His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, issued a law amending Law No. 5 on “real estate registration”.
According to the law, the right to own real estate in the emirate is limited to citizens of the state and the countries of the Gulf Cooperation Council, except for 4 cases: ownership with the consent of the ruler, transfer of inheritance by virtue of a legal notification, assignment by the owner to one of his relatives of the first degree as determined by the executive regulations of this law, and ownership in areas and projects Real estate development in accordance with the regulations set by the Council.
The law also stipulated that the text of Article 7 of Law No. 5 of 2010 would be replaced by the following text:
Subject to the provisions of Article No. 4 of this Law, a legal person who owns real estate in the Emirate is obligated to:
1. Inform the Real Estate Registration Department of any change in the ownership of the legal person if it will lead to a decrease or increase in the partners’ shares, transfer of ownership, or a change in its legal form or trade name.
2. Correcting the violating situation in the event of introducing a partner or transferring his ownership to persons who are not entitled to own real estate in the Emirate, in violation of the provision of Article 4 of this Law, within two years from the date of the Department’s notification to the legal person of the violation, and this period is subject to extension after the approval of the Council If this period elapses without correcting the situation, the competent court in the emirate, at the request of the department, will sell the property to persons who have the right to own property, provided that the sale price goes back to the legal person after deducting the fees and expenses prescribed for that.
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