W Capital has stated that the landmark initiative of the Dubai Land Department (DLD) allowing owners of private properties in the Sheikh Zayed Road and Al Jaddaf areas to convert their ownerships to freehold has positive long-term effects and enhances the investment climate in these two areas.
The scheme makes them available to all nationalities and supports flexibility and sustainability within the real estate sector, according to W Capital.
It will maximise the market value of properties in Sheikh Zayed Road and Al Jaddaf for property owners wishing to convert their lands into freehold ownership, whilst also enhancing investment attractiveness in the two areas.
“The new initiative will contribute to increasing the economic attractiveness of lands within the two designated areas, and contribute to launching modern real estate projects that suit the aspirations of freehold investors.”
Walid Al Zarooni, CEO, W Capital
The number of plots included in the permission to convert to ‘freehold ownership’ is 457 distributed over 128 plots overlooking Sheikh Zayed Road and 329 plots in the Al Jaddaf area.
Demand for land in these areas is to increase compared to other places, while new alliances may emerge to launch projects in areas converted to freehold ownership.
The move will also contribute to making real estate investments in Dubai attractive and flexible while attracting investments in the long term.
According to the DLD, owners of land included in the move can first verify their ability to benefit through the smart application ‘Dubai REST’, as the transfer requires submitting an application to the Dubai Land Department to evaluate the land.
