Dubai allows private property owners on Sheikh Zayed Road, Al Jaddaf to switch to freehold

Photo : Dubai Government Media Office

Dubai Land Department (DLD) announced that there is a new scheme for the owners of some properties in Sheikh Zayed Road and Al Jaddaf. Privately owned property in these regions can now change its ownership type to freehold, which makes the property open to all nationalities. The Sheikh Zayed Road stretch between the Trade Centre Roundabout and the Water Canal as well as specific parts of Al Jaddaf fall under this category.

A total of 457 plots of land are eligible for this conversion. Of these, 128 plots are along Sheikh Zayed Road, and 329 are in the Al Jaddaf area. This will increase the market value of these properties, especially for owners who opt to switch to freehold ownership.

Moreover, it is very likely to improve the investment value of these regions, giving rise to freehold-based properties, which can attract new investments into Sheikh Zayed Road and Al Jaddaf regions and positively increase property market value in Dubai.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel  

His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department, described this step. He said it would be significant to allow owners of property in these strategic areas to convert the land to freehold ownership and would result in strong growth for the real estate sector in Dubai. The step also serves the Dubai Real Estate Strategy 2033 and strengthens the position of the city as a global business and investment hub.

He further explained that this initiative provides property owners with a chance to benefit from the rising value of their land, making Dubai’s property market more attractive and bringing in long-term investments. The DLD is committed to supporting owners throughout this process by offering necessary services to make the transition smooth.

To determine eligibility for this conversion, property owners can use the Dubai REST smart app. Once qualified, the owner shall apply to the DLD for an assessment and valuation of the land. Charges for common areas and services will be determined in accordance with the Real Estate Regulatory Authority's directives. Thereafter, a conversion charge of 30% of the valuation of the property based on its Gross Floor Area will be required to be paid. Once the payment is made, the property will be mapped, and a freehold ownership title deed will be issued to the owner.

This initiative supports the Dubai Real Estate Strategy 2033, which aims to boost real estate transactions by 70%, increase the total market value of Dubai’s real estate to AED 1 trillion, and expand the value of real estate portfolios to AED 20 billion. This move is a key part of achieving those ambitious goals.

#trending #latest #DubaiRealEstate #FreeholdProperties #SheikhZayedRoad #AlJaddaf #PropertyInvestment #DubaiLandDepartment #RealEstateNews #DubaiDevelopment #InvestInDubai #RealEstateOpportunities #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai

Sheikh Theyab bin Mohamed bin Zayed offered condolences in Al Shamkha, Abu Dhabi, sharing sympathies with the family of Reem Omar Abdullah Thabet Al Nahdi....Read More.

Parkin updates parking zone codes in Dubai. Motorists should check signage or the Parkin app for new codes before paying to avoid incorrect ticketing....Read More.