Azizi Developments records sale of 315 retail units worth USD $125mn
Azizi Developments, a leading private developer in the UAE, has noted a substantial surge in demand for its retail units across projects in the fourth quarter of 2020, despite the pandemic-induced challenges that the real estate industry has witnessed. The total units sold now amount to 315.
Riviera, the French Mediterranean lifestyle project located in the very centre of Dubai, saw the highest sales of over 200 retail units across its phases 1 and 2. In Al Furjan, 36 retail units were sold, with the rest of the sales being spread across Avenue – Azizi’s newly launched MBR City development, Creek Views and Aliyah – the developer’s contemporary projects in Dubai Healthcare City that represent the new benchmark for convenience, practicality and modernism, and Mina – it’s luxury project with private beach access on the iconic Palm Jumeirah.
Nima Khojasteh, Executive Director – Sales and Marketing at Azizi Developments, said: “We are very pleased to see our retail unit sales grow so substantially, with over 45% – nearly half – of our 700 available retail units now having been sold. 2020 has been an unusual year for us all, and the challenges it has brought about have impacted most industries across the world, especially brick and mortar businesses. However, we are absolutely delighted to see that despite these challenges, the market sentiment is beginning to return to pre-pandemic levels, and that our projects, which evidently meet and surpass investor aspirations, remain among the top retail space choices in the UAE.”
Talking about the way forward, he added: “The way in which the UAE leadership continues to show its true merits in this unprecedented, current global situation, as well as its numerous other achievements throughout the year, is an extraordinary source of inspiration for us all. With news of the vaccine now being available and the easing of movement restrictions, it is important that we understand the value of tangible in-person interactions – these will remain key to many retail businesses.”
Azizi’s retail units are embedded into its master-planned communities and residential towers, adding leisure, shopping and eatery amenities and creating a bustling social space with a strong potential for business profitability. The developer has taken several steps to ensure the appeal to – and success of – businesses that will occupy the space, such as through the provision of ample parking space, outstanding visibility due to large roads, wide walkways and substantial traffic, and exceptional connectivity to Dubai’s largest highways.
Retail units on Azizi Riviera’s 1.6km integrated boulevard and 2.6km canal walk are considered to be an exceptionally smart investment with the community being home to over 16,000 families, and it being forecasted to welcome a sizable volume of visitors as a landmark and cultural hotspot.