Azizi Developments presented new luxury apartments project on the Palm Jumeirah

A string of new high-end Dubai property projects was extended by a new luxury Royal Bay Residence project on Palm Jumeirah.

At the end of the week a series of luxury real estate projects recently presented by major developers in Dubai was completed with another offer from Afghan developer Azizi Developments.

The company presented its potential investors 90 luxury apartments in a new half-built Royal Bay Residence complex on the man-made island of Palm Jumeirah. Information received by suggests that a presentation was held on a yacht at sea in a big traditional way usual for developers intending to impress potential property buyers in Dubai.

Apartments from AED 2.5 million to AED 4.5 million are offered for sale in Royal Bay Residence. And the complex itself, located in the most prestigious area of Palm Jumeirah, on the external "crescent" of the archipelago, between the Anantara and Viceroy hotels, will cost AED 350 million to build. The developer, who is engaged in oil and gas imports, says it’s already secured the project’s financing and promises to complete it by March 2017. To date, the project is 25% ready.

Like other big Dubai real estate market players had already mentioned about previously, Azizi Developments is sure in a stable future for the Dubai’s housing industry.

“We are in a very healthy phase of the property cycle,” said Farhad Azizi, chief executive of Azizi Developments. “The next few months will see market stabilisation and then the economy is going to recover very fast by mid-2017. These are good times for buyers to invest in a good location and good property to make a profit and capitalise on quick price appreciation.”

On the Azizi yacht the potential property buyers invited on board seemed really impressed with what they’ve learned. One of the invited investors, chief executive of Gulzad Group investing corporation, said: “We have made money in the past by buying in the most prime areas during a downturn. They usually tend to be the fastest to recover and so we hope this will be the case in Dubai too.”

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