Saudi buyers now constitute 35% of Azizi’s customers, second to UAE nationals
Azizi Developments records 8% increase in sales in UAE to Saudi investors over last year
Azizi Developments, a UAE-based private developer, has said that it has recorded an 8% increase in sales to investors from Saudi Arabia between 2018 and 2019.
According to a statement released by the company, UAE nationals still make up the highest customer demographic with 52%, while Saudi nationals now constitute 25%, followed by Indians with 10% and Pakistanis with 4%. The remaining 8% of the customer base comes from investors from the GCC region, Europe and China, it added.
An Azizi spokesperson explained that location, infrastructure, amenities and resulting rental yields and value appreciation are amongst the most important determining factors in the purchase decision-making process of Saudi Arabian buyers.
He added that Azizi Development projects, all of which are based on extensive research to determine the most sought-after locations in Dubai, with the most promising ROIs, have proven to be a popular choice with Saudi investors.
“While Dubai continuously cements its international standing as one of the world’s most popular real estate investment destinations, we are seeing a particular surge in demand from Saudi property intenders. With their investor savviness, the trust and faith they place in us speaks volumes about the quality of our work and our constant pursuit of customer-centricity, which we will continue to uphold,” said Farhad Azizi, CEO of Azizi Developments.
The company said that The Riviera, its flagship master-planned waterfront community in Meydan One, has received the strongest response from Saudi investors to date. The 71-building project located in Mohammed bin Rashid City and in proximity to the new Meydan One Mall. It includes a 2.6km canal walk, a 1.6km long retail boulevard and a ‘green social space’ called Les Jardins, which spans the entire length of the community.
The second most popular choice amongst Saudi investors is Mina, Azizi’s premium project on the East Crescent of the Palm Jumeirah. It has private beach access and sea views of the Dubai skyline. The third most popular choice is Azizi’s towers in Al Furjan, which has a wide array of amenities, direct metro access and easy highway connectivity to the rest of Dubai, the developer said.
