Azizi Developments, one of the leading private developers in the United Arab Emirates (UAE), reported an eight percent increase in sales to investors from Saudi Arabia between 2018 and 2019.
While UAE nationals still make up the largest customer demographic with 52 per cent, Saudi nationals now constitute 25 per cent, followed by Indian with 10 per cent, and Pakistanis with four per cent. The rest comprises investors from the GCC region, Europe, and China.
Location, infrastructure, amenities, and, most importantly, the resulting rental yields and value appreciation are the determining factors in the purchase decision-making processes of Saudis, said an Azizi spokesman.
Azizi Developments’ projects, all of which are based on extensive research to determine Dubai’s most sought-after locations with the most promising ROIs, have proven to be a popular choice among investors from Saudi Arabia, he said.
Farhad Azizi, CEO of Azizi Developments, said: “While Dubai continuously cements its international standing as one of the world’s most popular real estate investment destinations, we are seeing a particular surge in demand from Saudi property intenders. With their investor savviness, the trust and faith they place in us speaks volumes about the quality of our work and our constant pursuit of customer-centricity, which we will continue to uphold.”
The Riviera, Azizi Developments’ flagship master-planned waterfront community in Meydan One, has received the strongest response from Saudi investors to date.
The 71-building project, located in Mohammed bin Rashid City and in proximity to the new Meydan One Mall, is especially appealing due to its stunning 2.6-km canal walk, its 1.6-km retail boulevard, and Les Jardins, a lush-green social space spanning the entire length of the community, he said.
The second most popular choice among Saudi investors is Mina, Azizi’s premium project on the East Crescent of Palm Jumeirah with private beach access and sea views of the city’s skyline, followed by Azizi Developments’ towers in Al Furjan.
A budding community with a vast array of amenities, direct metro access, and easy highway connectivity to all of Dubai, Al Furjan is ideal for families and young professionals alike and a favourite among Saudi investors and end users.
Source: Trade Arabia