Mid-Floor Studio in Azizi Riviera Reve Tower 3, Meydan, Below Market

Property Overview

This mid-floor studio in Azizi Riviera Reve Tower 3, Meydan, is offered as a distress sale at AED 1,000,000, cash buyers only. The studio measures 433.46 sq ft, approximately AED 2,307 per sq ft. The agent cites comparable units at AED 2,871 to 3,107 per sq ft, which places this asking rate 19.6% to 25.7% below those comparables.

Property Highlights

• Property type: Apartment (studio)
• Built-up area: 433.46 sq ft
• Asking price: AED 1,000,000
• Asking rate: approx. AED 2,307 per sq ft (calculated)
• Agent-cited comparable range: AED 2,871 to 3,107 per sq ft
• Gap vs comparables: 19.6% (low end) to 25.7% (high end)
• Floor: Mid floor (agent-stated)
• Payable to seller: AED 212,400 (agent-stated)
• Balance to developer: AED 787,604 (agent-stated)
• Payment: Cash only (agent-stated)
• Developer: Azizi Developments

Why the Price Qualifies as Below Market

At AED 1,000,000 for 433.46 sq ft, the asking rate is approximately AED 2,307 per sq ft. The agent cites comparable units at AED 2,871 to 3,107 per sq ft and describes the deal as about 23% below market comps.

DPF uses the conservative end of the supplied range. Against AED 2,871 per sq ft, the asking rate is 19.6% lower; against AED 3,107 per sq ft it is 25.7% lower, and against the mid-point of about AED 2,989 per sq ft it is 22.8% lower, close to the agent's 23% figure.

Calculation

• AED 1,000,000 / 433.46 sq ft = approx. AED 2,307 per sq ft
• (2,871 minus 2,307) / 2,871 = 19.6% below the low end of the range
• (3,107 minus 2,307) / 3,107 = 25.7% below the high end of the range

The dates, unit types and sources of the comparables were not supplied, and no original purchase price was given. Buyers should request the underlying transactions and compare like-for-like studios.

Payment Position

The agent splits the price into AED 212,400 payable to the seller and AED 787,604 remaining payable to Azizi. Those two figures add up to AED 1,000,004, which is AED 4 more than the stated AED 1,000,000 asking price, so the exact amounts should be confirmed from the Azizi statement of account. The seller will accept cash buyers only.

About the Project, Developer and Community

Azizi Riviera Reve is a three-tower residential project by Azizi Developments within Azizi Riviera at Meydan One. Published building information lists studio to three-bedroom apartments, with amenities including a crystal lagoon with deck and sun loungers, gym, tennis court, retail and dining outlets, covered parking, valet and 24-hour security.

Layout and Floor

The agent confirms a 433.46 sq ft studio on a mid floor. The view, furnishing, bathroom count and parking were not supplied and should be confirmed during viewing.

Handover Status

The brief did not state whether the building has been handed over. With a balance still payable to Azizi, buyers should confirm the handover status, the remaining payment schedule and Azizi's NOC requirements before agreeing terms.

Verification Notes

• Agent-supplied facts: project, Tower 3, studio, 433.46 sq ft BUA, asking price AED 1,000,000, comparable range AED 2,871 to 3,107 per sq ft, about 23% below comps, mid floor, AED 212,400 to seller, AED 787,604 balance and cash only.
• Calculated by DPF: asking rate per sq ft, gap against both ends of the comparable range and the payment split check.
• External research: developer, three-tower layout and amenities.
• Not supplied: original purchase price, comparable sources, view, furnishing, parking, handover status and service charge.