Farhad Azizi, Group CEO of Azizi Group said that despite the current geopolitical situation, over US $100mn in property deals are being signed every day.
Azizi also said work on 200 buildings is continuing, and he expects demand for property to remain strong.
“We have almost 200 buildings under construction, and another 120-130 are in the design stage. All of those projects are progoressing as normal, and the demand is there. We’re not building homes for ourselves. We expect the demand to continue. Obviously, there are cycles for any industry in any mature market. Now, we’re at the peak, and it will continue to be so,” he said in a recent interview with Khaleej Times.
Speaking about the company’s month-long sales event in Meydan Hotel, during Ramadan, Azizi added, “The turnout at our sales event was a bit low in the first 2-days when the conflict started, but then people came back, and sales are happening. Banks are offering mortgages to end-users and investors,” he added.
On the first day of the event, the developer sold over $101mn worth of properties. On average, it is selling $41mn to $51mn in units every day. “In the last 20 days of Ramadan, we have had approximately $500mn worth of sales. For us, it’s business as usual,” he noted. He also added that up to 2,000 people turned up for the event on some days.
In addition to ongoing projects, the developer also announced plans to develop 151 hotels, including 100 4-star hotels, 50 5-star hotels and a 7-star hotel, with 90% of the portfolio based in Dubai. On completion, this will add 60,000 room keys and more than 75,000 jobs in the hospitality sector of the emirate.
He reiterated that there are no delays on projects in the region and the supply of construction material, MEP materials and elevators is arriving as expected. He explained, “There has not been a hiccup despite the regional geopolitical situation, which shows the resilience of the city, and that is boosting the demand.”
Azizi thinks the ongoing regional concerns are a “temporary challenge” and Dubai and the UAE will quickly get over it. Hailing from Afghanistan, Azizi has made the UAE his home for the last 30 years.
“We have 4 generations living in Dubai. We come from Afghanistan, a war-torn country. For us not to be discriminated against and to be accepted with an open heart, this means a lot to us. We started with a very humble beginning, and today we have a multi-billion dollar business, with 45,000 people working for our company. We’re very proud of this city and country,” he stated.
He added that the company has given US $1bn in donations to different charitable causes in the country. “We make money in the city, and we have to give back to society,” he concluded.
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