Dubai's First Freehold on Sheikh Zayed Road

Dubai's New Milestone: First Freehold Project on Sheikh Zayed Road Launched

Dubai's real estate market has made another significant stride forward with the launch of its first freehold, providing full ownership rights, residential and commercial project on the famous Sheikh Zayed Road. According to a recent announcement by the Dubai Land Department, a total of 457 plots have been designated with freehold status in this area and in the Al Jaddaf neighborhood. This presents a tremendous opportunity for both local and international investors, as it is one of Dubai's most sought-after locations, home to the DIFC, the Burj Khalifa, Dubai Mall, and Dubai World Trade Centre.

What Makes the AA Tower Special?

The project known as AA Tower will be a 60-story skyscraper constructed on a 10,000 square foot plot, containing a total of 369 residential units. These include 195 one-bedroom, 198 two-bedroom, and 3 three-bedroom apartments. Additionally, the building will feature 26 office spaces and 5 retail units. The designers offer flexible solutions: owners can decide to merge one-bedroom and two-bedroom apartments to create living spaces that suit their needs.

Advantages of the Location

Sheikh Zayed Road is not just a transportation artery; it is an iconic point in the city that connects the old and new parts of Dubai. The value of properties here is elevated not only by the location but also by the renowned attractions in the area and the ease of access. Al Jaddaf is similarly a developing area where freehold opportunities open new doors for investors.

Prices and Payment Schedule

The prices for residential apartments in the AA Tower range from 2.932 million to 5.4 million dirhams, with an average of 3,544–4,578 dirhams per square foot. Office units are available between 2.232 million and 7 million dirhams, while the retail spaces range from 12.136 million to 25 million dirhams. According to the payment plan, buyers must pay an initial deposit of 28%, followed by 12 quarterly installments, each at 6% quarterly.

What Does Freehold Status Mean?

In Dubai, the freehold system means that foreign buyers can be full legal owners of their property, not just holders of a long-term lease. This aspect makes such projects particularly attractive to international investors, as the rights are inheritable, sellable, and freely utilizable.

Summary

The AA Tower and the new freehold projects introduced on Sheikh Zayed Road not only signal a new era for the real estate market but also bolster Dubai's international standing as an investor-friendly city. Those entering this market now can secure a residential or commercial property in an iconic location that will hold value in the long term. If Dubai's new milestones interest you, now is the time to turn your attention to this project.

(Source of the article: Dubai Land Department announcement.)