Dubai property developer Azizi Developments has launched a Dh30 billion ($8.16 billion) mixed-use development as the emirate's property market continues to boom on strong investor demand.
The development in Dubai South, named Azizi Venice, will feature more than 30,000 homes including 100 mid-rise apartment complexes and more than 400 villas and mansions, the developer said on Thursday.
The project, being built on a 15-million-square-foot plot of land, will also feature Dubai’s second opera venue, after Dubai Opera, and a temperature-controlled pedestrianised boulevard, among other amenities.
“This community will become a … home for around 80,000 residents and a … tourist attraction for around 30,000 visitors daily,” Mirwais Azizi, founder and chairman of Azizi Developments, said.
Dubai's property market has bounced back strongly from the coronavirus-induced slowdown, helped by government initiatives such as residency permits for retired and remote workers.
The emirate's move to expand the 10-year golden visa programme, the economic gains generated by Expo 2020 Dubai and higher oil prices also supported property market growth momentum.
Dubai’s residential real estate prices rose 17 per cent in the second quarter on an annual basis, marking the 10th consecutive quarter of expansion, amid strong demand and robust economic growth, a report by consultancy Knight Frank last month found.
Property prices in the April to June period rose 4.8 per cent from the previous quarter, it said.
Dubai also registered the highest number of residential sales of units valued at more than $10 million worldwide in the second quarter of 2023, driven by rising demand for luxury homes in the emirate, Knight Frank said in another report this month.
The emirate outpaced sales recorded by 11 other cities – including New York, London, Paris, Hong Kong, Sydney and Singapore – during the period, having sold 95 homes worth more than $10 million, up from 53 during the same period last year, according to the report.
Several new projects have been launched to strong investor demand in the emirate.
Last week, hundreds of people waited outside developer Nakheel's sales centre for hours to buy units in its new waterfront villa project at Palm Jebel Ali.
Located in Dubai South’s Golf District, Azizi Venice will also feature leisure, retail and commercial space.
The development will also have a lagoon, beaches, and musical and dancing fountains, Azizi said.
Azizi, as the master developer, will take charge of constructing the buildings, roads and all the infrastructure, it said in the statement.
The community will also have two Azizi-owned and operated five-star hotels, as well as one boutique hotel on an island in the middle of the lagoon.
It will also have schools, a hospital, a cycling and jogging track, yoga and sports facilities, and a promenade with eateries and boutiques.
Azizi plans to spend up to Dh60 billion on developing a portfolio of 50 hotels and resorts, including a seven-star hotel, in Dubai, the company said in May.
It plans to add close to 20,000 new keys to Dubai’s hotel stock in the next five years with the new developments.
