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Al Rayyan, Sharjah’s first development to offer leasehold residential and commercial units to non-GCC expatriates, has been launched. Randa Kamal, CEO of JMS Property Development and Management, said the property is also the first in the emirate to combine residential, commercial and leisure elements.
Only UAE nationals and Arab expatriates were allowed to purchase freehold property in Sharjah until a law announced in November allowed other nationalities to buy residential plots in Tilal City, a mixed-use project, on a 100-year leasehold. However, there are no guidelines yet for leasehold apartments and villas, according to Steve Morgan, CEO of Cluttons Middle East, the sales and marketing agent of Al Rayyan and Tilal City.
Al Rayyan’s 504 residences start from Dh750,000 for a one-bedroom unit, while four-bedroom penthouses of up to 5,000 sq ft start at Dh4 million. Located in the Al Nadha district, the Dh700- million project comprises two residential towers, a commercial tower and a mall with 80-90 shops.