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Dubai expands freehold areas to attract new investment

A total of 457 plots are eligible for conversion to freehold on Sheikh Zayed Road and Al Jaddaf in Dubai Wam
A total of 457 plots are eligible for conversion to freehold on Sheikh Zayed Road and Al Jaddaf in Dubai

Private property owners along Sheikh Zayed Road, extending from the Trade Centre Roundabout to the Water Canal and Al Jaddaf, will be allowed to convert their ownership status to freehold to all nationalities.

A total of 457 plots are eligible for conversion to freehold. This includes 128 plots on Sheikh Zayed Road and 329 plots in Al Jaddaf, the state-run Wam news agency reported, citing the Dubai Land Department (DLD).

Marwan Bin Ghalita, director-general of DLD, said that enabling private property owners in the designated areas of Sheikh Zayed Road and Al Jaddaf to convert their properties to freehold ownership will drive significant growth in Dubai’s real estate sector.  

He added that the initiative enables owners to benefit from price changes, enhancing the overall attractiveness of the real estate market and encouraging long-term investments.  

Property owners can confirm their eligibility for the conversion through the Dubai Rest smart app. The property owner will have to pay a conversion fee of 30 percent of the property’s valuation based on gross floor area.  

The Dubai real estate strategy 2033 intends to increase real estate transactions by 70 percent, raising the total value of the real estate market to AED1 trillion ($272.3 billion) and expanding the value of Dubai’s real estate portfolios to AED20 billion.