Studio City is an area that specialises in film and entertainment production. The project was conceived in 2005, and it is being implemented by TECOM. The development covers an area of 2,043,867 sq. m (22,000,000 sq. ft) and was declared a free economic zone. Foreign companies are exempt from taxes for 50 years. The neighbourhood features residential properties and commercial entities, including hotels, administrative offices, recording studios, and film sets. It is an ideal area for professionals in the entertainment industry.
Construction began on the project in June 2007, and there are still several undeveloped areas. There are three sound studios and a workshop for prop production that covers an area of 12,077 sq. m (130,000 sq. ft). It is possible to purchase a site in the area to build a private film or recording studio. Prospective buyers can also choose to buy a freelance office in a business centre. Studio City has one 15-storey building and four six-storey buildings that house commercial real estate.
The area is located between Sheikh Zayed Road and Al Sufouh Road. The Media City economic zone, which specialises in media production and publishing, is located within a short distance away. There are residential properties in Studio City that were designed primarily to accommodate actors and film crews. Units are available for sale and rent, and they feature floor plans with one to three bedrooms.
Studio City has several bus routes, including F30, F32, J02. The nearest Metro station is Dubai Internet City, which can be reached within 10 minutes. Residents have access to local grocery stores, such as Spar Express and Blue Mart. The nearest schools and medical facilities are located within 10 minutes of the project in the neighbouring communities of Motor City and Arabian Ranches 2.
The area offers unique opportunities for investors. There are 275 media companies located in Studio City. Business owners can set up everything they need in one place, and the free zone was designed to reduce the time spent on obtaining licences and visas.
Studio City real estate is in high demand due to its association with the film industry. The area hosts seminars and training courses in partnership with accredited film schools. Studio City is an ideal place for professionals working in television, broadcasting, music, and film. The area continues to grow and offers opportunities for new business projects.
The return on investment rate for real estate in Studio City ranges from 6% to 7.5%, per annum. The most profitable units are three-bedroom apartments. The average purchase price for a property is AED 1,040,000 (USD 283,150), and the average rental cost for a three-bedroom apartment is AED 70,000 (USD 19,100), per year.
The three most popular residential areas in Studio City include the following complexes.
Glitz is a complex with three nine-storey buildings, recreation areas, and rooftop pools. The first two properties were completed in 2017, and each building consists of 151 units. The third property was completed in 2018 and consists of two buildings with 358 studios and apartments. The complex has a supermarket, laundromat, butcher shop, catering kitchen, and men’s salon. The average purchase price for a one-bedroom apartment with an area of 68.5 sq. m (738 sq. ft) is AED 550,000 (USD 150,000). The annual rental cost for a similar unit is AED 40,000 (USD 11,000).
Samana Golf Avenue is a popular project that is currently under construction. It is scheduled for completion in late 2022. The five-storey building houses 233 residential units including studios and apartments with one and two bedrooms. Some units have terraces with private pools and viewing areas. The common courtyard was designed for recreational use, and it features a swimming pool, children’s playground, and mini-golf course. Studios with an area of 33 sq. m (359 sq. ft) have a purchase price of AED 385,000 (USD 105,000).
Olivara Residences is an apartment complex with a gym, 25-metre swimming pool, and solarium. The complex consists of four five-storey buildings with terraces for sunbathing. In total, there are 250 properties including studios and apartments with one and two bedrooms. This is a new project, which was completed in 2020. The complex is located in a park that covers an area of 9,290 sq. m (100,000 sq. ft). It offers an abundance of green areas for recreation. Properties can be rented for AED 40,000 (USD 11,000), per year.
Studio City was designed to accommodate the entertainment industry. Residents have easy access to nearby attractions, including:
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