Dubai Land Department (DLD) announced that the private property owners in Sheikh Zayed Road area (from the Trade Centre Roundabout to the Water Canal) and Al Jaddaf area can now convert their ownership status to freehold to all nationalities.
A total of 457 plots are eligible for conversion to freehold: 128 plots along Sheikh Zayed Road and 329 plots in Al Jaddaf.
Benefits of converting to Dubai freehold property ownership
The initiative is set to benefit landowners in these areas by enhancing the market value of their properties, particularly for those opting to convert their land to freehold ownership. It is also expected to increase the economic appeal of these locations, paving the way for real estate developments tailored to freehold investors, and attracting a new wave of investment to Sheikh Zayed Road and Al Jaddaf.
Enhancing Dubai’s real estate market
His Excellency Eng. Marwan Ahmed bin Ghalita, director general of DLD, said that enabling private property owners in the designated areas in Sheikh Zayed Road area and Al Jaddaf to convert their properties to freehold ownership will drive significant growth in Dubai’s real estate sector. The move also reinforces Dubai’s position as a global economic hub and a leading destination for real estate investment, in line with Dubai’s Real Estate Strategy 2033.
He added that the initiative enables owners to benefit from price changes, enhancing the Dubai real estate market’s attractiveness, and drawing long-term investments. The Dubai Land Department is committed to providing all the services needed to facilitate this move, he stressed.
Steps for property owners towards Dubai freehold property ownership
Property owners can confirm their eligibility for the conversion through the Dubai REST smart app. To proceed with the conversion, they must submit an application to the DLD for land assessment and valuation. Common area fees and service charges will be determined according to Real Estate Regulatory Authority guidelines. Following this, a conversion fee of 30 percent of the property’s valuation (based on Gross Floor Area) will be applicable. Once payment is processed, a map and freehold ownership title deed will be issued for the converted property.
Moreover, the Dubai Real Estate Strategy 2033 aims to fulfill its ambitious objectives through a set of key performance indicators, which include increasing real estate transactions by 70 percent, raising the total value of Dubai’s real estate market to AED1 trillion, and expanding the value of Dubai’s real estate portfolios to AED20 billion.
