Expo 2020 impact: 17 new projects in Dubai's Al Furjan community

Azizi Developments, a Dubai-based real estate developer, will be investing over Dh2.5 billion in the emirate’s realty market by launching 10 new residential towers and seven hotel/hotel apartment towers in the Al Furjan master community.

“We will be investing over Dh2.5 billion in building 10 residential towers and seven hotel/hotel apartments towers in Al Furjan,” Mohsen Kamel, Chief Executive Officer, Azizi Developments, told Emirates 24|7.

The developer has already launched Azizi Yasmine and Azizi Feirouz in Al Furjan master development.

“Work has already started on these projects. There will be nearly 200 units in these projects and we aim to deliver them by December 2015.”

Azizi Developments will launch three new residential towers in Al Furjan in the next one month and unveil five more towers before year-end.

“We will be launching three new towers in the coming one month and the remaining five before year-end.

“In total, we will deliver over 1,000 residential apartments and 1,000 keys in Al Furjan.”

Market is stable, growing

Asked why the company decided to re-enter the Dubai real estate market, Kamel said their re-entry into the market has been driven by the growing investor demand, UAE’s strong economic growth forecast and Dubai hosting World Expo 2020.

“We had put our projects on hold not because we didn’t have the funds. We put them on hold as the investors had stopped paying and were hesitant of buy property due to the global financial crisis.

“We, in fact, did return their money.

“But, now, we have decided to re-enter the market as it is far more stable, there is growing demand from international and regional investors and more importantly, Dubai hosting the World Expo 2020.

In fact, in just a week of launching our projects in Al Furjan, we have sold properties worth Dh100 million,” Kamel revealed.
Azizi Developments is the real estate development arm of Azizi Holdings.

Prices still rising

Earlier this month, UK-based Knight Frank said that Dubai had witnessed the steepest house price growth globally over the past year despite government cooling measures, which includes doubling of property registration fees and a new UAE mortgage cap.

House prices rose 27.7 per cent over the 12 months to March 2014, the fastest pace among the 54 countries tracked by the consultancy’s global house price index. However, prices have climbed mere 3.4 per cent in the first quarter 2014, slower than the 9.2 per cent growth registered during the same period last year.

In May, Standard and Poor's, a global ratings agency, said residential property prices in Dubai were almost reaching 2008 peak levels, with the market unlikely to see any major price correction in the short term.

New hotel in Dubai Healthcare City

Azizi Developments will launch a 5-star hotel in Dubai Healthcare City phase 2, Kamel said.

“We have been working on our plans to enter the hospitality market for some time now.

“We hold a plot of land in Healthcare City and we plan to launch a 5-star hotel there by next year, which will be managed and operated by Azizi Hospitality.”

He added that they were also looking at launching hotels in the three and four-star categories.

“We are working on launching more hotels across the UAE. We will also look at the three and four-star categories.”

Dubai will need a huge number of new hotels as it expects to receive over 20 million tourists during 2020 when it will host the Expo 2020 for a period of six months, starting October 20, 2020 to April 10, 2021.
 

Follow Emirates 24|7 on Google News.