Dubai’s Azizi Developments makes first foray into Sharjah with Dh30 billion project

Dubai-based property developer Azizi Developments is venturing into Sharjah with a Dh30 billion ($8.16 billion) mixed-use project, marking their entry into the emirate. The freehold development, Azizi Florence, will comprise 1,130 villas, over 6,000 town houses, and 3,500 apartments. Three-bedroom town houses will be priced from Dh1.89 million.

The project will offer a blend of residential, retail, hospitality, education, leisure, and wellness facilities, all centered around a 1.7 million-square-foot Central Park. Each of the six residential clusters will have its own park, clubhouse, community centre, and landscaped gardens. The company has approximately 150,000 units under construction, valued at several tens of billions of US dollars.

Azizi is also constructing Burj Azizi, which will become the world's second-tallest skyscraper after Burj Khalifa upon completion in 2028, valued at Dh6 billion. Other recent projects include Azizi Riviera and Azizi Venice in Dubai. In Sharjah, total real estate transactions in the first half of the year climbed 9.3 per cent year-on-year to Dh29.5 billion, with a 23.7 per cent increase in the number of transactions to 59,460.

Emaar Properties founder Mohamed Alabbar recently stated that the Dubai property market is set for a "nice balance" next year, despite the effects of the Iran war, predicting an adjustment of 5 per cent to 10 per cent due to the extraordinary situation.