While GCC and Arab nationals will be able to buy freehold properties in an upcoming Dh2 billion ($544 million) mixed-use project in Sharjah, all foreign nationalities will have the option to lease properties for 100 years, a report said.

Tilal Properties, the new joint venture between Sharjah Asset Management and Eskan Real Estate Development, will offer affordable housing to 65,000 residents, reported Emirates 24/7.

"Tilal City is one of a series of projects that will be implemented by Tilal Properties and it will allow UAE residents to buy properties on a 100-year leasehold basis, according to the laws regulating Sharjah's property market," Sheikh Sultan bin Ahmed Al Qasimi, chairman of Tilal Properties, was quoted as saying in the report.

The Sharjah Executive Council recently issued a resolution which allows foreign investors the right to own properties in the Emirate for up to 100 years, the UAE newspaper said.

Tilal City will occupy a total area of 25 million sq ft, including 13 million sq ft for sale and 12 million sq ft for public facilities, roads and parks, said Khalifa Al Shaibani, director general, Tilal Properties.

"The construction of the infrastructure is well under way and will be complete in the first three zones by December 2016. It will also include commercial, office and retail space as well as multi-use community facilities, schools, mosques and landscaped open areas," Al Shaibani was quoted in the report.