Azizi Developments, a leading private developer in the UAE, has noted a substantial uptick in its retail unit sales, especially those made to UAE residents. The developer has now sold nearly 35% of its recently released 700+ retail units, which are spread across its communities in Dubai’s most desirable residential destinations, including MBR City, Palm Jumeirah, Dubai Healthcare City, Al Furjan, Studio City, Sports City and Downtown Jebel Ali.
Azizi has released insightful sales information on the nationality breakdown of its retail sales, signifying an increasing interest from local as well as international investors. Having noted a 60% surge in retail sales enquiries in H1 of 2020, the developer is now seeing this figure grow even further, with enquiries having been up over 40% in July compared to June.
UAE nationals represent its most substantial customer demographic, with 43% of units having been sold to Emiratis. This is followed by investors from the Kingdom of Saudi Arabia, which represent 13% of its customers. The rest of its retail space was sold to over 17 other nationalities, including investors carrying passports from the United Kingdom, Germany, France, Sweden, Belgium, Canada, and Nigeria.
Azizi’s remarkable international sales figures come in light of the developer having invested heavily in catering to foreign investors, such as by launching its virtual property tours, video calling consultations, foreign sales offices, road shows and other efforts.
Nima Khojasteh, Executive Director - Sales and Marketing at Azizi Developments, said: “Our sales enquiries are not only growing in number, but also in quality – our conversion rate is up 25% from last year’s. This comes as no surprise to us – we have embedded these retail units in some of the best, most growth-inclined residential communities in Dubai, and are developing them to be perfectly suited for food and beverage, convenience and health and beauty businesses, which are the most in-demand brick & mortar spaces.”
“Both our residents, as well as businesses, benefit from having a strong retail presence within our communities – those residing within them benefit from convenience and effortless access to lifestyle-enhancing leisure options, and commercial entities have a bustling environment with substantial footfall to conduct their business in”, he added.
Azizi’s retail units are embedded into its master-planned communities and residential towers, adding leisure, shopping and eatery amenities and creating a bustling social space with a strong potential for business profitability. The developer has taken several steps to ensure the appeal to - and success of – businesses that will occupy the space, such as through the provision of ample parking space, outstanding visibility due to large roads, wide walkways and substantial traffic, and exceptional connectivity to Dubai’s largest highways.
Retail units on Azizi Riviera’s 1.6km integrated boulevard and 2.6km canal walk are considered to be an exceptionally smart investment with the community being home to over 16,000 families, and it being forecasted to welcome a sizable volume of visitors as a landmark and cultural hotspot.
Source: Cicero and Bernay