42 East Residences

42 East Residences is Gramercy’s project on Central Island, the urban core of the archipelago, and the only one of the five with real resale depth. 42 units across G+2P+12. That is a small building by Dubai Islands standards, which usually means fewer competing resales when you come to sell and a service charge spread across fewer owners.

Prices start at AED 4.2M. At AED 2,025 per sq.ft it is roughly 19% under the 2,514 archipelago average on DLD twelve-month data, which is the number worth checking before any brochure claim. Units run 2,075 to 4,470 sq.ft.

The payment plan is 40/60. Handover is dated Q2 2028. That lands inside the 2027 to 2028 window when most of the island completes, so a lot of similar stock reaches the lettings market at the same time. Underwrite a longer void than feels comfortable.

Amenities: Rooftop infinity pool, Spa area with hot/cold plunge, Steam room, Sauna, Fitness hub and yoga/meditation deck.

Unit mix as released: 3 bedroom; 4 bedroom.

Registered with the Dubai Land Department under project number 4094. Payments go to the project escrow account, Ajman Bank PJSC – 011180130018. Nothing should be paid anywhere else.

Location. 42 East Residences is on Central Island, off the Deira coastline in northern Dubai. Twenty minutes to Dubai International, twenty-five to Downtown and DIFC, five to the Gold Souk and the Deira waterfront. Access today is over the Infinity Bridge, and it is the only way on and off until the dedicated island bridges land, which are contracted for 2027 to 2029. Central Island carries the mall, the marinas and most of the residential stock, which is why resale here is deeper than anywhere else on the archipelago.

Ownership. Dubai Islands is a designated freehold zone, so a foreign buyer owns the property outright with no local partner and no lease. There is no annual property tax in the UAE, no capital gains tax and no tax on rental income. The 4% Dubai Land Department transfer fee plus AED 4,200 admin is paid once, at registration. At this price point the purchase clears the AED 2M threshold for the 10-year Golden Visa, measured on the registered value.

What the numbers actually say. Budget roughly 6 to 7% on top of the price to complete: 4% DLD, around AED 10,200 trustee and admin, the first-year service charge payable at handover, and snagging. On the entry unit here that is close to AED 4.45M of cash to own it outright. On my own underwriting the entry one-bed on this island returns about 3.7% net long-let, after a AED 24 per sq.ft service charge, six weeks vacancy, 2% agency and 5% management. Not the 11 to 13% being advertised, which is gross short-let at full occupancy on stock that is almost entirely unlet.

How you buy it. A reservation form and a deposit of typically 5 to 10% holds the unit, paid to the developer. The Sales and Purchase Agreement follows within 14 to 30 days and sets the payment plan and the delay clause, which is the paragraph worth reading twice. DLD takes 4% and registers you on the Oqood off-plan register. Instalments then follow construction milestones into the escrow account, and the Oqood converts to a full title deed at handover.