Dubai Land Department (DLD) introduced that the non-public property house owners in Sheikh Zayed Road space (from the Trade Centre Roundabout to the Water Canal) and Al Jaddaf space can now convert their possession standing to freehold to all nationalities.
A complete of 457 plots are eligible for conversion to freehold: 128 plots alongside Sheikh Zayed Road and 329 plots in Al Jaddaf.
The initiative is about to learn landowners in these areas by enhancing the market worth of their properties, significantly for these opting to transform their land to freehold possession. It can also be anticipated to extend the financial enchantment of those areas, paving the way in which for actual property developments tailor-made to freehold traders, and attracting a brand new wave of funding to Sheikh Zayed Road and Al Jaddaf.
His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of DLD, mentioned that enabling non-public property house owners within the designated areas in Sheikh Zayed Road space and Al Jaddaf to transform their properties to freehold possession will drive vital development in Dubai’s actual property sector. The transfer additionally reinforces Dubai’s place as a world financial hub and a number one vacation spot for actual property funding, in keeping with Dubai’s Real Estate Strategy 2033.
He added that the initiative allows house owners to learn from worth modifications, enhancing the Dubai actual property market’s attractiveness, and drawing long-term investments. The Dubai Land Department is dedicated to offering all of the companies wanted to facilitate this transfer, he pressured.
Property house owners can verify their eligibility for the conversion by way of the Dubai REST good app. To proceed with the conversion, they need to submit an software to the DLD for land evaluation and valuation. Common space charges and repair costs will probably be decided in keeping with Real Estate Regulatory Authority pointers. Following this, a conversion payment of 30% of the property’s valuation (based mostly on Gross Floor Area) will probably be relevant. Once fee is processed, a map and freehold possession title deed will probably be issued for the transformed property.
The Dubai Real Estate Strategy 2033 goals to fulfil its formidable aims by way of a set of key efficiency indicators, which embody growing actual property transactions by 70%, elevating the whole worth of Dubai’s actual property market to AED1 trillion, and increasing the worth of Dubai’s actual property portfolios to AED20 billion.