Dubai: 68% of Azizi Developments' customers plan to rent properties
Real estate developer reveals details of study it conducted to understand customer requirements and demographics
UAE real estate developer Azizi Developments said a "comprehensive study" it implemented found that the majority of its buyers (68.5%) plan to purchase a property with the intenton of renting it out, with studio apartments remaining the most popular form of investment for the Mirwais Azizi-chaired Azizi Developments' buyers, comprising 65% of all its sales.
One-, two-, and three-bedroom apartments respectively make up 25%, 7%, and 3% of Azizi Developments' sales, which are influenced by factors such as location and unit price.
Azizi Developments had revealed late in August 2019 that Emiratis made up 52% of its customers, followed by Saudi Arabians (25%), Indians (10%), and Pakistanis (4%).
Commenting on the findings, Azizi Developments' chief executive officer, Farhad Azizi, said: “Big data, with its ability to generate precise insights with profound applications, is a technological facilitator that is set to play an important role in our sector in the coming years.
"It adds a much-needed, customer-centric dimension to real estate and helps us in setting our strategy in a way that adds monumental value to the UAE property sector and economy.”
Executive director of Azizi Developments’ engineering division, Mohamed Ragheb, added: “This most recent study of ours helps us in the ideation, conceptualisation, and execution of our construction.
"Through such findings, we are able to tailor our developments to the exact needs and aspirations of our customer demographics to a much greater extent.”