(MENAFN- Atteline) ● Dubai is on pace to become one of the top 20 wealthiest cities in the world by 2030
● 64% of property purchases in Dubai are under the AED 3 million threshold historically
Dubai, UAE - 13 November 2023: ZāZEN Properties, a homegrown sustainable property developer in the UAE, sheds light on why Dubai-based real estate developers must place a greater emphasis on mid-market customers. With historical data indicating that 64% of all property purchases in the emirate are under the AED 3 million threshold, and developers increasingly launching luxury projects amid the UAE’s ongoing real estate boom, supply imbalances could arise if this course is not corrected.
Although many expatriates are beneficiaries of the UAE’s tax incentives and yield higher earning potential than they would by working in other countries, the fact remains that the mid-market segment must not be neglected. Dubai’s rank as the 18th most expensive city for expats to live and work in, alongside factors such as the country’s diverse array of nationalities and these residents’ widespread income levels only reinforces this notion.
It was reported that 32.5% of adults in the UAE in 2019 had a net worth of under $10,000 while 44.8% of residents had a wealth range between $10,000 and $100,000. On the other hand, 21.2% of the population boasted between $100,000 to $1 million in wealth while only 1.6% of people had more than $1 million dollars. While migration from overseas has been on the rise since then, and Dubai is on pace to be one of the 20 wealthiest cities in the world by 2030, these figures exemplify a discrepancy between wealth levels to emphasize the need for mid-market developments.
Sectors such as advanced technology, artificial intelligence, research and development, and the digital economy hold great promise due to their ability to stimulate innovation and improve the performance of the nation’s economy. The UAE Ministry of Economy (MOEC) has reported steady growth in the flow of investments in these industries, and with the country seeking to attract further investments in these spaces over the coming years, the need for middle to senior management will be required to nurture prosperity; subsequently, a need for high-quality, sustainable mid-market-focused real estate products will be needed to cater to them.
Madhav Dhar, ZāZEN Properties’ COO and founding member, commented: “Dubai is attracting high-net-worth individuals (HNWIs) at an unprecedented rate, but the fact of the matter is that not everyone can afford the glamorous lifestyle the emirate is synonymous with. The importance of middle-income real estate buyers, therefore, cannot be overstated. The launch of high-quality mid-market developments will provide investors and end-users with great value for money while helping to balance the inventory mix. as Dubai’s red-hot momentum eventually begins to slow down.”
ZāZEN Properties is catering to the mid-market while also ushering in a new era of sustainability and contributing to key initiatives such as UAE Net Zero 2050 and the Dubai 2040 Urban Masterplan, to future-proof the country’s economy. The homegrown brand’s latest development, ZāZEN Gardens in Al Furjan, will become the first LEED Gold-certified and Well-Being integrated residential development in April 2024. Annually, it will reduce 469 metric tonnes of carbon emissions and generate close to 390,000 kWh of onsite solar electricity, which is about 30% of the common area requirement yearly. ZāZEN Properties is committed to continuing to add to the sustainable landscape of Dubai, providing a better future for the UAE and its residents.
-ENDS-
About Madhav Dhar:
Madhav Dhar is a data-driven business management professional who has led a versatile and high-achieving career that spans fifteen-plus years across several industries. Highly knowledgeable about managing and executing business operations, as well as marketing strategies to positively contribute to bottom-line growth, Madhav co-founded ZāZEN Properties to create healthier living environments by developing high-quality sustainable real estate projects in Dubai. He has since spearheaded the launch of two successful sustainable residential projects (ZāZEN One and ZāZEN Gardens), with his efforts garnering him recognition in Construction Week’s Power 100 as one of the top 100 most influential faces and top 25 developers of Middle East construction in 2023.
About ZāZEN Properties:
Launched in 2018, ZāZEN Properties is building unique sustainable residential developments in established communities of Dubai, catering to the mid-market segment consumer and providing a ‘community within a building.’
ZāZEN Properties’ flagship development, ZāZEN One, located in JVT, was delivered in January 2022 and has been repeatedly nominated for its design and sustainability efforts, recently receiving the Sustainable Real Estate Project of the Year Award at the 2022 Sustainability Innovation Awards and the Best Residential Development Award at the International Property Awards 2022 held in the UK. As a result, units at ZāZEN One sold out within 6 months with residents occupying and enjoying the vast number of amenities.
ZāZEN Properties continues to push the boundaries between design, sustainability, affordability, and community living, with the ultimate goal of helping people in Dubai live better. Construction for the sustainable developer’s newest project is underway; off-plan sales for ZāZEN Gardens are nearly complete. A show unit and sales centre are available for viewing at the project site.
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