The Dubai Land Department (DLD) has unveiled a significant initiative, allowing property owners in the Sheikh Zayed Road from the Trade Centre Roundabout to the Water Canal and in Al Jaddaf to convert their ownership status to freehold. This opportunity is open to all nationalities, further enhancing Dubai’s appeal as a global real estate hub.
A total of 457 plots are eligible for this conversion, comprising 128 plots along Sheikh Zayed Road and 329 plots in Al Jaddaf. This move is anticipated to enhance property values and attract substantial investment tailored to freehold ownership.
Market Growth and Strategic Vision
According to His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of DLD, the decision to allow freehold conversion is poised to drive significant growth in Dubai’s real estate market. Speaking through a statement released by the Dubai Media Office, he emphasized that this initiative aligns with Dubai’s Real Estate Strategy 2033, which seeks to position Dubai as a leading destination for real estate investment and a global economic hub.
This initiative is expected to Empower owners to capitalize on price appreciation, Enhance Dubai’s real estate market attractiveness and attract long-term investments by providing a streamlined path to freehold ownership.
The DLD has reaffirmed its commitment to supporting property owners by offering all necessary services to facilitate this transition.
Steps for Property Owners to Convert
Eligible property owners can verify their status through the Dubai REST smart app. Once verified, they must Submit an application to the DLD for land assessment and valuation and pay a conversion fee equivalent to 30 percent of the property’s valuation based on its Gross Floor Area. Upon completion of payment, owners will receive A property map and a freehold ownership title deed.
Common area fees and service charges for the converted properties will adhere to the Real Estate Regulatory Authority’s guidelines.
This initiative complements the objectives of the Dubai Real Estate Strategy 2033, which aims to Boost real estate transactions by 70 percent. Elevate the total market value to AED 1 trillion and expand the value of real estate portfolios to AED 20 billion. By facilitating freehold conversions, Dubai is reinforcing its position as a global leader in real estate development and investment opportunities.
Published on: 19 Jan 2025
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-dld-allows-freehold-conversion-for-sheikh-zayed-road-al-jaddaf-properties
