UAE-based private developer Azizi Development has announced that it will invest around $952 million to construct 45 buildings comprising 11,000 homes in Dubai.
The investments will be made by Azizi over a period of 2-3 years, according to reports in the media.
The projects include 14 and 22 buildings in Riviera Phase 3 and 4 respectively, three Avenue buildings in MBR City, two projects in Dubai Healthcare City, and four projects in Al Furjan.
Azizi Developments, Farhad Azizi, chief executive officer at Azizi Development told the media, “Our launches are based on demand, which has been exceptional in MBR City, Dubai Healthcare City and Al Furjan. Our current stock across these up-and-coming locations is nearly sold out, which is why we are now planning further developments accordingly. The new communities will be unique in the lifestyles they grant residents – they are a new type of product, and we will be reaching out to new markets with them.”
“The AED3.5 billion will be spread out across several years, with more than 11,000 homes being developed. We are confident that this investment in Dubai, the most promising, forward-thinking and growth-inclined city in the world, is well placed, and look forward to further catalysing the emirate’s vision and development,” he added.
The real estate market in Dubai witnessed transactions worth Dh72.5 billion in the first half of 2020, despite the impact of the coronavirus pandemic, according to a report issued by the Dubai Land Department (DLD).
The report further revealed that real estate transactions for the second quarter of 2020 exceeded Dh24.5 billion with 7,834 procedures, while 22,779 procedures were recorded during H1 2020.