The latest innovation by Dubai Land Department (DLD) makes it easier for some private property owners on Sheikh Zayed Road and Al Jaddaf to freehold their properties. Eligibility of this new provision cuts across nationality and stands as a massive opportunity to real estate investors.
A total of 457 approved plots may be converted and 128 plots stretches from Sheikh Zayed Road from the Trade Centre Roundabout to the Water Canal and 329 plots are in Al Jaddaf.
Increased value on the residential properties and economic development
The uplift of these areas is expected to enhance growth of the property market and make such areas more attractive to Freehold investors. It will also promote new real estate projects and attract large investment, and strengthen the status of Dubai as an international financial and real estate city.
His Excellency Eng. Marwan Ahmed bin Ghalita, the director-general of DLD underlined the implication of the new initiative to the Dubai Real Estate Strategy 2033. The strategy’s main objectives are to stimulate the development of the real estate segment in the state and encourage long-term investment in the Dubai market.
Is it possible to Freehold Some Fields and how?
There is a smart app known as Dubai REST by which property owners can verify whether their land qualifies for this exemption, then they need to fill in an application for the land assessment and valuation. conversion entails a fee of 30% of the property gross floor area value. After the fee is completed, the owner will get a map and free hold ownership title deed.
RERA will also govern common area fees and service charges payable in relation to the property by the common area unit owners.
Dubai Real Estate Strategy 2033 objectives
This initiative supports the ambitious objectives of the Dubai Real Estate Strategy 2033, which aims to:
