Under Dubai city rules 457 properties on Sheikh Zayed Road and Al Jaddaf can now have absolute property rights.
Private property owners along Sheikh Zayed Road from Trade Centre to Water Canal and Al Jaddaf may convert their property titles to apply for all residents. Out of the full list of 457 plots these areas qualify for permanent real estate ownership rights. According to Wam based on Dubai Land Department’s data 128 Sheikh Zayed Road lots and 329 Al Jaddaf lots are eligible for conversion. Marwan Bin Ghalita from Dubai Land Department reports that private owners of selected buildings in Sheikh Zayed Road and Al Jaddaf should now possess absolute ownership rights to drive the real estate market growth. Owners can now adapt to market shifts and make better property choices leading to stronger long-term investments according to him.
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Property owners can check their qualification to switch ownership status at the Dubai Rest smart app.
The property dealer must pay 30% of their property’s market value when measured by floor space. Under its 2033 real estate strategy Dubai expects 70% more property sales to push overall market value to AED1 trillion ($272.3 billion) along with real estate portfolios growing to AED20 billion.
