Dubai allows private property owners in the Sheikh Zayed Road and Al Jaddaf areas to convert them into freehold ownership

DUBAI, 19 JANUARY / WAM / The Dubai Land Department announced that it will allow private property owners in the Sheikh Zayed Road area (within the area located from the mall roundabout to the water canal) and the Al Jaddaf area in Dubai, to convert them into freehold ownership available to all nationalities. .
The number of lands included in the permit to convert to “freehold” is 457 lands, distributed among 128 lands overlooking Sheikh Zayed Road (within the area from the mall roundabout to the water canal), and 329 lands in the Al Jaddaf area.
This step will benefit private property owners in the two aforementioned areas, as it will maximize the market value of real estate in the Sheikh Zayed Road and Al Jaddaf areas for those who wish to convert their lands into freehold ownership.
It is expected that this new step will contribute to increasing the economic attractiveness of the lands within the two designated areas, and contribute to the launch of modern real estate projects that are compatible with the requests of freehold investors, in addition to attracting a new segment of investors to the Sheikh Zayed Road area (within the area located from the mall roundabout to The water canal and Al Jaddaf area.

His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department, said that allowing real estate owners who own private property in the Sheikh Zayed Road area (within the area located from the mall roundabout to the water canal) and the Al Jaddaf area, to convert them into freehold ownership is available to all nationalities. It contributes to stimulating growth in the real estate sector in Dubai, and strengthens the emirate’s position as a major economic center and a leading global market in the field of real estate investment, in order to achieve the goals of the Dubai Real Estate Sector Strategy 2033.
He stressed that this step will contribute to enhancing the benefit of real estate owners from the price change resulting from converting the area to freehold. It will also contribute to enhancing the attractiveness of the real estate market in the emirate and attracting long-term investments, indicating the readiness of the Dubai Land Department to provide all facilities to beneficiaries. From real estate owners.
Owners of the lands included in the transfer can first verify whether they can benefit from it through the smart application “Dubai Rest”, as the transfer requires submitting an application to the Dubai Land Department to evaluate and value the land. The fee for the common areas will be calculated and determined, and service fees will be collected on the transferred property according to the Corporation’s procedures. Real estate regulation, then transfer fees are paid, estimated at 30% of the value of the land appraisal according to the floor area (GFA), after which a map and title deed of the land “freehold” is issued for the land that has been transferred. Convert it.
It is noteworthy that the ambitious goals of the Dubai Real Estate Sector Strategy 2033 are to increase the volume of real estate transactions by 70%, which will enhance the value of the real estate market in the emirate to one trillion dirhams, as well as doubling the value of real estate portfolios to reach 20 billion dirhams.

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