Dubai Land Department has announced that property owners with private ownership in the Sheikh Zayed Road area (within the area extending from the Trade Center Roundabout to the Dubai Water Canal) and the Al Jaddaf area in Dubai can convert their properties to freehold ownership, accessible to all nationalities.
The number of plots eligible for conversion to “freehold” ownership includes 457 plots, distributed as follows: 128 plots located along Sheikh Zayed Road (within the area from the Trade Center Roundabout to the Dubai Water Canal) and 329 plots in the Al Jaddaf area.
This initiative benefits private property owners in the two mentioned areas by significantly increasing the market value of properties in Sheikh Zayed Road and Al Jaddaf for those wishing to convert their lands into freehold ownership.
Conditions
Eligible landowners can first verify their eligibility for conversion through the “Dubai REST” smart application. The conversion process requires submitting a request to the Dubai Land Department for evaluation and appraisal of the land. The shared area fees will then be calculated, and service fees on the converted property will be charged according to the procedures of the Real Estate Regulatory Authority.
Subsequently, a conversion fee of 30% of the land’s appraised value based on its Gross Floor Area (GFA) must be paid. Once this process is completed, a map and title deed for the “freehold ownership” of the converted land will be issued.
Economic Attractiveness
This new measure is expected to enhance the economic attractiveness of lands within the specified areas, foster the launch of new real estate projects aligned with the demands of freehold investors, and attract a new segment of investors to the Sheikh Zayed Road area (from the Trade Center Roundabout to the Dubai Water Canal) and the Al Jaddaf area.
Stimulating Growth
Engineer Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department, stated that allowing property owners with private ownership in the Sheikh Zayed Road area (within the area extending from the Trade Center Roundabout to the Dubai Water Canal) and the Al Jaddaf area to convert their properties into freehold ownership accessible to all nationalities will stimulate growth in Dubai’s real estate sector.
This move enhances Dubai’s position as a major economic hub and global market for real estate investment, contributing to the goals of Dubai’s 2033 Real Estate Strategy.
He affirmed that this step would enable property owners to benefit from price changes resulting from converting the area to freehold ownership. It would also enhance the attractiveness of the real estate market in the emirate and attract long-term investments. He emphasized the readiness of the Dubai Land Department to provide all necessary facilities to support the property owners taking advantage of this initiative.
It is worth noting that the ambitious goals of Dubai’s 2033 Real Estate Strategy include increasing real estate transactions by 70%, thereby raising the market value of Dubai’s real estate sector to AED 1 trillion. Additionally, the value of real estate portfolios is expected to double, reaching AED 20 billion.
