Dubai developer Azizi sees Q4 retail unit rebound with $124m sales

Dubai developer Azizi sees Q4 retail unit rebound with $124m sales

UAE-based Azizi Developments has registered a "substantial surge" in demand for its retail units across projects in the fourth quarter of 2020, following a major slowdown caused by the coronavirus pandemic.

The company said it has recorded a total of 315 retail unit sales worth AED458.68 million ($124.8 million) since October.

Azizi Developments plans to construct 45 buildings, providing 11,000 homes, over the next three years

The developer said that Riviera, the French Mediterranean lifestyle project located in Dubai, saw the highest sales of over 200 retail units across its phases 1 and 2.

In Al Furjan, 36 retail units were sold, with the rest of the sales being spread across Avenue, Azizi's newly launched MBR City development, Creek Views and Aliyah, projects in Dubai Healthcare City, and Mina, a luxury project with private beach access on the iconic Palm Jumeirah.

Nima Khojasteh, executive director - sales and marketing at Azizi Developments, said: “We are very pleased to see our retail unit sales grow so substantially, with over 45 percent of our 700 available retail units now having been sold.

"2020 has been an unusual year for us all, and the challenges it has brought about have impacted most industries across the world, especially brick and