Dubai Sees Pronounced Uptick in Demand for Retail Units

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CORONAVIRUS IMPACT

Azizi Developments, a leading private developer in the UAE, has noted a substantial surge in demand for its 700+ retail units across its communities in Dubai. Since January 2020, the developer has sold 75 units in MBR City’s Riviera, 40 units in Al Furjan, 19 in Dubai Healthcare City, 6 in Jebel Ali, 5 on Palm Jumeirah and one in Dubai Studio City, bringing the total retail units sold to 146. With enquiries having increased by 60%, sales conversions are on the rise.

Nima Khojasteh, Executive Director – Sales and Marketing at Azizi Developments, said: “We are pleased to see our retail unit sales growing so rapidly, despite global challenges posed by the outbreak of COVID-19, which has temporarily impacted brick and mortar businesses. Tangible interactions will always be key to many businesses, especially those dealing in food and beverages, convenience and health and beauty.”

“Integrating retail space into our lively, strategically located developments and communities is mutually beneficial for our residents, who benefit from easy access to lifestyle-enhancing leisure and convenience options, as well as for commercial entities, who have a vibrant, bustling environment with an abundance of 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. Azizi’s retail units in Riviera currently start from AED 488K, with a 50% DLD fee waiver and 4 years of free service charge. Investors can earn a projected ROI of up to 12%.

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