With mansions starting at Dh45 million and reaching up to an eye-catching Dh220 million, Azizi Developments is beginning to draw super-luxury off-plan residential property options to the Dubai South neighborhood.
Launches in Dubai South have so far been mid- to upper-mid priced, with average prices falling between Dh1 million and Dh3 million.
Azizi wants to defy the pricing trend and raise prices. The “Monaco Mansions,” which are a component of the Venice Azizi mixed-use project in Dubai South, are expected to cost Dh3.5 billion to develop. Only 109 of these homes will be available, and they will cost between Dh2,300 and Dh5,000 per square foot (psf).
The construction of Azizi Venice will cost Dh20 billion.
“Our Venice masterplan was launched approximately a year back,” said Farhad Azizi, CEO at Azizi Developments. “Sales for some of the Venice apartment buildings have started and they’re selling rapidly. Construction is progressing well.
“The ‘Monaco Mansions’ are now at next phase of the Venice masterplan.”
Dubai South, or clusters of the expansive master-development, may become the city’s next luxury residential area if Azizi’s wager on the ultra-premium pricing attracts investors. The last one to undergo this change was Dubai Hills, which quickly became a posh neighborhood for single-family houses after the post-Covid Dubai real estate boom began.
Covering an area of 145 square kilometers, Dubai South is home to the enormous Al Maktoum International Airport as well as the surroundings of Expo City.
One of the largest pricing ranges for off-plan homes is now available in the development. The ‘Terra Heights’ at Expo City, which Emaar just opened, offers residences starting at Dh1.45 million.
No holding back on comforts
The plot sizes of the Azizi Monaco Mansions range from 10,000 to 20,000 square feet. Each apartment will feature six to eight bedrooms and can be fully furnished or left unfurnished. A customer can anticipate bespoke features like wall panels, chandeliers, and “sculptural staircases.”
The four-story apartments front both the road and the lagoon, and they also have two swimming pools, a rooftop patio, a private theater, a spa with a Turkish hammam, and several kitchens.
The Venice masterplan
The “Venice” that will house 36,000 homes spread across more than 100 apartment buildings will house the 109 Monaco Mansions. A lagoon that “encircles” the homes provides the water element. “The turquoise waters are bordered by sandy beaches (and) an 8- kilometer long cycling and jogging track, yoga and sports facilities,” said a statement.
Along with a 400-seat theater and a performing arts academy, Azizi will also take over a 2,500-seat opera house in Venice that Zaha Hadid Architects created.
The 725-meter-tall “Azizi Burj” on Sheikh Zayed Road is part of the developer’s current, busy portfolio of projects in Dubai.
“Over the past 3 months, construction costs in Dubai have remained fairly stable, with only slight increases of approximately 0.5-0.75% per month, equating to 1.5-2.25%,” said Tizian Raab, Azizi spokesperson.
“This increase is in part due to scarcity of materials, resources, and reliable contractors, but rather negligible and is not felt by us.”
The developer directly procures construction materials ‘rather than letting third-party contractors do so on our behalf’. “As such, we benefit from economies of scale and deals that are closed early in advance, allowing us to sign framework agreements and respective contracts at lower price points,” said Raab.
Buy-sell before prices shoot higher
Dubai South was becoming more well-known as an investment destination even before Dubai revealed a grand plan to construct the largest airport in the world. Logistics was a key factor in the increase in the number of businesses establishing bases there. Given that Dubai World Central will build a new aviation hub over a ten-year period, that made logical.
However, the office, residential, and commercial choices there have drawn in others. There’s also the Expo City development to think about.
“For property investors, Dubai South and Expo City are creating new options by the week and buying before prices pick up speed,” said a broker. “For developers, it’s about acquiring new land at Dubai South/Expo City before land values shoot up.”
The mansions are Azizi’s contribution to this mixture. It would establish new standards for the pricing of luxury or ultra-luxury real estate options in Dubai South. Developers and real estate buyers will be on the lookout for that.
“Dubai South is steadily gaining traction in the secondary market, driven by its location and developments,” said Anmoll Shroff, founder and Chairman of Elton Real Estate Development. “Projects like Emaar South, Azizi Venice, and Pulse Villas have already appreciated since their launch. These, along with upcoming projects and the new Al Maktoum International Airport, are positioning the area as a hub for growth and investment.”
