Private property owners in Sheikh Zayed Road (from the Trade Centre Roundabout to the Water Canal) and Al Jaddaf area can now convert their properties to freehold ownership, Dubai Land Department announced.
The permission to convert the form of ownership is available 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.
Owners of lands included in the transfer can first verify their ability to benefit from it through the app “Dubai REST”, as the transfer requires submitting an application to the Dubai Land Department to evaluate and value the land.
Once common area fees and service charges are determined according to Real Estate Regulatory Authority guidelines, a conversion fee of 30 per cent 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.
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.
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, Eng. Marwan Ahmed bin Ghalita, Director General of DLD, said.
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.
Earlier, Dubai unveiled a smart rental index that includes average rent of buildings and areas, star rating system, and data of buildings such as the quality of maintenance, parking management etc.
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