Dubai, the largest city in the UAE, has established itself as one of the world’s most prominent destinations. Known for its striking skyline, luxurious lifestyle, and thriving business ecosystem, the city stands as a symbol of progress and opportunity in both the Middle East and on the global stage.
In a transformative step, the Dubai Land Department has announced that private property owners along Sheikh Zayed Road and in the Al Jaddaf area can now convert their properties to freehold ownership. This landmark initiative represents an important moment in Dubai’s ongoing efforts to strengthen its real estate market and solidify its position as a leading global investment destination.
A Strategic Move for Growth
The new policy opens up 457 plots for freehold ownership, with 128 properties located on the iconic Sheikh Zayed Road and 329 in the Al Jaddaf area. These locations are already known for their economic importance and strategic positioning within the city. By allowing properties in these prime areas to be owned freehold by investors of all nationalities, the DLD aims to unlock significant growth potential, both for property owners and for the broader real estate market.
Dubai’s Real Estate Landscape
According to Marwan Ahmed bin Ghalita, Director-General of the DLD, the initiative is expected to fuel significant growth in Dubai’s real estate sector. He emphasized that this development not only enhances the value of properties in these key locations but also reinforces Dubai’s position as a global economic hub and a leading destination for property investment.
“Freehold conversion empowers property owners to capitalize on market fluctuations. “This initiative will further strengthen Dubai’s attractiveness to long-term investors and solidify its position as a leader in the real estate industry.”
Simplified Conversion Process for Property Owners
For those eligible to convert their properties to freehold, the process is straightforward. Property owners can verify their eligibility through the Dubai REST smart app. Once confirmed, they can submit their application to the DLD for land assessment and valuation. The key steps include:
- Conversion Fee: A 30% fee based on the property’s valuation, calculated on the Gross Floor Area.
- Associated Charges: Property owners will also need to pay common area fees and service charges in line with Real Estate Regulatory Authority guidelines.
- Final Steps: Once the fee is paid, owners will receive a map and a title deed for their converted land, officially securing their freehold ownership.
This process ensures that property owners are well-equipped to navigate the conversion, ensuring transparency and ease of access.
Dubai’s Vision for Real Estate Growth
This freehold initiative aligns seamlessly with Dubai’s ambitious Real Estate Strategy 2033, which aims to elevate the emirate’s real estate market to new heights. The strategy includes goals such as increasing real estate transactions by 70%, raising the total value of the market to AED 1 trillion ($272 billion), and expanding the value of real estate portfolios to AED 20 billion ($5.44 billion).
Conclusion
Dubai’s new freehold ownership initiative is poised to have a transformative impact on the city’s real estate market. Whether you’re an existing property owner looking to capitalize on market trends or an investor seeking new opportunities in one of the world’s most dynamic real estate markets, this move presents an exciting chapter in Dubai’s growth story.
At One Investments, we specialize in offering a diverse range of secure, high-return investment opportunities, supported by expert advisory services to ensure a seamless experience throughout the process. Our approach is focused on delivering consistent results with minimal involvement required from our clients. Take the first step toward securing your financial future by connecting with us today.
