In one more sign of the surge in Dubai property, Azizi Developments yesterday announced the launch of an apartment project valued at Dh135 million.
Named the Azizi.Iris Residence, the 99-unit project is to be located in Al Furjan near Discovery Gardens, the company said. It said that construction had begun and completion was expected in December next year.
“Azizi.Iris Residence is a great opportunity for institutional investors as well as individuals with the aim of a long-term investment opportunity while having a real estate asset in Dubai’s top residential destination of Al Furjan,” said Mohsen Kamel, the Azizi chief executive.
Prices start at Dh925 per square foot for an unfurnished unit, and Dh950 per sq ft for a fully furnished unit. Sizes range from 874 sq ft to 2,089 sq ft.
In its latest report on the UAE property market, the consultancy EC Harris said: “Over the past quarter, barely a week goes by without a new major property development being unveiled. The Dubai government has also stated that all new and existing construction projects are going to be fast-tracked to be ready for the Expo 2020.”
In the first half of this year, contracts have been awarded for about US$5.4 billion for residential projects, according to Jones Lang LaSalle’s second-quarter report on Dubai property.
At the same time, residential prices and rents have decelerated. The average sale price in the emirate rose by 6 per cent in the second quarter versus 10 per cent in the first quarter, the report showed.
Last month Azizi launched a 99-unit apartment project called Azizi.Orchid Residence Al Furjan, with an estimated value of Dh140m. The project comprises one- to three-bedroom furnished apartments. Prices start at Dh950 per sq ft and completion is expected by December next year.
selgazzar@thenational.ae
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