Gulf Construction Online - First residents move into Azure Al Reem

Abu Dhabi

Game changer ... Azure Al Reem offers local and foreign investors a chance to purchase property in Abu Dhabi.

First residents move into Azure Al Reem

01 September 2019

The Azure Al Reem waterfront apartment complex on Al Reem Island – said to be a game-changer for foreigners who want to own homes in Abu Dhabi – welcomed its first residents last month.

The property – one of the first available for foreign freehold ownership following Abu Dhabi’s recent legislative changes that allow foreign investors to purchase property in certain zones – has been developed by Masaood Developments, part of Abu Dhabi-based Al Masaood Group. It is being offered to investors through a unique ‘easy to own’ scheme, free from traditional mortgages.

“Azure Al Reem is a ready-to-move-in, freehold, waterfront apartment complex that offers a new concept in home ownership with super-affordable payment plans over extended periods, making it accessible for end-users and investors to enter/re-enter the market to become a homeowner or further grow their assets. This low-risk and flexible offer presents a new approach in the real estate market,” Ziad Abou Nasr, the director of Masaood Developments, tells Abdulaziz Khattak of Gulf Construction magazine.

Abou Nasr ... Azure Al Reem is a ready-to-move-in property.

He says the project opens home ownership in the UAE to the general public for the first time, while allowing investors to expand their portfolio without hassle and enabling residents not to waste money on rent.

Azure Al Reem occupies a prime waterfront location on the increasingly popular residential community of Al Reem Island. It is just a six-minute drive from Abu Dhabi Financial District and a 10-minute walk from Al Reem Central Park. It was completed in April 2019.

The property houses 339 apartments across 29 floors, split into 226 one-bed and 113 two-bed premium units offering panoramic waterfront views and balconies, and featuring a high-end gym, infinity pool, children’s pool and play area, sauna, large electric barbecue area, 24-hour concierge, and car (one slot per unit) and bicycle parking facilities. All apartments come fully-fitted with branded white goods, such as cooker, fridge, microwave and washing machine. The building is served by four passenger lifts and one service lift.

Azure Al Reem offers picturesque 360-degree views of Reem Island, Louvre Abu Dhabi and the surrounding sea and is proving popular with young people trying to get a foothold on the property ladder.

Abu Dhabi Department of Urban Planning and Municipalities, through a royal decree, had early this year announced the new freehold law aimed at supporting and increasing foreign investment in the capital’s property market. Foreign investors can now buy property on freehold without having to be restricted to a leasehold agreement for 99 years as was previously the case.

Online classified website dubizzle has called Azure Al Reem the most successful lead generation residential launch campaign in Abu Dhabi that addresses the demand for middle-income housing. Matthew Gregory, head of property sales for dubizzle, says: “Since its launch, Azure Al Reem has exceeded all expectations in the level of interest we have seen across dubizzle and is the best performing lead generation campaign we have run across our platforms to date.

“Its unique offering of an affordable and flexible payment plan for a completed, high quality waterside apartment, is obviously meeting a strong demand in the UAE property market.”

Deposits for Azure Al Reem start at Dh50,000 ($13,614) for a one-bedroom apartment (from 71.57 sq m) and Dh70,000 for a two-bedroom one, followed by fixed monthly or yearly installments spread across 15 years.

Without disclosing further details, Abou Nasr says Masaood Developments is currently working on a number of key projects across the UAE.