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Dubai, United Arab Emirates, 18th February 2020: Azizi Developments, one of the leading private developers in the UAE, is developing Riviera in the most popular residential destination of Dubai – Mohammed Bin Rashid City. Property Monitor reveals that in 2019, MBR City has experienced the highest sales volume of residential apartments in Dubai, with 3,361 units sold, surpassing all other major areas and making it the most sought-after residential destination in the city.
Property Monitor also unveiled other noteworthy data, such as MBR City’s high volume of move-in and low volume of move-out requests, with a staggering 1,392 having moved in to the highly strategic, central area. This can be attributed to its direct connectivity to major retail, business and leisure hubs of the city, as well as its outstanding infrastructure.
Property Monitor also highlights that MBR City ranked 4th in the sales price category for apartments, right after City Walk, Cultural Village Apartments and Downtown Burj Khalifa. The high residential prices in MBR City are a testament to its popularity, with demand and supply driving prices up. Azizi Developments’ world-class units in Riviera start at AED 528,000.
Moreover, Property Monitor shows that MBR City was ranked among the top 10 prime locations in terms of rental yields, granting property owners who invest in the area strong returns.
Elias Sami, Director of Marketing & Communications at Azizi Developments, said: “These findings echo our vision of developing projects in the most up-and-coming, strategic locations of this marvellous emirate, as well as our alignment with current market needs. With its outstanding connectivity and accessibility to all that matters, exceptional designs, community framework, and a wide array of amenities, Riviera is sure to surpass investor expectations. Following its success, we are looking to develop further projects in MBR City, with many in planning. Being a data-driven organisation, we are very well aware of MBR City’s potential, and look forward to completing our sizable, French Mediterranean-inspired community – a landmark destination that will shape the area and propel it into a new paradigm of residential distinction.”
Riviera is a stylish waterfront-lifestyle destination located in the heart of MBR City, which upon completion is planned to comprise 71 mid-rise buildings with over 16,000 residences that are conveniently located in the midst of all the business and leisure hubs of the city. Designed to introduce the French-Mediterranean lifestyle to Dubai, merging a certain 'joie de vivre' — a celebration of life, an exultation of spirit - with architectural art, Riviera is set apart as a unique residential landmark. The homes offer spectacular views of the city’s skyline and ensure generous space, spread across three districts: An extensive retail boulevard, a canal walk with artisan eateries and boutiques, and Les Jardins — a lush-green social space. Phase one of Riviera is now 55% complete and 95% sold out.
The first phase of Riviera comprises 3,589 residences across 18 towers, consisting of 2,461 studios, 935 one-bedroom, 111 two-bedroom, and 82 three-bedroom units, most of which are projected to be completed in 2020. Phase 1 has a total built-up area of 375,541 sqm and a total gross floor area of 180,854 sqm.