Dubai real estate: Freehold rule changes cause spike in buyers, developments, prices, experts say
Dubai real estate is about to see an even bigger boom as a slew of new projects come on line. This follows the recent government move to allow owners in Al Jaddaf and Sheikh Zayed road to turn their properties into free hold. Also, there is a massive requirement for off plan real estate. At Nouba we expect prices ro rise further and consider it an ideal time to invest. The expected increase is in the range of 30 to 50 percent.
“Property owners are, of late, increasingly collaborating with real estate companies for joint development, recognising the potential of Dubai’s thriving property market,” Arash Jalili, Founder and CEO of Dubai-based Unique Properties,
“With the growing demand for freehold off-plan properties, many landowners are eager to enter this dynamic segment,” he said.
Dubai real estate shift
There is a growing trend for joint ventures among industry leaders to come up with the projects that the market demands and to do it in time as well. Sheikh Zayed road in partticular is ripe for a major burst of development.
“In Al Jaddaf, the current price per sq. ft. ranges between AED 1,400 and AED 1,600. With older buildings being converted into freehold properties, the area is poised for increased investment opportunities and enhanced market accessibility, further strengthening its appeal,” a leading expert said.
A total of 457 plots in Sheikh Zayed Road and Al Jaddaf are going to be able to go for conversion into freehold status, with 128 plots in Sheikh Zayed Road another 329 plots in Al Jaddaf allowing expatriates and foreign investors to come here.
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Freehold drives property value
In the current situation in Dubai this is a great time to invest before property prices rise too much.