Azizi announces $8 billion Sharjah project

Dubai-based property developer Azizi Developments is set to launch a Dh30 billion ($8.16 billion) mixed-use development in Sharjah, marking the company's first venture in the emirate. Azizi Florence, the freehold project, will consist of 1,130 villas, over 6,000 town houses, and 3,500 apartments. Three-bedroom town houses will be available for Dh1.89 million.

The development will encompass residential, retail, hospitality, education, leisure, and wellness offerings, centered around a 1.7 million-square-foot Central Park. Six residential clusters will feature parks, clubs, community centers, and landscaped gardens within each cluster.

The company, which currently has approximately 150,000 units under construction valued at several tens of billions of US dollars, is also building Burj Azizi, a skyscraper slated to become the world's second-tallest after Burj Khalifa upon completion in 2028. Azizi Florence is the first of several projects from Azizi Developments in Sharjah, which include Azizi Riviera and Azizi Venice in Dubai.

Sharjah's real estate market saw a 9.3 percent year-on-year increase in total value, reaching Dh29.5 billion in the first half of the year, with a 23.7 percent year-on-year rise in the number of transactions to 59,460, according to a recent WAM report. Emaar Properties founder Mohamed Alabbar recently stated that Dubai's property market is poised for a "nice balance" in the coming year, despite the impacts of the Iran war. He expects an adjustment of 5 to 10 percent due to the extraordinary situation.