Dubai-based Azizi Developments is currently focused on delivering projects in the pipeline slated for 2019 and 2020 deliveries after experiencing a slight dip in sales in 2018, according to CEO Farhad Azizi.
Speaking to Arabian Business, Azizi said that he expects that the company “will have a good year.”
“[Deliveries] are our big focus. I’m personally very focused on construction. That’s the bread and butter of a developer,” he said. “This is going to be a year in which we’ll have a lot of deliveries.”
Azizi added that “2020 will be the year with the most deliveries, so there’s a focus on that.”
In 2018, Azizi Developments announced that it had 200 projects in various stages of development, with seven projects slated for delivery in 2019.
Among the projects that will be delivered this year are properties in Healthcare City, Al Furjan and the Palm Jumeirah, along with the first phase of Azizi’s Meydan One flagship project, Azizi Riviera.
In his remarks, Azizi said that he is confident that the company’s sale figures will rebound after having fallen in 2018.
“Frankly speaking, 2018 was not the best of the best,” he said. “Sales wise, 2017 was better. Not by huge percentages, but 10 to 20 percent in different project locations. It was not just Azizi Developments. Many developers reported lower numbers, sales wise.”
The company, he added, already saw sales numbers begin to rise in December 2018 and the beginning of January.
“I was surprised how good December was. December was as good as December 2017,” he said. “I looked at both and in December 2017 I had better inventory. If I had the same inventory this year (2018) it would have been better than December 2017.”
“For us, thing’s started good,” he added. “So far, it’s been going according to our plans.”
In the long-term, Azizi added that Dubai’s status as a “global city” means he is unconcerned about drastic fluctuations in demand.
“This isn’t the Dubai of 20 years ago. There is a very constant demand for things,” he said. “The fluctuations won’t be big, if there are any. Things don’t spike up or go down quickly. This is something that gives a developer confidence.”For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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