A bird's eye view of Sheikh Zayed Road in Dubai. ARCHIVE

Expats and other foreigners can now own freehold properties in prime areas along Dubai's Sheikh Zayed Road and Al Jaddaf, following a groundbreaking announcement by the Dubai Land Department (DLD). The freehold ownership initiative applies to 457 plots, with 128 located along Sheikh Zayed Road from the Trade Centre Roundabout to the Water Canal, and 329 in Al Jaddaf. According to DLD, this decision is expected to boost property values and attract new investments to these areas. Under the initiative, land owners can convert their properties into freehold status, thus opening property ownership to all nationalities. The process requires property owners to submit an application through the Dubai REST app for land assessment and valuation. A conversion fee of 30 percent of the property’s gross floor area valuation will apply. “This initiative will not only enable owners to benefit from price changes but will also enhance the attractiveness of the Dubai real estate market, drawing long-term investments,” said Marwan Ahmed bin Ghalita, director-general of DLD. In addition to boosting market value, the initiative is expected to pave the way for significant real estate development. “The Dubai Land Department is committed to providing all the services needed to facilitate this move,” added bin Ghalita. Eligible property owners can confirm their status on the Dubai REST smart app and submit their application to DLD for land assessment and valuation. Common area fees and service charges will follow guidelines set by the Real Estate Regulatory Authority. Upon successful conversion, a freehold ownership title deed will be issued. ICA/Expat Media
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