A total of 457 plots are eligible for conversion to freehold on Sheikh Zayed Road and Al Jaddaf in Dubai
Freehold Ownership Now Open to Private Property Owners on Sheikh Zayed Road and in Al Jaddaf
Private property owners in designated areas along Sheikh Zayed Road, spanning from the Trade Centre Roundabout to the Water Canal and Al Jaddaf, now have the opportunity to convert their property ownership status to freehold, allowing ownership by all nationalities.
A total of 457 plots have been identified as eligible for this conversion. This includes 128 plots located on Sheikh Zayed Road and 329 plots in Al Jaddaf, according to the Dubai Land Department (DLD), as reported by the state news agency WAM.
Marwan Bin Ghalita, Director-General of the DLD, highlighted that this move is expected to stimulate growth within Dubai’s real estate sector. By allowing property owners in these prime areas to convert to freehold, the initiative enhances the appeal of Dubai’s property market and promotes long-term investment opportunities.
Additionally, this initiative enables property owners to capitalize on fluctuations in property values, further boosting the market’s overall competitiveness.
To check eligibility for conversion, property owners can utilize the Dubai Rest smart app. A conversion fee of 30% of the property’s valuation, calculated based on the gross floor area, will be applicable for this process.
The freehold conversion aligns with Dubai’s Real Estate Strategy 2033, which aims to increase real estate transactions by 70% and boost the market’s overall value to AED 1 trillion ($272.3 billion). The strategy also seeks to expand the total value of Dubai’s real estate portfolios to AED 20 billion.v
