The Dubai Land Department (DLD) has announced that private property owners in designated areas of Sheikh Zayed Road and Al Jaddaf can now convert their ownership status to freehold. This initiative aims to enhance Dubai’s real estate market and attract global investment.
Key Areas and Eligible Plots
A total of 457 plots have been identified for this conversion:
- Sheikh Zayed Road: 128 plots from the Trade Centre Roundabout to the Water Canal.
- Al Jaddaf: 329 plots.
The new policy opens the door for property ownership by all nationalities, adding immense value to these strategic locations. The initiative is expected to boost property values and pave the way for developments catering to freehold investors.
Strategic Objectives
His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of DLD, emphasized the importance of this initiative in driving growth in Dubai’s real estate sector. “This move reinforces Dubai’s position as a global economic hub and a premier destination for real estate investment,” he said. The initiative aligns with the ambitious goals of the Dubai Real Estate Strategy 2033, which seeks to:
Increase real estate transactions by 70%.
Raise the total market value to AED 1 trillion.
Expand real estate portfolios to AED 20 billion.
Benefits for Property Owners
The conversion to freehold ownership offers several advantages:
- Enhanced market value for properties.
- Increased economic appeal of Sheikh Zayed Road and Al Jaddaf.
- Long-term investment opportunities.
This initiative is poised to attract a wave of new investments and real estate developments tailored to freehold ownership.
Conversion Process
Property owners can determine their eligibility through the Dubai REST smart app. The step-by-step process includes:
Application Submission: Owners must apply to the DLD for land assessment and valuation.
Fee Payment: A conversion fee of 30% of the property’s valuation (based on Gross Floor Area) will be charged.
Issuance of Title Deed: After payment, a map and freehold ownership title deed will be issued.
Common area fees and service charges will be calculated according to Real Estate Regulatory Authority guidelines.
A Boost to Dubai’s Real Estate Market
This initiative is set to enhance the attractiveness of Dubai’s real estate market, enabling property owners to benefit from dynamic price changes. With the DLD providing comprehensive support and services, the process is designed to be seamless and efficient for all stakeholders.
For property owners in Sheikh Zayed Road and Al Jaddaf, this is an unprecedented opportunity to unlock the full potential of their investments. As Dubai continues to innovate and adapt to global market trends, initiatives like these ensure the city remains a top destination for real estate and economic growth.
Reference : Dubai Land Department
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