The Dubai Land Department (DLD), in a historic move announced that property owners on Sheikh Zayed Road and Al Jaddaf can change their ownership status to freehold, allowing people of all nationalities to own the properties.
This conversion is available for 457 plots in total, including 329 plots in Al Jaddaf and 128 plots along Sheikh Zayed Road.
It is expected that this significant move will raise the market value of real estate in these desirable locations, which will benefit landowners by making their assets more compelling. The conversion is anticipated to draw in fresh capital, promoting real estate development geared toward freehold investors and enhancing Sheikh Zayed Road and Al Jaddaf’s economic standing.
Eng. Marwan Ahmed bin Ghalita, the DLD Director General, stated that this initiative is a crucial factor in the expansion of Dubai’s real estate industry and strengthens the city’s standing as a major international economic centre and real estate investment destination. It is consistent with the objectives of Dubai’s Real Estate Strategy 2033, which include increasing real estate transactions by 70%, increasing market value to Dh1 trillion, and increasing the value of real estate portfolios to Dh20 billion.
“The conversion initiative will significantly enhance the market value of properties in these areas and contribute to the growth of the real estate sector,” said bin Ghalita. “It will also make these locations more attractive to long-term investors, reinforcing Dubai’s position as a dynamic and investment-friendly market.”
Real Estate Strategy of Dubai 2033
Some of the goals of Dubai Real Estate Strategy are increasing real estate transactions, raising the overall market value, and creating an atmosphere that supports long-term growth. The DLD’s dedication to offering all-encompassing assistance guarantees a seamless transition for property owners during this next stage of expansion. Source: Property News
