Who said Dubai’s real estate market was going slow in 2016? Aziz Developments has just sold 85% of Royal Bay Residence project in Palm Jumeirah and many other developers are planning to launch new projects in the emirate. The truth is, this time around, the market is driven by genuine demand and there are not just investors, but actual buyers planning to become permanent residents of Dubai. After all it’s the shopping capital of the world and the most advanced city in the entire Middle East.
Dubai-based developer Azizi Developments revealed that the Royal Bay Residence project in Palm Jumeirah was worth AED 350 million and it aimed at completing it by the second quarter of 2017. Azizi believes Dubai to be one of the fastest growing cities in the world and sees the emirate as a prime real estate hub.
Azizi Developments CEO Farhad Azizi revealed that property projects in Dubai were enjoying great interest from emirate’s expatriates and with their new project on Palm Jumeirah, they had planned to offer something unique to the property buyers.
Apart from offering high-end contemporary interiors and views along the crescent edge of the Palm Jumeirah, Royal Bay Residence also offers buyers and investors an attractive 80:20 payment scheme. This allows buyers to only pay 80% upon handover while promising a return on investment of up to 10%.
Royal Bay Residence is part of Azizi Developments’ $1.9bn (AED 7.3bn) current portfolio for thousands of apartment units in Nakheel’s Al Furjan and Palm Jumeirah districts in Dubai.
Royal Bay Residence features a 90-unit fully serviced, high-end residential apartment building with a choice of two penthouses, 30 two-bedroom and 58 one-bedroom options. Once completed it would also provide residents with direct access to swimming pools, gymnasium, Jacuzzi, recreational options, beaches and landscaped gardens.
Dubai is expected to gain more popularity among international real estate investors and holiday makers in the years ahead as it has an array of attractive development projects under construction. If you haven’t still bought the unit you planned on buying in Dubai, now will be the best time to get your hands on it. Prices are affordable and yields are high.
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