Dubai has opened freehold property ownership to all nationalities, allowing private owners to convert their holdings in a bid to attract global investors and cement the city’s status as a leading international hub for real estate.
The Dubai Land Department (DLD) announced that the new regulation will cover key areas like a prominent stretch of Sheikh Zayed Road-from the Trade Centre Roundabout to the Dubai Water Canal-and the Al Jaddaf neighbourhood. The decision is expected to drive growth in Dubai’s high-end property market while attracting global talent.
This initiative aligns with Dubai’s ambitious Real Estate Strategy 2033, which seeks to increase real estate transactions by 70 per cent, raising the total value of Dubai’s real estate market to $272 billion (AED 1 trillion) and expanding the value of Dubai’s real estate portfolios to $5.44 billion (AED 20 billion).
In 2002, Dubai enacted a Freehold Decree, allowing foreigners aged 21 and older to buy, sell, lease, and rent properties in certain areas of the city.
As a freeholder, a property owner has full control over their property, including the right to make modifications, transfer ownership to heirs, and choose to sell, lease, or reside in it.
Freehold ownership also comes with added benefits, including eligibility for a long-term residential visa in Dubai and the potential for high returns on investment. Freehold properties in Dubai typically offer an estimated return of 7-10 per cent on investment.
Sheikh Zayed Road, a bustling 14-lane highway, runs through Downtown Dubai and the Dubai World Trade Center. It serves as a major artery connecting all Emirates and is close to prominent landmarks such as the Burj Khalifa and City Walk. Al Jaddaf, a historically rich area, is known for its blend of residential, commercial, and cultural developments.
A total of 457 plots are eligible for conversion to freehold, with 128 plots along Sheikh Zayed Road and 329 plots in Al Jaddaf.
The initiative is expected to benefit landowners in these areas by enhancing the market value of their properties, particularly for those opting to convert their land to freehold ownership. "It is also expected to increase the economic appeal of these locations, paving the way for real estate developments tailored to freehold investors. The move is likely to attract a new wave of investment to Sheikh Zayed Road and Al Jaddaf," a government statement said.
Eng. Marwan Ahmed bin Ghalita, Director General of DLD, said that enabling private property owners in the designated areas on Sheikh Zayed Road and in Al Jaddaf to convert their properties to freehold ownership will drive significant growth in Dubai’s real estate sector.
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