AZIZI plans more Dubai property projects this year
Developer says it has already invested $1.23bn in real estate projects in the emirate
AZIZI Developments, which has invested roughly $1.23 billion into Dubai’s real estate sector, says it will launch more residential and hotel projects across the emirate this year.
The company is the biggest sub developer within Al Furjan master development by Nakheel and is planning to launch several hotel apartment complexes this year in addition to various projects under construction on Palm Jumeirah and Dubai Heathcare City.
Mohsen Kamel, chief executive of AZIZI Developments, said: “One of the significant growth drivers is the market’s robust appetite for upscale property projects as high net-worth individuals continuously view Dubai as a secure place for their investments.”
In 2014, the company launched five large-scale residential projects worth $183.77 million, with one project sold out and 70% of the remaining four developments sold. Construction works for all five properties commenced in May 2014.
According to Jones Lang Salle, the average prices and rentals in Dubai’s residential sector appear to have stabilised over recent months, with some locations registering marginal declines.
Kamel predicts that property prices in the local market will stabilise as developers focus more on delivering their projects. He said: “We are now seeing more serious and long-term investors amidst the continuously maturing market backed by beneficial rules and regulations implemented by the Real Estate Regulatory Agency. As a developer, we are not only focusing on delivering our projects by the end of this year but also on offering easy, flexible payment schemes especially to first-time home buyers.”
