(MENAFN- Atteline) • The UAE’s off-plan sector propelled the overall market to surpass AED 455.7 billion in sales in 2023
• Dubai’s off-plan sector has grown for four consecutive years and 60,000 units were completed last year
Dubai, UAE - 30 January 2024: ZāZEN Properties, a homegrown sustainable property developer in the UAE, cites that Dubai’s off-plan real estate sector will continue to bolster the overall market’s growth; this segment has grown for four consecutive years and despite the completion of over 60,000 units, demand continues to exceed supply with the cosmopolitan city’s population rapidly growing to rank among the fastest globally. Madhav Dhar, COO and founding member of ZāZEN Properties sheds light on off-plan sector factors that are appealing to savvy investors and residents who are making purchases as end-users.
Collectively, the off-plan property segments of Dubai and Abu Dhabi propelled the UAE’s overall real estate market, enabling the country to surpass AED 455.7 billion ($124 billion) in sales last year. The emirate was a particularly notable bright spot, benefitting from a flourishing tourism sector that increased home demand and witnessed a sales value of AED 160.46 billion; 72.3% growth when compared to the AED 93 billion sales value seen in 2022. Furthermore, 68,783 off-plan sales transactions were logged in 2023, reflecting a 59.4% increase from 43,151 in 2022, and the greatest yearly performance for this segment to date.
With recent news reporting that the UAE has removed the AED 1 million ($272,294) minimum down payment requirement to qualify for a golden visa through real estate investment, this will open the door for thousands of investors to more easily access the country’s popular Golden Visa program. Not only will this incentive benefit the nation’s economy but it will also play an instrumental role in boosting the UAE’s real estate sector value and likely see developers ramp up their already unprecedented pace as it relates to the construction of new projects.
Madhav Dhar explained: “The UAE's visionary decision to eliminate the AED 1 million down payment requirement for the golden visa program will strengthen Dubai’s real estate landscape. This bold move not only enhances accessibility for current and new investors by enabling them to cement Dubai as their secondary home or primary base but it also injects fresh vitality into the market by allowing them to take advantage of world-class infrastructure and global connectivity. By facilitating easier entry for investors and stimulating demand, the UAE has positioned itself as a global leader in fostering a resilient and competitive real estate sector. This forward-looking policy underscores the country's dedication to innovation and growth and we anticipate this change to have a profound and positive impact on the industry, paving the way for a new era of opportunities and sustainable development.”
As it relates to the country, ZāZEN Properties is catering to the mid-market while ushering in a new era of sustainability and contributing to key initiatives like UAE Net Zero 2050 and the Dubai 2040 Urban Masterplan. 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.
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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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