- Unique highly affordable deposit required of just AED 50,000 for one-bed and AED 70,000 for two-bed
- 15 years flexible payments direct to developer and ‘ready to move in’
- Following new law changes, Azure will be one of the first available freehold properties on offer in Abu Dhabi
Masaood Developments LLC part of the leading Abu Dhabi family-operated Al Masaood Group, today announced the launch of a game-changing waterfront apartment complex on Al Reem Island, Abu Dhabi. Azure Al Reem introduces the concept of home ownership to a new audience through a unique and flexible ‘easy to own’ affordable payment plan. It will also be one of the first properties available for foreign freehold ownership, following Abu Dhabi’s recent legislative changes.
Aimed at encouraging aspirational professionals in Abu Dhabi to invest in real estate, Azure Al Reem offers property with deposits of only AED 50,000 or AED 70,000 and flexible monthly, quarterly or annual instalment options over 15 years. The building comprises 339 apartments across 29 floors, split into 226 one-bed and 113 two-bed premium units that benefit from panoramic waterfront views and balconies, a high-end gym, infinity pool, children’s pool and play area, sauna, large electric BBQ area, 24-hour concierge, on-site shops, cafes and car/bicycle parking facilities. Also included free of charge within all apartments are fully fitted branded white goods. It occupies an ideal waterfront location on the increasingly popular residential community of Al Reem Island, just a six minute drive from Abu Dhabi Financial District and a 10 minute walk from Al Reem Central Park.
Masaood Developments has been working with leading real estate services provider, Savills, to provide expert analysis of the current Abu Dhabi marketplace, and they identified a shortage of affordable options, specifically aimed at younger clientele. These individuals, couples and families have otherwise been unable to access the property ladder, which has inspired the Azure concept to empower a new wave of property owners through an accessible payment plan.
“Azure Al Reem provides an opportunity for young professionals in Abu Dhabi to purchase their own property, with a deposit of just 50,000 Dirhams. Traditionally, it has taken many years for people to save for the necessary large down payments demanded by other developers or for bank mortgages. We have chosen to create a way of enabling a whole new market, allow individuals to stop renting and realise the dream of owning their own home,” said Ziad Abou Nasr, Manager of Masaood Developments LLC.
Commenting on the launch of the new Azure Al Reem, Edward Carnegy, Head of Abu Dhabi for Savills: “Affordability and innovative payment options are very important to the residential property market in Abu Dhabi. It allows people from a variety of backgrounds and occupations to bed roots in the capital and create a truly sustainable city where they can build their lives. We believe this new development is totally unique with its high quality offering and its affordability. It meets the real demand from the communities in the heart of our city, empowering millennials to switch from renting to owning.”
Azure Al Reem is ‘ready to move in’, with potentially just 8 weeks between initial discussions and unpacking in the newly owned property. In fact, the payment plan does not require bank loan, with flexi payments made directly to Masaood Developments LLC through direct debit, cheque or credit card.
Katie Burnell is the Head of Sales for Azure Al Reem and is braced for a wave of interest: “This is a unique development that is ideally suited to millennials, with spacious, light and luxurious apartments combined with incredible views and amenities. For those wanting to live in a stunning waterfront property and stop wasting money on rent, this is a great investment opportunity. We expect the enquiry levels for Azure to be very high.”