UAE-based Azizi Developments has announced that it has started international sales of its recently launched AED12 billion ($3.27 billion) Azizi Riviera project with the opening of its sales office in India.
Situated in the Mohammed Bin Rashid Al Maktoum City Meydan One project, Azizi Riviera comprises 69 mid-rise residential buildings of 13,000 units of one-bedroom, two-bedroom and studio apartments, an integrated retail district and a four and a five-star hotel.
The office is strategically located in Chennai, the capital city of the southern state of Tamil Nadu, Azizi said in a statement.
The company said the newly opened office “will meet the demand from Indian buyers and investors looking for real estate exposure in Dubai to counter burgeoning property prices in the key metro cities in their home country”.
Farhad Azizi, CEO of Azizi Developments, added: “We have been encouraged by the positive response from Indian investors who are looking for attractive residential options in the city of Dubai.
“As for all property developers in the UAE, India is a key focus market for us since clients from the country are very familiar with the UAE market and remain one of its biggest investors.”
According to Dubai Land Department figures, total real estate investments in 2016 touched AED91 billion, with investments by Indians accounting for AED12 billion of this amount. At 6,263 buyers, Indians also represented the highest number of foreign buyers.
“With the establishment of our office in Chennai, we can effectively explain our value proposition, and demonstrate our ability to develop and deliver high quality living spaces in one of the most dynamic cities in the world,” added Azizi.