Zaafaran 2

TL;DR: Zaafaran 2 is a low-to-medium-rise residential building developed by Emaar Properties within the Zaafaran quarter of Old Town, Downtown Dubai — the only low-rise community in the entire Downtown Dubai district. Completed in 2007, this freehold building houses 119 apartments across 1-bedroom (772–1,287 sq ft) and 2-bedroom (1,250–1,344 sq ft) configurations, with 17 distinct 1-bedroom floor plans and 12 distinct 2-bedroom layouts. Current sale prices range from AED 2.1 million for 1-bedrooms to AED 2.65 million for 2-bedrooms, with annual rents of AED 84,000 to AED 156,000 and estimated gross rental yields of 5.25% to 6.8%. The building features traditional Arabian architecture inspired by Dubai's historic Al Bastakia neighbourhood, with mashrabiya latticework, wind tower elements, arched windows, and landscaped courtyards with water features. Situated within walking distance of Burj Khalifa, Dubai Mall, Souk Al Bahar, and the Dubai Fountain, Zaafaran 2 occupies one of the most iconic addresses in the Middle East.

Overview of Zaafaran 2 in Old Town, Downtown Dubai

Zaafaran 2 is one of five buildings within the Zaafaran quarter of Old Town, the celebrated low-rise residential enclave that forms the cultural and architectural heart of Emaar Properties' Downtown Dubai master development. Old Town occupies a unique position in Dubai's residential landscape as the only low-rise community within the entire Downtown district — a designation that gives its 35 buildings and 1,549 apartments an exclusivity and character that cannot be replicated by the surrounding towers.

Completed in 2007, Zaafaran 2 houses 119 apartments across an unusual diversity of floor plans: 17 distinct 1-bedroom configurations and 12 distinct 2-bedroom layouts. This variety means that no two apartments in the building are necessarily identical, creating a boutique residential character that stands in contrast to the standardised floor plans of tower developments. Select ground-floor units feature private outdoor gardens — a rare luxury in Downtown Dubai where outdoor space at ground level is extraordinarily scarce.

As a freehold development by Emaar Properties, the world's most valuable real estate company by market capitalisation, Zaafaran 2 carries the institutional credibility and professional community management that defines the Emaar ownership experience. Emaar Community Management (ECM) maintains the building and the broader Old Town community to standards that have sustained property values and tenant demand since the community's completion nearly two decades ago.

Location and Connectivity

Zaafaran 2 sits within the Old Town community on Sheikh Mohammed Bin Rashid Boulevard, the iconic 3.5-kilometre tree-lined promenade that encircles the Burj Khalifa district and serves as Dubai's most prestigious address for dining, lifestyle, and culture. This location places the building at the epicentre of the world's most visited urban destination.

The proximity to Dubai's defining landmarks is measured in minutes on foot rather than by car. Souk Al Bahar, the traditional Arabian marketplace overlooking the Burj Lake, is approximately a 5-minute walk. Dubai Mall, with its 1,200+ retail outlets, aquarium, ice rink, and 200+ dining venues, is approximately 10 minutes on foot or 7 minutes by car. The Burj Khalifa and the Dubai Fountain are within a 15-minute walk or 7-minute drive. Dubai Opera, the performing arts centre designed in a dhow-inspired architecture, is 6 minutes by car.

The Dubai International Financial Centre (DIFC) lies approximately 9 minutes by car, while Business Bay is about 7 minutes. Dubai International Airport (DXB) is reachable in approximately 20 minutes. The Burj Khalifa / Dubai Mall Metro Station on the Red Line is 6 to 10 minutes by car or approximately 15 to 16 minutes on foot, providing rail connectivity across the city. The nearest bus stop at Burj Khalifa / Palace Hotel is just 2 to 4 minutes' walk.

For daily needs, Spinneys supermarket is 4 minutes on foot, Grandiose Supermarket is 4 minutes, West Zone Fresh is 6 minutes, and Al Maya, Carrefour, and Choithrams at Bay Square are all within 5 minutes. This density of convenience retail within walking distance eliminates car dependency for routine errands.

Architecture and Design

Old Town's architectural identity is its most defining characteristic, and Zaafaran 2 exemplifies this distinctive design language. The community was conceived as a contemporary interpretation of traditional Arabian architecture, drawing direct inspiration from Dubai's historic Al Bastakia neighbourhood — the restored heritage district along Dubai Creek that preserves the emirate's pre-oil architectural traditions.

