Eligible Properties and Conversion Process
A total of 457 plots are eligible for conversion, with 128 plots located along Sheikh Zayed Road (spanning from the Trade Centre Roundabout to the Water Canal) and 329 plots in Al Jaddaf. The conversion process is open to all nationalities.
Steps to Convert Ownership
- Verify Eligibility: Owners must check their eligibility via the Dubai REST app.
- Submit Application: Submit a formal application to DLD for property evaluation and valuation.
- Determine Fees: Pay a 30% conversion fee based on the property’s valuation (calculated on the Gross Floor Area).
- Obtain Title Deed: Upon payment, owners will receive a new map and freehold ownership title deed for their property.
Additional Costs: Common area fees and service charges will be determined according to guidelines set by the Real Estate Regulatory Authority (RERA).
Benefits for Landowners
Converting properties to freehold ownership enhances their market value and provides owners with full autonomy over their properties. Freehold ownership grants absolute rights to both the land and structure, allowing for selling, leasing, or occupying the property without limitations, unlike leasehold ownership, which restricts rights to a maximum of 99 years.
Driving Real Estate Growth
Eng. Marwan Ahmed bin Ghalita, Director General of DLD, emphasized that this initiative aligns with Dubai’s Real Estate Strategy 2033, boosting the city’s appeal as a leading real estate investment destination. By unlocking freehold ownership, Dubai is paving the way for increased property transactions and long-term economic growth.
Dubai’s Innovative Real Estate Index
Complementing this initiative is the newly launched smart rental index, which evaluates buildings based on criteria such as maintenance quality, parking management, and star ratings. Higher-rated buildings will command higher rents, incentivizing landlords to upgrade and renovate older properties.
With this landmark decision, Dubai continues to revolutionize its real estate sector, empowering property owners while fostering a robust investment climate. For more information, visit Dubai REST or contact the Dubai Land Department.
Source: Khaleej Times
