Converting private properties in Sheikh Zayed and Al Jaddaf areas to freehold, enhances the marketplace value of properties
Walid Al Zarooni: Freehold Conversion Enhances Real Estate Investment in Dubai
Sheikh Zayed Road and Al Jaddaf Areas to Benefit from Landmark Initiative
Dubai, UAE: W Capital, a leading Dubai-based real estate brokerage, has highlighted the far-reaching benefits of the Dubai Land Department’s (DLD) groundbreaking initiative. The new directive allows private property owners in Sheikh Zayed Road and Al Jaddaf to convert their properties into freehold ownership. This move is expected to create a ripple effect, boosting Dubai’s real estate investment landscape, making it more attractive, flexible, and inclusive for investors worldwide.
W Capital emphasized that this decision will significantly enhance the market value of properties in these prime locations, allowing property owners to unlock the potential of their investments. By converting their holdings into freehold ownership, investors will find these areas increasingly appealing for long-term opportunities, further elevating Dubai’s status as a global real estate hub.
“This initiative increases the economic appeal of these regions and lays the groundwork for modern real estate developments that align with the aspirations of freehold investors,” said Walid Al Zarooni, CEO of W Capital.
According to DLD data, the conversion initiative covers 457 plots, with 128 plots located along Sheikh Zayed Road (stretching between the Trade Center Roundabout and the Water Canal) and 329 plots in Al Jaddaf.
“This move will benefit property owners by driving up market values and strengthening Dubai’s position as an attractive, flexible real estate market for investors, while creating long-term investment opportunities,” Al Zarooni added.
A Global Leader in Real Estate Maturity and Growth
Al Zarooni further explained that Dubai’s real estate market has achieved unprecedented levels of maturity and global leadership. This success is attributed to key factors, including effective regulatory measures and a focus on realizing Dubai’s ambitious Real Estate Strategy 2033. The strategy aims to boost real estate transactions by 70%, enhance the market’s value to AED 1 trillion, and double the value of real estate portfolios to AED 20 billion.
Increased Demand and Strategic Alliances
The CEO anticipates heightened demand for land in Sheikh Zayed Road and Al Jaddaf compared to other locations, with potential alliances forming to develop new projects in these freehold areas.
To initiate the conversion process, landowners can use the DLD’s smart application, Dubai REST. The procedure involves submitting an application for land evaluation, paying a 30% transfer fee based on the plot’s gross floor area (GFA), and fulfilling service and common area charges as determined by the Real Estate Regulatory Agency (RERA). Once completed, the landowner will receive a freehold title deed.
About W Capital:
Founded in 2007, W Capital Real Estate Brokerage specializes in property development, sales, rentals, and consultancy services. Since its inception, the company has facilitated over AED 200 million in property sales for major developers.
About Walid Al Zarooni:
Walid Al Zarooni is the Chairman and Founder of W Capital Real Estate Brokerage. A certified real estate expert with the Dubai Real Estate Regulatory Agency (RERA), he is also the author of the book “Secrets of the Smart Real Estate Investor.”
