The Dubai Land Department (DLD) has announced a new initiative allowing private property owners in parts of Sheikh Zayed Road and Al Jaddaf to convert their properties to freehold ownership. This move is expected to boost the appeal of these locations, attract fresh investments, and enhance property values in the areas.

A total of 457 plots are eligible for the conversion, with 128 plots located along Sheikh Zayed Road, stretching from the Trade Centre Roundabout to the Water Canal, and 329 plots in Al Jaddaf. Property owners in these areas can now open their doors to all nationalities as freehold investors.

His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of DLD, highlighted that this initiative aligns with Dubai’s Real Estate Strategy 2033 and will bolster the emirate’s position as a global economic and real estate hub. He noted that the move is designed to support long-term investment, stimulate market growth, and create significant opportunities for property owners.

Property owners can begin the conversion process by confirming their eligibility on the Dubai REST smart app. They will need to submit an application to DLD for land valuation and assessment. Once approved, a 30% conversion fee based on the property’s Gross Floor Area valuation will apply. Following payment, a freehold ownership title deed and map will be issued. Common area fees and service charges will be determined as per Real Estate Regulatory Authority guidelines.

The Dubai Real Estate Strategy 2033 aims to drive major growth in the sector with ambitious goals, such as increasing real estate transactions by 70%, raising the market value to AED 1 trillion, and expanding real estate portfolios to AED 20 billion.

This new initiative by DLD is poised to reshape the real estate landscape of Sheikh Zayed Road and Al Jaddaf, making way for a new wave of development and investment opportunities.