The building's exterior features earthy sandstone-toned facades with gypsum, clay, and sarjool plastering recreations that reference traditional Gulf construction methods. Mashrabiya-style latticework — the ornate wooden screens historically used for privacy and ventilation — adorns windows and balconies, creating patterns of filtered light and shadow that are both decorative and functional. Arched windows and doorways, intricate geometric patterns derived from Islamic art, and wind tower (barjeel) design elements complete the traditional vocabulary.

The architectural detailing extends to practical design features that enhance livability. Terraces and balconies are designed with traditional parapets (waresh) and pergolas that provide shade while maintaining views. Recesses and niches in the facade create visual depth and architectural interest. The building surrounds a landscaped courtyard featuring mature greenery and decorative water features that create a village-like atmosphere of calm amid the bustle of Downtown Dubai.

Interiors offer a contemporary contrast to the traditional exteriors. Apartments feature modern kitchens, built-in wardrobes in bedrooms, en-suite bathrooms, powder rooms, laundry areas, and generous living spaces that flow onto balconies or, in the case of ground-floor units, private gardens. The 1-bedroom apartments include a master bedroom with dressing area and attached bathroom, while the 2-bedroom units provide two bedrooms with individual attached bathrooms and built-in closets.

The building includes two basement parking levels providing underground covered parking, ensuring vehicles are protected from the extreme UAE summer temperatures. High-speed elevators, central air conditioning, fire safety systems, and 24-hour maintenance services complete the building's infrastructure.

Amenities and Lifestyle

Zaafaran 2 benefits from both building-specific facilities and the shared amenities of the Old Town and Zaafaran quarter community.

Building Facilities: A fitness centre and gymnasium serve daily exercise needs, with an attached steam room for post-workout relaxation. The swimming pool provides recreational and fitness swimming. A dedicated children's play area ensures younger residents have appropriate recreational space. 24-hour security with CCTV surveillance maintains safety and access control. Concierge and guest services assist with daily living requirements.

Community Amenities (Zaafaran Quarter and Old Town): The broader community adds a children's swimming pool, a tennis court, a basketball court, a squash court, spa facilities, and community gardens and manicured lawns. The pet-friendly policy allows residents to keep domestic pets, with Burj Park nearby providing additional outdoor space for pet recreation.

The Old Town lifestyle extends well beyond the community walls. Souk Al Bahar, connected to Old Town via pedestrian pathways, houses over 22 restaurants, cafes, and retail outlets in a traditional Arabian souk setting overlooking the Burj Lake. Dining options range from authentic Arabic cuisine to international fine dining, with restaurants like Tribes (African cuisine, 4 minutes), BASTA! (Italian, 5 minutes), Asado (Argentinian, 6 minutes), Bice Mare (fine dining, 6 minutes), and Texas de Brazil (BBQ, 10 minutes) all within short distance. Atmosphere Grill and Lounge in the Burj Khalifa, Karma Kafe (Pan-Asian fusion), Thiptara (Thai seafood by Burj Lake), and La Serre (French) represent the calibre of dining accessible from Zaafaran 2.

The Sheikh Mohammed Bin Rashid Boulevard provides a 3.5-kilometre walking and jogging circuit that many residents use for daily exercise, passing restaurants, cafes, and cultural venues along the way. The Dubai Fountain's nightly performances provide free entertainment visible from many vantage points within Old Town.

Unit Types, Configurations, and Pricing

Zaafaran 2 offers two primary unit types distributed across an unusually high number of distinct floor plan configurations:

1-Bedroom Apartments (772–1,287 sq ft, 17 floor plan variants): These apartments include a master bedroom with dressing area and attached bathroom, a living and dining area, a fitted kitchen, a powder room, a laundry area, and a balcony. Select ground-floor units include private outdoor gardens. Current sale prices range from AED 2,100,000 to AED 2,890,000. Annual rents are estimated at AED 84,000 to AED 108,000.

2-Bedroom Apartments (1,250–1,344 sq ft, 12 floor plan variants): Featuring two bedrooms with attached bathrooms and built-in closets, a living and dining area, a kitchen, a powder room, a laundry area, and a balcony, with ground-floor garden options available. Current sale prices range from AED 2,600,000 to AED 2,650,000, with an average price per sq ft of approximately AED 1,529. Annual rents are estimated at AED 120,000 to AED 156,000.

