Property owners in the Al Jadaf area and along the Sheikh Zayed Highway in Dubai now have the opportunity to take full ownership of their properties.
Previously, they were only able to buy homes here on a leasehold basis - a 99-year lease with the right to inherit.
Now investors have the opportunity to reissue documents. In turn, new buyers will become full owners on freehold terms. Recently, the Dubai Land Department (DLD) announced a significant change in the regulation of the property market, allowing owners of 457 properties to change their ownership status. This means that properties in the aforementioned zones are now available for ownership without nationality restrictions.
To convert a property to full ownership, you must
- Check if the plot is eligible for the programme through the Dubai REST application.
- Apply to the Dubai Land Department and estimate the value of the property.
- Determine the service and utility charges and pay a transfer fee of 30% of the assessed value.
Upon payment, the department will issue a plot plan and a certificate of ownership.
According to Dubai Land Department officials, the right to transfer property to full ownership is part of the Dubai Property Market Strategy 2033. The initiative aims to attract capital and make the emirate a more attractive place to live and do business. The programme opens up new opportunities for property owners in Dubai by allowing them to fully dispose of their assets.
As a reminder, Freehold Zones in Dubai are defined areas where foreigners can acquire full ownership of property, unlike traditional freehold properties where rights are limited to a certain period of time, usually 99 years.