Azizi Developments, a leading private developer in the UAE, has sold a whopping 82% per cent of its inventory across its 6 ongoing and planned projects in Al Furjan, the new high-growth corridor of Dubai.
Azizi has set foot in Al Furjan with its philosophy of ‘customers first’ in mind. The developer has already completed 13 projects in Al Furjan, with Samia being the most recent to be inaugurated in January 2020, and has another 4 developments to be finalised in the highly sought-after community this year, as well as another 2 projects to be completed in the coming years. Al Furjan has proven to give back substantial returns to investors due to its strategic location and outstanding connectivity.
84% of the inventory of Azizi’s Samia, 92% of Plaza, 76% of Shaista, and 88% of Star is now sold out, while all of the Farishta inventory has been sold prior to its delivery, as of early December 2019.
These impressive sales figures, which indicate a strong demand for property in the area, are in line the latest Property Monitor data, which highlights an average residential sales price of AED 891 per square foot for apartment units in Al Furjan - higher than that of Jumeirah Golf Estates, Jumeirah Village Triangle, Jumeirah Lakes Towers, Dubai South and almost half of all other major residential destinations in the emirate.
Property Monitor also states that with an average residential rental price of AED 60 per square foot in Al Furjan, properties in the area yield investors more than Damac Hills, Jumeirah Village Circle, Barsha Heights, Jumeirah Village Triangle, Discovery Gardens, and more than half of other major residential communities. This is just AED 7 per square foot less than JBR, AED 9 less than Business Bay and AED 17 less than City Walk. Rental prices in Al Furjan have increased by nearly 1% in just a month, from December 2019 to January 2020.
Dubai Land Department figures also affirm that in the secondary market transfer category, Al Furjan has recorded some of the highest sales in the first month of 2020, more than half of all other major residential destinations. Moreover, DLD data also shows that Al Furjan has recorded robust results in the residential sales volume in the off-plan category, again surpassing more than half of Dubai’s residential areas, including La Mer, City Walk, Dubai Marina, Dubai South, and many others.
Elias Sami, Director of Marketing & Communications at Azizi Developments, said: “It always has been and always will be of the utmost importance for us to ensure that our products are differentiated through their highly strategic and well-connected locations, the impact of which is felt by our valued home owners in terms of ROI and lifestyle. With rental yields in Al Furjan being on the rise, and the community rapidly evolving into the ideal residential destination of Dubai, well suited for families and young professionals alike, we are proud to contribute to its development. The new Route 2020 metro line, direct highway access and the wide array of leisure and retail options, are just some of the factors that elevate this remarkable, traction-gaining community. Being a data-drive organisation, our location choices are always based on extensive analysis, adding to the value we present to our customers.”
Al Furjan, now one of the most desirable addresses in the entire Dubai, is home to contemporary architecture that is carefully blended with natural green spaces and well-though-out, state-of-the-art infrastructure. New amenities, from small convenience stores and educational institutions such as Arbor school within the community, all the way to IKEA in Festival Plaza, have opened. With its excellent network of roads, including immediate connectivity to Sheikh Zayed Road and Sheikh Mohammed bin Zayed Road, Furjan grants easy access to Dubai’s key points of interest, such as Dubai Marina, Downtown Dubai, Dubai International Airport, Al Maktoum International Airport, and more. Moreover, Al Furjan’s direct connection to Al Asayel Street has recently been opened, granting residents near-instant access to other communities such as the Meadows, Springs and Al Barsha, all the way to Downtown Dubai. Al Furjan’s connectivity is complemented by it now being part of Route 2020, the metro route that links it to the Expo 2020 site and the emirate’s many leisure, business and retail hubs via Dubai Metro’s Red Line.
Source: Cicero and Bernay