Whilst the COVID-19 pandemic has left the real estate landscape in an uncertain state of precedence, with challenges comes new opportunities. Sharjah has established itself as a tourism and business hub over the last few years and is quickly becoming a destination for businesses and individuals looking to invest in real estate. Experts in the industry are preparing for a post-COVID real estate boom, due to contributing factors such as economic stability, low risk factors for investors, and investment security. Investors will be seeking to capitalise on the low interest rates and lower deposits. The next few years in UAE real estate is shaping up to be a buyer’s market, and property companies who capitalise on this will reap the rewards.
Sharjah, the culture capital of the UAE, is widely recognised for its history and heritage, and offers a rich diversity of nature and history, fused with a modern landscape. Sharjah’s bid to become a leading nature-inspired destination for international tourists and UAE residents is supported by a number of new projects emerging in the emirate, including an ecotourism resort, and a family-friendly safari park retreat.
As well as its growing tourism, the real estate market in Sharjah is healthy, competitive, and- crucially- stable. Due to the flourishing development projects and steady rise in real estate units, developers have seen the need to become more innovative in their offerings. The system of legislation is also a contributing factor to Sharjah’s investment appeal, creating a safe environment for real estate investors. Sharjah will continue to grow and expand its economy, promoting itself to the rest of the world as an ideal destination for tourism, investment, and business. International interest is already strong and will likely grow and strengthen over the next few years, as businesses and stakeholders realise it is a smart idea to invest in Sharjah.
Tilal Properties. Like many developers, Tilal has been affected by the pandemic, although the impact has been much less than other development companies due to the nature of their projects, such as ‘Tilal City’. Tilal City, known as New Sharjah, is a community development that spreads over 25 million square feet, with 1447 land plots and 48% of the land allocated to parks and education & community facilities. Community facilities include a number of mosques, schools and nurseries, community centres and parks, and Tilal Mall, one of the biggest malls in Sharjah. Tilal Properties is offering investors and owners the opportunity to take full control over their properties within the city, minimising the usual risks that come with off-plan development.
Offering support and incentives such as free of charge real estate consulting services at the hands of property experts, Tilal Properties is tapping into the buyer’s market and offering stakeholders opportunities to see positive returns on their investments. And with it being a semi-government company, security for customers is ensured. The company’s vision is to stimulate an exciting future for Sharjah’s community- residents, businesses, and investors, while supporting the emirate’s economic goals.
The infrastructure of Tilal City is now complete, and landowners can start construction with immediate effect. They are able to enjoy total freedom over the development, including the entire development and build of the interior. Investors can divide up the building process depending on their financial status with the option of cash flow control, and additionally may sell the buildings as and when they decide, working solely to their own timeline. As they (the investors) have total ownership and control over the development, there is little to no risk of delays due to external factors.
Managed by Tilal Properties, a joint venture between the government’s investment arm, Sharjah Asset Management, and Eskan Real Estate Development, Tilal City is made up of eight zones; Shams, Areej, Naseem Residence, Naseem Villas, Almass Villas, Almass Residence, Morooj South, and Morooj North. Community facilities across the City will feature a number of mosques, schools and nurseries, community centres and parks, and Tilal Mall, one of the biggest malls in Sharjah.
Property owners already see a big demand in Tilal City and enjoy the benefits that the project provides. Tilal City represents an enviable connection point linking between Dubai and the Northern Emirates, located just kilometers away from Sharjah International Airport, Sharjah Grand Mosque, and the border of Dubai.
