Azizi Developments has invested $1.2 billion in Dubai’s realty sector
Azizi Developments, a leading UAE property developer, says it has invested an estimated Dh4.5 billion ($1.22 billion) into Dubai’s real estate sector to date, in response to the robust local demand for affordable luxury and value homes.
The company last year launched five large-scale residential projects, including the sold-out Azizi Iris, one of its prime luxury properties in the UAE emirate. Around 70 per cent of the rest of its strategically located premier developments – namely Azizi Liatris, Azizi Orchid, Azizi Yasamine and Azizi Feirouz – are reported to have also been sold.
Construction work for all five properties, which commenced in May 2014, is proceeding as scheduled, according to the company.
Azizi Developments’ CEO Mohsen Kamel says: “The year 2014 was a great one for our company as we experienced a substantial sales increase, key department expansions, and a strong marketing push. 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. Other key elements for our growth are the high standard of quality and craftsmanship that we adhere to as well as our strong business ethics that have fostered long-standing relationships with our clients.”
“Investors are also attracted to us due to the quality and the stylish and distinct design and finishing that we follow across our reasonably priced properties,” he adds. “More people are now looking for real estate that can provide them with value-added services, modern facilities, and a luxurious lifestyle. Most of the clients, especially Europeans, are keen on buying properties that contain all these features and our tailor-made projects are the right fit for them as they provide a sophisticated lifestyle experience.”
Azizi Developments has bounced back strongly from the 2008 financial slowdown, after having cancelled its previous projects in order to help clients, faced by financial difficulties, failing to continue the payments for the projects they already have invested in. The cancelled properties were located in Al Furjan.
“Cancelling the previous projects proved to be the right strategy at the time, and the developers’ efforts to refund their clients only brought more trust to our then and new clients. And while some welcomed the refund, others asked for their funds to be transferred to another active project by us,” says a spokesman for Azizi.
He adds Dubai’s property sector has recovered and experienced steady growth since then due to more strategic management. During the last quarter of 2014, nearly all segments of the local property market witnessed subdued growth levels.
This year, Azizi is expected to sustain its upward trajectory as it plans to launch more new luxury residential and hotel projects and develop elite hotel apartments across Dubai. The company is also looking at opening more sales centres, joining various major property exhibitions, and launching new marketing initiatives to easily reach out to its customer base and attract more potential clients.
Kamel says: “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. Our projects are affordable and reasonably priced, making them highly in demand within our target market.”