Judge Dr. Mohammed Obaid Al Kaabi has been appointed as the judicial supervisor of the Rental Disputes Center in Sharjah. His role involves overseeing legal processes and ensuring efficient operations within the center.
The Council has issued regulations on collecting donations and managing endowment funds in Sharjah. These rules apply to government entities or charitable organisations authorised by decree to collect or provide donations within the emirate and its free zones.
The regulations cover methods for collecting donations, prohibitions on collections without approval from the Department of Islamic Affairs, conditions for obtaining permits to collect donations, and obligations of authorised entities involved in collection activities.
For endowment funds, provisions include permit requests for collection or receipt of funds, conditions for applicants seeking to collect endowment funds, management of endowment banks, obligations of authorised entities collecting these funds, and prohibitions related to their collection.
Airport Expansion and Employment
The SEC reviewed plans to qualify and employ specialised Emirati personnel at Sharjah International Airport. This initiative aligns with ongoing airport expansion efforts aimed at accommodating increased passenger and cargo traffic.
The Council stressed training airport staff with top-notch educational programs to enhance their skills. This development aims to project a sophisticated image of both the UAE and Sharjah internationally.
These initiatives reflect Sharjah's commitment to fostering growth across various sectors while ensuring regulatory compliance and effective governance practices are maintained throughout these developments.
With inputs from WAM
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