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Dubai developers keep it going

17.09.2019
Dubai developers keep it going

After the establishment of the Higher Committee to control the oversupply of the Dubai housing market Dubai developers haven’t cut down their performance.

Azizi Developments has launched off-plan real estate sales in its new project in Dubai Healthccare City, thus emerging as the first developer to launch a new project after a new Committee to study demand and control the oversupply at the housing market had been set up by Dubai’s government.

Earlier, imexre.com reported of the new Committee being set up in Dubai to deal with all aspects related to the development and market needs over the next 10 years. And, in response, the market has already taken a wait-and-see attitude while awaiting the Committee’s first steps.

Therefore, despite the launch of sales in its new project, the head of Azizi Developments said that he supported the establishment of the committee, as the Dubai real estate market urgently needs more control: “Dubai needs some kind of supervisory authority to regulate market supply — not all developers can enter the market with their projects, construct, and then expect high sales,” Farhad Azizi, CEO of the company, commented.

According to Azizi, the greater risk to market stability lies in adding new projects in one area, especially where demand is low.

For example, for its latest project, the Creek Views, the developer had to change his sales strategy. Sales were stopped a month after the start due to the fact that Azizi had another project — Aliyah — next to Creek Views, which the developer wanted to complete first. And thanks to such careful tactics, this was done in full — almost 100 per cent of the units in this complex were sold out. This meant that there was a high demand for such housing in the DHCC area, and Creek Views sales were recently re-launched.

The Creek Views project, which includes 634 affordable properties, is scheduled for completion at the end of next year, and is currently 24 per cent ready. Prices for studios in this community start from AED5,222,000 (US $ 142,000). And, the developer also offers a variety of housing types in the complex to choose from for his consumers.

The payment plan for this development, however, is not as generous as other property developers in Dubai recently started to offer. Installments in Creek Views are divided according to a 50:50 scheme, because Azizi "does not believe in crazy generous post-handover payment plans," which are now widely available at the Dubai real estate market.

Until the end of the year, the company, according to Azizi, may launch some more new projects. But priority is given to the flagman project by Azizi Developments, the Riviera community in the Meydan cluster of the MBR City. Instead of the 100 low-rise buildings that the developer announced here at first project’s launch, this number was eventually reduced to a more modest figure of 74, in accordance with the market’s needs and demand.

“Our main task is to accelerate the construction and meet the customers’ expectations, thus, first of these units will be ready to welcome their owners in the first quarter of 2020,” added Azizi CEO. “Today, the market won’t support delays in project’s handover — we need to be ahead and at full speed.”

To always stay up to date with the latest analytics data and real estate prices in Dubai, subscribe to our newsletter using the form below. And in order to sell, lease or buy/ rent housing or commercial properties in Dubai, contact IMEX Real Estate. Our contacts:

Tel. in Dubai, UAE: +971 (50) 2528188 (Whatsapp, Viber, Telegram)

Toll Free Dubai: 800-IMEX (800-4639)

IMEX REAL ESTATE BROKER LLC, UAE

Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE

Email: pm@IMEXre.com

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