(MENAFN- Atteline) ● 6,000+ Off-Plan Transactions Logged in January to Fuel UAE’s 2024 Real Estate Success
● Over $9.6 billion in sales were logged in the UAE in January to reflect a 27% YoY increase
Dubai, UAE - 13 February 2024: ZāZEN Properties, a homegrown sustainable property developer in the UAE, cites that Dubai’s real estate landscape is on the cusp of transformation in 2024. Last month, the emirate recorded a remarkable surge of over $9.6 billion in sales, representing a significant increase of 27% compared to the same period one year ago. Madhav Dhar, COO and founding member of ZāZEN Properties explains what is spurring this increased demand, crediting the off-plan sector as a key catalyst, and attributing sustainability as a key criterion of success moving forward.
Dubai’s off-plan real estate sector has logged consistent growth for the past four consecutive years, propelling the overall UAE property market to hit AED 455.7 billion in sales by the end of 2023. With demand expected to continue outstripping supply for the foreseeable future, the off-plan sector will bolster the residential growth in 2024 as developers continue launching various projects. This notion is reinforced by the overall market’s Year-on-Year (YoY) growth of 17% in sales transactions; 11,000 units were sold when compared to 8,712 in the same period twelve months ago.
With Dubai’s real estate transactions reaching an all-time high in 2023, the likelihood of more record-breaking success is on the horizon; especially when considering that non-resident investors accounted for 42% of total sales that were achieved last year. Transitioning into 2024, 6,000 off-plan sales transactions were recorded in January, reflecting a 25% YoY increase in volume. “The appeal of off-plan properties - due to factors such as lucrative ROI, high great capital appreciation, and flexible payment plans - will only further elevate real estate progress in the cosmopolitan city of Dubai,” Madhav Dhar explained.
He continued, “HH Sheikh Mohammed’s decision to extend the ‘UAE’s Year of Sustainability’ throughout 2024 exemplifies the growing importance of sustainability; and this applies to all industries, including real estate. Dubai has witnessed remarkable progress, especially in recent years, and the data speaks for itself. However, the city’s ability to consistently thrive is rooted in a relentless desire to expand on growth - not rest complacently. Incoming projects that adopt sustainable principles and provide green offerings will accordingly reshape the landscape of Dubai real estate and take the emirate to new heights.”
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 is preparing to launch another green real estate development in Al Furjan upon the completion of its latest development, ZāZEN Gardens, in this area; this under-development project is currently 90% constructed and 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.
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 center are available for viewing at the project site.
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