Dubai-based property developer Azizi Developments is launching a Dh30 billion ($8.16 billion) mixed-use project in Sharjah, marking company’s entry to the emirate.
The freehold development, Azizi Florence, will feature 1,130 villas, more than 6,000 town houses and 3,500 apartments, Azizi said in a statement on Wednesday. Three-bedroom town houses are priced from Dh1.89 million.
“Azizi Florence will bring together residential, retail, hospitality, education, leisure and wellness offerings, centred around a 1.7 million-square-foot Central Park,” Azizi said. “Six residential clusters will each feature a park, clubhouse, community centre and landscaped gardens.” The company did not provide a timeline for construction.
Azizi currently has about 150,000 units under construction, representing a development portfolio valued at several tens of billions of US dollars.
It is building Burj Azizi, which will become the world’s second-tallest skyscraper after Burj Khalifa upon completion in 2028. The project, in the Dubai World Trade Centre area along Sheikh Zayed Road, is valued at Dh6 billion.
The company’s other projects include Azizi Riviera and Azizi Venice in Dubai.
The total value of real estate transactions in Sharjah climbed 9.3 per cent year-on-year to Dh29.5 billion in the first half of the year, with total number of transactions increasing 23.7 per cent year-on-year to 59,460 transactions, according to a recent Wam report.
Emaar Properties founder Mohamed Alabbar this week said the property market in Dubai was set for a “nice balance” next year, despite the effects of the Iran war.
“I'm getting ready for 2027,” Mr Alabbar told delegates at AIM Congress in Dubai on Monday. “A lot of supply is coming in, so I think there'll be a nice balance in the city.”
When asked to predict the impact of the regional conflict on Dubai’s property sector, Mr Alabbar said: “I would say … an adjustment of 5 per cent to 10 per cent because it's an extraordinary situation.”
