Dubai: In case you want to find an apartment along Sheikh Zayed Road and want to get it as quickly as possible, the most appropriate thing you need to do is review a number of towers that are being re-developed and being re-designated as new freehold.
The first one, 60-storey AA tower, has received a serious market reaction, pricing at an initial Dh2.8 million. (Harbor Real Estate data shows that the price per square foot range is Dh3,512 to Dh4,466.)
The internal payment plan and strategic pricing, particularly in comparison with similar future projects in its vicinity, which are still in the construction stage, including Trump Tower and Jumeirah Towers Residences, is the AA Tower being launched according to Mohanad Alwadiya, CEO of Harbor Real Estate.
The number of owners of existing leasehold buildings (on Sheikh Zayed Road) who have shown their intent to convert their buildings and pay the required fee, which is about 30 percent of the base value of the property, is showing a notable rise as they prepare to relist their properties on the market at prices that have skyrocketed by 50 percent to 100 percent.
Such developments reflect a noticeable shift of Sheikh Zayed Road towards a liberal ownership in investment market.”
The possibility of three more existing SZR towers to convert to freehold has already been raised and this could bring about a mini-boom at an area that has already seen prolonged peak launches and sales.
Besides Jumeirah Emirates Towers Residences (developed by Meraas) and Trump Tower (developed by Dar Global), investors are considering Burj Azizi and the DWTN tower proposals developed by Deyaar located in the best Sheikh Zayed Road strip.
What are the prices that prevail in Sheikh Zayed road?
The current market per square foot within the Trump Tower is estimated at between Dh3,600 and Dh10,000, and it has a starting apartment at Dh2.54 million. The range of the Burj Azizi, which will be 725 meters tall, is even steeper, with estimates ranging between Dh7,149 and Dh34,000 per square foot.
With the conversion of current high-rises on Sheikh Zayed Road to freehold, investors will have a great chance. Specifically, they will be able to purchase a prime land in one of the most iconic spots of Dubai at a lesser rate as opposed to what the existing branded offplan projects charge.
Global Capital Partners Managing Director Sameer Lakhani said, offplan prices on the Sheikh Zayed Road are considerably above ready prices. This may be different since the demand of ready properties will be high as compared to offplan. Branded residences will still sell at a very high price range and this will have a knock on effect in terms of developer preference to supply that market segment.”
In January this year, Dubai passed a decree turning 128 plots on Sheikh Zayed Road-between Trade Centre Roundabout and Dubai Water Canal-into fully freehold and more than 300 plots in the Al Jaddaf region. These policies enable the owners of plots and building to enjoy the maximum benefits of the property boom in the freehold property sector in Dubai and more precisely in the SZR corridor.
Said Alwadiya: “The introduction of full freehold ownership on the Sheikh Zayed Road, and Al Jaddaf, has yielded new opportunities that have seen substantial transactions taking place and stimulating further development activity. Prices are being pushed up, there is an increase in investor interest and ready property is dominating the market…”
The price of property is rising fast along the Sheikh Zayed Road. Recent statistics show that between January 2025 and the end of June of the same year, the price of ready property increased by over 20 percent, compared to off-plan, which had increased by a relatively lower margin of 2 percent and other factors.
The impending entry of the freehold units in the market seems to be highly beneficial to the proprietors of the converted premises as an incentive to sell out their properties becomes appealing.
The original SZR towers are landmarks in their own right, depending on location relative to Trade Centre Roundabout, said an estate agent. You will have investors who will be interested in snapping up repurposed freehold units as soon as these hit the market.
And then you have Trump Tower coming up and Burj Azizi coming up across the road, which means an increase in the future value, the agent said. All this, lower priced a discount to the branded towers.
Considering these opportunities, a wise investor has to now decide whether he should buy a ready or off-plan property in the Sheikh Zayed road.
News Source – https://gulfnews.com/business/property/on-dubais-sheikh-zayed-road-property-buyers-have-a-choice-ready-and-offplan-1.500204444
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