WHY SHAIKH ZAYED ROAD HAS TURNED INTO A FREEHOLD MAGNET

Talk of 3 more SZR towers going freehold has created a mini-boom in an area that's already seeing peak launch and sales activity

- BY MANOJ NAIR

Looking for an apartment right along Shaikh Zayed Road in Dubai? And you want to take possession ASAP?

All you need to do is look to some of the existing towers on Shaikh Zayed Road that are getting redone as new freehold options.

The response to the first of these repurposed buildings - the 60-storey AA Tower - has been bullish, with prices of the apartments starting from Dh2.8 million. (The price per square foot range is Dh3,512 to Dh4,4663, according to data from Harbor Real Estate.)

The AA Tower is 'being launched with an internal payment plan and well-positioned pricing, especially when compared to nearby up-and-coming projects still under construction, such as Trump Tower and Jumeirah Towers Residences', says Mohanad Alwadiya, CEO of Harbor Real Estate.

"There has been a noticeable increase in (existing leasehold building) owners (on Shaikh Zayed Road) seeking to convert their properties and pay the required fees approximately 30 per cent of the property's base value in preparation to relist them on the market at prices that have surged by 50 per cent to 100 per cent.

"This launch signals the beginning of a tangible shift in the real estate landscape along Shaikh Zayed Road, from restricted ownership to an open investment market."