Dubai Allows Freehold Conversion on Sheikh Zayed Road & Al Jaddaf

Dubai’s real estate market has long been regarded as one of the most vibrant and alluring in the world for investors. The government of Dubai also keeps on taking various measures to introduce creative approaches in order to facilitate investment in this industry. In the following article, we will look at another similar decision taken by the Dubai Land Department which has allowed property owners to convert to freehold on Sheikh Zayed Road and Al Jaddaf.

What is freehold ownership?

The freehold ownership refers to the type of ownership where the owner of the property has full rights on the land as well as on the buildings formed on that land. These rights involve selling the property, renting the property and making changes in the property according to the owner’s will.

The Freehold Ownership Conversion Plan On Sheikh Zayed Road and Al Jaddaf

Previously, the freehold ownership was allowed only in certain areas in Dubai. But recently the Land Department Dubai has made a few changes by approving the Freehold Ownership Conversion plan. According to this plan, the ownership of private properties on Sheikh Zayed Road and Al Jaddaf will be changed from leasehold to freehold.

A total of 457 plots make up the project: 329 plots in Al Jaddaf and 128 plots along Sheikh Zayed Road, which runs from the World Trade Center roundabout to the Dubai Water Canal.

Advantages of the Freehold Ownership Conversion Plan On Sheikh Zayed Road and Al Jaddaf

The Freehold Ownership Conversion Plan on Sheikh Zayed Road and Al Jaddaf will provide certain advantages to its landowners and to the city itself. Some of the advantages of this plan are mentioned below.

Increased property rates

The conversion from leasehold ownership to freehold ownership will give a huge benefit to the land owners. The rates of their properties will surely increase and they can enjoy profits.

New opportunities for investment

The Freehold Ownership Conversion plan on Sheikh Zayed Road and Al Jaddaf will attract more investments, especially for those investors who are interested in Freehold properties. This is a way through which more foreign investments can be pulled in Dubai.

Development of the real estate sector

The Freehold Ownership Conversion Plan on Sheikh Zayed Road and Al Jaddaf will provide economic growth and prove to be beneficial for the real estate sector.

Accessibility of areas

This announcement is also crucial because of the fact that more areas will now be accessible and opened for non nationals residing in Dubai.

Steps for Freehold Ownership Conversion

If you are also a landowner on Sheikh Zayed Road or Al Jaddaf, then you can follow the following steps for Freehold Ownership Conversion.

Step One

The first step for freehold conversion ownership is to check the eligibility criteria. Landowners can use the “Dubai REST” app to check whether they are eligible for the freehold conversion or not.

Step Two

The next step of the freehold ownership conversion is filing the application. For the process to be started, the owner is required to submit an application for land assessment and valuation to the Dubai Land Department.

Step Three

The next step of this process involves service fees. The landowner must pay the service fees decided as per the guidelines of Dubai’s Real Estate Regulatory Agency (RERA).

Step Four

Moving further, the landowner is required to pay the conversion fees. A conversion fee of thirty percent is payable by the landowner calculated using the property’s gross area value.

Step Five

Finally, the payment is processed and the freehold title deed along with the plot map of the property is granted to the landowner.