Sharjah has truly become an attractive destination for real estate investors the world over, and the fact that you can legally purchase Sharjah real estate with crypto has sent many who are seeking opportunities in the United Arab Emirates to this beautiful city. Located in the Dubai-Sharjah-Ajman metropolitan area, Sharjah falls just behind Dubai and Abu Dhabi in terms of population, as it is the third-most populous city in the UAE. It is known as the cultural capital of the UAE and draws many tourists to its shores.
What about the investment market? Well, the city has a good range of real estate investment options that include new developments with a focus on sustainable and appealing concepts of community living. The demand for housing in Sharjah is continually on the rise, and areas specifically reserved for foreign investors are becoming a prominent feature of the city.
While investing in property in Sharjah can be a lucrative opportunity, buying Sharjah property with crypto coins is a game changer. The reason why this city has seen such a boom in the real estate sector might have something to do with a growing economy and a stable political environment. Sharjah also pays host to a number of popular tourist attractions, including the Sharjah Art Museum and the Sharjah Heritage Area, which are renowned spots that deserve a visit. If that is not enough to fuel your passion for this beautiful city then Sharjah’s low cost of living, compared to other cities in the UAE, might help add some sparks to the fire.
So, enough about Sharjah and how great of a city it is; after all, you are here looking to find out if it is worth investing in real estate there, right? So let’s get to the crux of this Sharjah property guide for crypto buyers and see what is needed, how to get things done, and what ultimately makes this city worthy of your attention.
Reasons why Sharjah real estate crypto investments are a great way to go
Before getting into the nitty-gritty of how things work, let’s just quickly go through some of the things that make investing in Sharjah real estate with crypto such an attractive opportunity for so many investors.
- The low cost of living: When compared to many of the other cities throughout the UAE, Sharjah has a relatively low cost of living, which makes it a very appealing destination for people looking to move and live in the UAE. This fact also makes it a fantastic opportunity for people looking to buy a property and then rent it out, as there are many people who would prefer living in a city where the cost of living is lower while the quality of life remains high.
- A very pro-cryptocurrency stance: While many countries around the world have either outlawed crypto, paid no heed to it, or simply took almost a century to start working on regulations surrounding digital assets, the UAE is very supportive of cryptocurrencies, and in Sharjah, it is possible to purchase property using crypto directly. This can be a much more convenient option than going through banks, as many foreign investors are not too keen on dealing with traditional banking systems these days.
- A stable economy and political environment: Sharjah, and the UAE in general, is known for having a stable economy and political environment, which gives expats some ease of mind as there is a sense of security for foreign real estate investors. While some countries are riddled with stories of people buying property only for their land to be taken back by unscrupulous governments, the UAE is a safe haven country with a track record of good solid governance.
- The attractive real estate options: Sharjah offers a range of appealing real estate options for foreign investors looking to either diversify their portfolios or for those looking for a second home in a sunny country. While the prospect of flipping a property for a profit can be a very appealing idea to some, others might simply be looking for a new place to live and maybe even set up a business. In this respect, Sharjah is ideally suited as it has properties to satisfy every need.
- There are many favorable laws for foreign property ownership: The UAE has adopted many laws that have been put in place to make it easy for foreigners to not only own property in the country but also to buy Sharjah properties with Bitcoin and other cryptocurrencies. While there are some restrictions that apply to foreign ownership of property in Sharjah, the process for purchasing property is generally straightforward and easy, especially when using a reputed real estate agency such as Coin Real Estate.
Things to consider if you want to buy Sharjah properties with cryptocurrency
While the United Arab Emirates is not the strictest when it comes to who can buy and own property in that country, there are several rules that everyone should follow when thinking about purchasing real estate in a foreign country. So before you rush in and just start shopping, let’s consider the kind of due diligence that needs to be taken and carefully consider all of the steps involved.
Here are the main steps to take when buying property in a foreign country and things that need to be kept in mind when buying Sharjah real estate with cryptocurrency.
For starters, you need to research the country and the local real estate market because it is of the utmost importance that you thoroughly understand what is happening in the local real estate market before making any concrete decisions about purchasing a property. Luckily the UAE provides a strong and growing local economy with property values that have been only going up for the last few years. This is a good indication that things are continuing in the right direction and will continue to do so.