The broader Zaafaran complex (5 buildings) shows an average asking price of AED 3,563,096 and an average Dubai Land Department transaction price over the past 12 months of AED 2,754,451. Prices have increased approximately 8% over the past 6 months, while rents have risen approximately 15% over the same period — reflecting strong and accelerating demand.

Estimated gross rental yields range from 5.25% to 6.8% per annum, with 1-bedroom units typically delivering higher percentage returns. After deducting estimated service charges of AED 16 to 20 per sq ft per annum, DEWA utilities, and management costs, net yields are typically 1% to 2% below gross figures. Downtown Dubai's secondary market has appreciated approximately 9.8% year-on-year in 2024, with Knight Frank projecting further prime segment gains of approximately 3% in 2026.

Schools, Healthcare, and Essential Services

Education: Blossom Downtown Nursery operates within Old Town itself (in Yansoon 7), providing Early Years Foundation Stage education from 5 minutes' walk. Jumeirah International Nursery is 5 minutes by car, and Toddler Town British Nursery serves the Downtown Dubai area. For older children, JSS Private School (CBSE curriculum, Al Safa) is 14 minutes by car, Canadian School Dubai is approximately 10 minutes, Horizons English School is 10 minutes, and GEMS Wellington Primary is 13 minutes. Hartland International School, offering a comprehensive British curriculum, is approximately 20 minutes.

Healthcare: Mediclinic Dubai Mall, the city's largest outpatient facility at over 60,000 sq ft (featuring day surgery, pharmacy, and radiology services), is located within Dubai Mall — approximately 10 minutes from Zaafaran 2. The Excellency Centre on Old Town Island provides physiotherapy and rehabilitation services within the community. Emirates Hospital Clinic in Business Bay and Medcare Hospital in Al Safa are both within 10 to 15 minutes.

Cultural and Leisure: Beyond the dining and retail offerings, Old Town residents enjoy proximity to the Dubai Opera (world-class performing arts), the Dubai Design District (d3) for art and fashion events, and the expanding Al Quoz arts scene. The annual Dubai Shopping Festival, Dubai Food Festival, and numerous Boulevard-based events provide a year-round calendar of cultural programming.

Developer Profile: Emaar Properties

Emaar Properties, founded in 1997 by Mohamed Alabbar, is the world's most valuable listed real estate company with a market capitalisation of approximately USD 39.95 billion as of February 2026. Listed on the Dubai Financial Market since 2000, Emaar was the first UAE property company to offer shares to foreign nationals.

The developer's portfolio reads as a catalogue of global landmarks: Burj Khalifa (the world's tallest building at 828 metres), The Dubai Mall (the world's largest shopping and entertainment destination), Downtown Dubai (the master development that houses Zaafaran 2), Dubai Marina, Arabian Ranches, Emirates Hills, Dubai Hills Estate, and Dubai Creek Harbour. The company's development portfolio spans 24+ countries across six continents, with a land bank exceeding 1.7 billion sq ft.

Financially, Emaar reported revenue of AED 26.7 billion (USD 7.3 billion) in 2023 with a net profit of AED 11.6 billion (USD 3.2 billion) — a 70% year-on-year increase. Revenue for the first nine months of 2024 reached AED 23.8 billion, indicating continued growth momentum.

Investment Potential and Market Position

Zaafaran 2 occupies a position of structural scarcity in Dubai's most iconic district. Old Town's 1,549 apartments across 35 buildings represent a fixed supply that cannot be expanded — the community is complete, and no additional buildings will be added. This supply constraint, combined with the community's unmatched proximity to the Burj Khalifa, Dubai Mall, and Dubai Fountain, creates a fundamentally different investment dynamic from the tower developments that surround it.

The traditional Arabian architecture provides aesthetic differentiation that appeals to a specific tenant and buyer demographic — those who value cultural character, low-rise living, community atmosphere, and walkability over the vertical living and glass-curtain aesthetics of tower developments. This appeal is particularly strong among families, diplomats, and senior executives who prioritise quality of life and community engagement.

With rental yields of 5.25% to 6.8%, rising sale prices (+8% in 6 months), and accelerating rents (+15% in 6 months), Zaafaran 2 demonstrates the characteristics of a premium asset in a supply-constrained market where demand fundamentally exceeds availability. The Emaar brand, professional ECM community management, and Downtown Dubai's position as the UAE's most visited urban destination provide enduring institutional support for property values.