Sheikh Zayed Road has developed into a preferred location. Over the last few years the apartments on offer have become the modern epitome of luxury, offering a lifestyle befitting any executive. It is definitely an address to behold and if you are situated in the right apartments, then your views over the whole of Dubai are guaranteed.
With the current trends in the market, many apartment blocks take a while to fill or do not command the rent preferred, but Sheikh Zayed Road is growing stronger and each property that opens is in high demand. We have experience of this in the recently opened Doha Tower that has further filled by 32% within the first two weeks. Most existing towers are running at 90% occupancy.
Tenants of the Sheikh Zayed Road come from all walks of life, but the majority are executives employed in Jebel Ali Free Zone or in the multi-national companies along this road, as well as the individuals in the new facilities at Dubai Internet and Media Cities. Other than the villas of Jumeirah or Al Barsha, this is the closest residential area to these developments.
As most of the apartments are two and three bedrooms there is a tendency towards family tenants or affluent business people who prefer the extra space. Facilities offered include some retail outlets on the ground and first floor. Swimming pools, tennis courts and health clubs are usually located on top of the covered car parking, linked by walkway to the main building. There are some extras too, most of the towers also have commercial floors, so the possibility of work, rest and play all in one building are a main attraction.
Moving in the general direction of providing all the tenants needs under one roof, the newest property to be opened in 2002 is the newly named Fairmont, a 393 room luxury business hotel, which includes 117 suites, residential apartments, commercial and retail space, a spa and health club and 12 food and beverage outlets. Located opposite the Dubai World Trade Centre and linked by public walkway, it is four times larger than anything else on this prestigious road.
Other developments in this area will include the expansion of the exhibition grounds and a new convention centre. Work on the service roads that link Jumeirah and Satwa are nearly complete and will add more convenience for linking to the rest of Dubai. Sheikh Zayed Road is set to become the centre for international business and conferences.
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The writer is the Managing Director of Asteco Property Management LLC in Dubai. Questions can be sent to: Fax 2692548 or E-mail asteco@astecoproperty.com
© Press Release 2005
