Dubai Opens Freehold Ownership for Sheikh Zayed Road, Al Jaddaf Properties

Send us a textWant to know more? Book your complimentary call: 📆 https://alessandroderubertis.com/book-consultation/📞 +971553523125✉️ [email protected]: https://www.khaleejtimes.com/business/realty/dubai-allows-property-owners-on-sheikh-zayed-road-al-jaddaf-to-convert-to-freehold-ownershipPrivate property owners in Sheikh Zayed Road (Trade Centre Roundabout to the Water Canal) and Al Jaddaf can now convert their properties to freehold ownership, the Dubai Land Department (DLD) has announced. This permission is open to all nationalities, covering 457 plots: 128 along Sheikh Zayed Road and 329 in Al Jaddaf.Steps to Convert OwnershipOwners must first confirm eligibility through the Dubai REST app. The process involves submitting an application to DLD for evaluation and property valuation. Following this, service charges and a conversion fee of 30% of the property’s valuation (based on Gross Floor Area) will apply. After payment, owners will receive a map and a freehold ownership title deed for the converted property.Boosting Real Estate SectorThis initiative aims to increase the market value of properties, particularly for owners opting for freehold conversion. Eng. Marwan Ahmed bin Ghalita, DLD Director General, stated that this move aligns with Dubai’s Real Estate Strategy 2033, reinforcing the emirate’s status as a global economic huband an attractive destination for real estate investment.Leasehold vs. FreeholdLeasehold ownership grants rights for a fixed period (up to 99 years) but not the land itself, limiting modifications without the freehold owner’s approval. In contrast, freehold ownership offers absolute rights over the property and the land, allowing owners to sell, lease, or occupy without restrictions.Real Estate InnovationsDubai also introduced a smart rental index, including building ratings and average rent data. Higher-rated buildings can command increased rents, while older ones can improve rent potential through upgrades. This new index applies to all residential areas across Dubai, enhancing transparency and quality standards in the rental market.Want to know more? Book your complimentary call: 📆 https://alessandroderubertis.com/book-consultation/📞 +971553523125✉️ [email protected]: https://www.khaleejtimes.com/business/realty/dubai-allows-property-owners-on-sheikh-zayed-road-al-jaddaf-to-convert-to-freehold-ownership

There are no comments yet.

Please log in to write the first comment.