Dubai: The Dubai South district is starting to attract super-luxury offplan residential property choices, with Azizi Developments launching mansions from Dh45 million and going up to an eye-catching Dh220 million.
So far, Dubai South has seen launches in the mid- to upper mid-priced range, with average prices in the Dh1 million to Dh3 million range.
Azizi clearly wants to buck the pricing trend and escalate. The ‘Monaco Mansions’ - with an estimated development cost of Dh3.5 billion - are part of its Venice Azizi mixed-use project at Dubai South. There will only be 109 of these residences, with the price per square foot set (psf) at Dh2,300-Dh5,000.
Azizi Venice will cost Dh20 billion to build.
“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.”
If Azizi’s bet on the super-premium pricing gains an investor following, Dubai South – or clusters of the sprawling master-development –can emerge as the next luxury residential location in the city. The previous one to see such a transition was Dubai Hills, where after the Dubai property boom started post-Covid instantly emerged as a high-end destination for standalone homes.
Dubai South spreads over 145 square kilometers, and includes the Expo City environs and the massive Al Maktoum International Airport.
The development now hosts one of the widest price categories when it comes to offplan homes. Emaar recently launched the 'Terra Heights' at Expo City with apartments from Dh1.45 million.
No holding back on comforts
The Azizi Monaco Mansions have plots ranging 10,000 to 20,000 square feet. Each unit will have has six- to eight bedrooms and available unfurnished or fully so. Bespoke touches like chandeliers, wall panels and ‘sculptural staircases’ are all part of what a buyer can expect.
The four-level residences, with road- and lagoon-facing exteriors, also have dual swimming pools, a rooftop terrace, private cinema, a spa with Turkish Hammam, and multiple kitchens.
The Venice masterplan
The 109 Monaco Mansions will take their place within a ‘Venice’ that will encompass 36,000 residences across 100 plus apartment complexes. The water element comes through a lagoon that ‘encircles’ the residences. “The turquoise waters are bordered by sandy beaches (and) an 8- kilometer long cycling and jogging track, yoga and sports facilities,” said a statement.
Azizi will also co-opt a 2,500-seat opera house – designed by Zaha Hadid Architects - within Venice, as well as a 400-seat theatre and a performing arts academy.
The Dubai-based developer has quite an active project portfolio at the moment, including a 725-metre high ‘Azizi Burj’ on Sheikh Zayed Road.
“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
Even before Dubai announced a masterplan to build the world’s biggest airport, Dubai South was gaining in visibility as an investment destination. More companies were setting up base there, with logistics being a major driver. That made sense given that Dubai World Central will, over a decade, create a new aviation hub.
But there are others that have been attracted by the office, residential and commercial options there. Plus, there is the Expo City development to consider.
“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.”
It’s into this mix that Azizi comes in with the mansions. What it would do is set up new benchmarks to how luxury or super-luxury property options can be priced in Dubai South. That’s what property buyers and other developers will be watching out for.
"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."
Dubai South is steadily gaining traction in the secondary market, driven by its location and developments.
