Allowing private property owners on Sheikh Zayed Road and Al Jaddaf to convert them into “freehold” properties.

The Dubai Land Department announced that it will allow private property owners in the Sheikh Zayed Road area (within the area from the mall roundabout to the water canal), and the Al Jaddaf area in Dubai, to convert it into a “freehold” available to all nationalities.

The number of lands included in the permit to convert to “freehold” is 457 plots of land distributed over 128 plots of land overlooking Sheikh Zayed Road (within the area from the mall roundabout to the water canal), and 329 plots of land 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 the Jadaf area.

The Director General of the Dubai Land Department, Engineer Marwan Ahmed bin Ghalita, said, “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 it into an available freehold property.” For 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 objectives of the Dubai Real Estate Strategy. 2033».

He added: “This step will contribute to enhancing real estate owners’ benefit 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 investments in the long term,” indicating the readiness of the Dubai Land Department to provide all facilities. For beneficiaries who are real estate owners.

According to Dubai Land, owners of the lands included in the transfer can first ensure that 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, and the fee for the common areas will be calculated and determined. Service fees are collected on the transferred property according to the Real Estate Regulatory Agency’s procedures, after which the transfer fees are paid, estimated at 30% of the value of the land appraisal, according to the floor area (GFA), so that a map and title deed for the land (freehold) are issued. which has been converted.

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.

Steps to know the lands that the investor can transfer

. Verify the possibility of converting the granted land into “freehold” through the “Dubai Rest” application, which explains the steps for conversion.

. For transfer, the land must be valued by the Dubai Land Department.

. Service fees are collected on the transferred property according to Real Estate Regulatory Agency procedures.

. Pay the transfer fee, estimated at 30% of the land valuation value, depending on the floor area.

. A “freehold” land title is issued.

Economic benefits

. Maximizing the market value of real estate in the two regions, for real estate owners wishing to convert their lands into “freehold”.

. Increasing the economic attractiveness of the lands within the two designated areas.

. Developing modern real estate projects that meet the demands of freehold investors.

. Attracting a new segment of investors to the Sheikh Zayed Road and Al Jaddaf areas.

Covered lands

. 128 plots of land in the Sheikh Zayed Road area “within the area from the mall roundabout to the water canal.”

. 329 plots of land in the Al Jaddaf area.