Azizi Developments, a leading private developer in the UAE, has sold a whopping 82% of its inventory across its six ongoing and planned projects in Al Furjan, the new high-growth corridor of Dubai.
Azizi said it had set foot in Al Furjan with its philosophy of ‘customers first’ in mind.
The developer has already completed 13 projects in Al Furjan, with Samia being the most recent to be inaugurated in January 2020, and has another 4 developments to be finalised in the highly sought-after community this year, as well as another 2 projects to be completed in the coming years.
Al Furjan has proven to give back substantial returns to investors due to its strategic location and outstanding connectivity, said the Emirati developer.
Nearly 84% of the inventory of Azizi’s Samia, 92% of Plaza, 76% of Shaista, and 88% of Star is now sold out, while all of the Farishta inventory has been sold prior to its delivery, as of early December 2019, it stated.
These impressive sales figures, which indicate a strong demand for property in the area, are in line the latest Property Monitor data, which highlights an average residential sales price of Dh891 per sq ft for apartment units in Al Furjan - higher than that of Jumeirah Golf Estates, Jumeirah Village Triangle, Jumeirah Lakes Towers, Dubai South and almost half of all other major residential destinations in the emirate, it added.
Property Monitor also states that with an average residential rental price of Dh60 per sq ft in Al Furjan, properties in the area yield investors more than Damac Hills, Jumeirah Village Circle, Barsha Heights, Jumeirah Village Triangle, Discovery Gardens, and more than half of other major residential communities.
This is just Dh7 per sq ft less than JBR, Dh9 less than Business Bay and Dh17 less than City Walk. Rental prices in Al Furjan have increased by nearly 1% in just a month, from December 2019 to January 2020, said the statement.
Al Furjan, now one of the most desirable addresses in the entire Dubai, is home to contemporary architecture that is carefully blended with natural green spaces and well-though-out, state-of-the-art infrastructure. New amenities, from small convenience stores and educational institutions such as Arbor school within the community, all the way to IKEA in Festival Plaza, have opened, it added.
Elias Sami, Director of Marketing & Communications, said: "It always has been and always will be of the utmost importance for Azizi to ensure that our products are differentiated through their highly strategic and well-connected locations, the impact of which is felt by our valued home owners in terms of ROI and lifestyle."
"With rental yields in Al Furjan being on the rise, and the community rapidly evolving into the ideal residential destination of Dubai, well suited for families and young professionals alike, we are proud to contribute to its development," stated Sami.
"The new Route 2020 metro line, direct highway access and the wide array of leisure and retail options, are just some of the factors that elevate this remarkable, traction-gaining community. Being a data-drive organisation, our location choices are always based on extensive analysis, adding to the value we present to our customers," he added.-TradeArabia News Service