After you spent some time looking into the country and making sure that it possesses a worthwhile investment landscape, your best bet is to seek out the assistance of a real estate agent that knows all the ins and outs of the country. It is always a good idea to be working with a trustworthy real estate agent to help you navigate through what can often be a labyrinth of paperwork. While the real estate agent can help you in handling legal and financial matters, they can also play a key role in assisting you in finding investment-worthy properties and negotiating prices.
Assuming you found a property that you like and want to put in an offer on it, the next step would be paying for it. This is where investing in the UAE property market stands out, because not only can you buy a property with just a valid passport, but if you are working with a good real estate agent, you can close the deal from anywhere in the world and make all the payments in crypto. That’s right, in the UAE crypto is legal tender and can be used to buy property. This is something that can not be done in too many places around the world, but thanks to this government’s adoption and push to get digital assets recognized and regulated, you can easily use them to complete your transaction legally.
Sharjah real estate cryptocurrency purchasing for foreigners
It might be true that property ownership can differ from emirate to emirate there are a few things that follow suit throughout the entire United Arab Emirates.
When you plan to purchase real estate in the UAE, whether with crypto or just through traditional means, the buyer will typically have one of two choices as to the type of agreement they can make. The choice is between freehold and leasehold property ownership. While both of these come with benefits like being able to procure a resident visa if you spend over a certain amount on the property, there are some key differences that must be considered.
Freehold property ownership is the more common of the two for those looking to invest in the country’s real estate market as it gives the owner full ownership and control of the property in perpetuity. For the most part, foreigners are generally able to buy freehold properties in the UAE depending on the area that the property is located in. The government has gone to great lengths to make sure that certain areas are accessible to foreign investment, and have created special zones where expats can buy property. These areas are often some distance from the city centers.
On the other side of the coin, there are the leasehold properties that give temporary ownership to foreigners for a set amount of time. This type of ownership structure is better suited to businesses and people looking to go and live at the property rather than profit from it. Leases on leasehold properties typically range from 25 to 99 years. The owner of a leasehold property does not have full ownership of the property, and there are some limitations as to the structural changes they are allowed to make while holding the right to use and occupy it for the duration of the lease.
There is one major difference between freehold and leasehold property ownership in the UAE, and this is that freehold owners have the right to sell or transfer their property to anyone they choose, while leasehold owners are limited to selling their property back to the original owner if they no longer wish to hold on to it or to sell it to another party that has been approved. As mentioned earlier, freehold property owners also have a lot more control over the use and development of their property as it is fully in their name, while leasehold property owners are subject to the terms of their lease and might be quite limited in certain areas.
While both freehold and leasehold properties can be attractive options for foreign real estate buyers looking to the UAE, it all boils down to the specific needs and goals of the investor. If you want to speculate on real estate and plan to buy a place simply to sell your property for a profit at a later stage then freehold properties are your best bet.
Why buying crypto real estate in Sharjah is a good idea overall
There are many countries around the world that allow foreign investors to buy or lease property, but few countries that do so are as stable and safe to invest in as the UAE. While the middle east is not everyone’s idea of the go-to destination, the United Arab Emirates stands out as a bastion of forward-thinking as they embrace technology in a way that can only lead to success.
It is fairly easy to look at places like Abu Dhabi or Dubai and imagine them as good places to buy property using cryptocurrencies, but Sharjah offers a more relaxed atmosphere and a lower cost of living, while still providing the high quality of life that one would expect from the other large cities in the UAE.
Frequently asked questions about buying Sharjah real estate with crypto
For sure. If it comes to quality of life and finding it in a place that has a great atmosphere with a lot of culture, then Sharjah can be considered prime real estate.
It is possible to buy real estate in Sharjah without ever setting foot in the UAE, and you can even pay for it using crypto. This comes with a warning though. It is highly recommended that you use a trusted real estate agent to help you with this. While the UAE is a safe country with a low crime rate, the internet is filled with crypto scammers willing to take on big risks to get at your hard-earned money; so be vigilant and use a real estate agent to help you rest assured that everything is above board and goes smoothly.