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- Nearly 100% increase in unplanned projects compared to last November
- UAE construction sector expected to grow by 3.9% to exceed AED286 million
Dubai, UAE: Dubai’s real estate market continues to demonstrate post-pandemic resilience with sales transactions reaching AED30.5 billion in November, says ZāZEN Properties, the UAE’s leading sustainable property developer.The local brand recently launched off-the-plan sales of its latest project, ZāZEN Gardens in Al Furjan, and explained how the industry’s best monthly performance since 2011 was driven by rising interest in off-the-plan projects[1].
Last month, real estate transactions in Dubai rose 58.5 percent year-on-year with 10,941 transactions, compared to 6,905 in November last year.The growth was driven by record-breaking performance in the off-the-plan sector; Dubai’s under-construction sector lacks quality ready-made residential developments[2] Transaction volume surpassed AED12.7 billion for the first time in a decade, up 87.1%, almost double the AED6.8 billion registered in the same month last year[3].
Dubai attracted 4,000 high net worth individuals (HNWI), the largest number in the world this year. This adds to the nearly 70,000 millionaires who currently live in the metropolis and want to acquire real estate assets in desirable locations. Furthermore, with the World Cup in Qatar attracting an influx of tourists to the GCC countries, many tourists transiting through the UAE view off-the-plan property purchases as an ideal investment opportunity.
Off-plan properties cost almost 20% less than ready-made units[4], the huge benefits it offers are very attractive.Before the handover, such projects can be customized to a certain extent during the construction process, approved by the competent authority, and resold for profit before the completion of construction, as an alternative investment, diversifying the investment portfolio, with a lower purchase price and the ability to promote additional cash flow, not ready-made development[5].
Madhav Dhar, Co-Founder and Chief Operating Officer, ZāZEN Properties, comments: “Easy payment structures, a wide selection of properties to choose from, and several other benefits have brought attention to off-the-plan developments recently. This momentum is expected to continue until 2026, with construction The industry is expected to grow by almost 4%, thanks to the UAE’s status as a global safe haven, and the government’s push to expand the manufacturing and industrial sectors, requiring more labor. Whether you want to live in after completion, rent out or utilize your Investors who invest, off-the-plan properties have proven to be excellent investments.”
At last year’s COP27 meeting, the UAE pledged to increase its emissions reductions from 23.5 percent to 31 percent to achieve an 18 percent reduction by 2030 and a 60 percent reduction by 2040[6]. This is now helping to stimulate demand for sustainable real estate[7] ZāZEN Properties’ latest project, ZāZEN Gardens, is Al Furjan’s first LEED Gold certified and well-being integrated development, minimizing carbon footprint by reducing CO2 emissions by nearly 470 metric tons per year.
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About Zen Garden
All sales inquiries for ZāZEN Gardens can be made through its main sales partner, One Broker Group (OBG). OBG is a leading real estate agency providing professional, transparent and personal service in the UAE. For more information on ZāZEN Properties or its latest project, ZāZEN Gardens, please call +971 50 170 9376 or WhatsApp team.
About ZāZEN Properties:
Launched in 2018, ZāZEN Properties is building unique sustainable residential developments in established communities in Dubai, catering to mid-market consumers and offering ‘communities within buildings’.
ZāZEN Properties’ flagship development, ZāZEN One in JVT, is due for delivery in January 2022 and has been nominated several times for its design and sustainability efforts, most recently winning Sustainable Real Estate Project of the Year at the 2022 Sustainability Innovation Awards and Best Residential Development at the International Property Awards 2022 in the UK. As a result, units at ZāZEN One were sold out within 6 months, residents moved in and enjoyed a plethora of amenities.
ZāZEN Properties is constantly pushing the boundaries between design, sustainability, affordability and community living, with the ultimate goal of helping Dubains live a better life. The sustainable developer’s latest project is under construction; ZāZEN Gardens has launched off-the-plan sales, with model homes and a sales center on site for tours.
For all media inquiries please contact:
Bianca Riley | Aaron Iratu Karim Jeddah Jinan Hamel | Dusan Solomon
Atlin
E-mail: zazen@atteline.com
[1] https://www.khaleejtimes.com/business/dubai-property-market-posts-record-sales-value-volume-in-november
[2] https://www.cbnme.com/news/with-a-shortage-of-high-end-ready-to-live-properties-in-dubai-demand-for-off-plan-is-on-the- rise/
[3] https://www.khaleejtimes.com/business/dubai-property-market-posts-record-sales-value-volume-in-november
[4] https://homeworlddesign.com/all-about-buying-off-plan-property-in-dubai/
[5] https://insiderpaper.com/is-off-plan-property-in-dubai-a-really-profitable-investment/
[6] https://www.climatechangenews.com/2022/12/06/uae-plans-to-have-it-both-ways-as-cop28-climate-summit-host/
[7] https://www.cbnme.com/news/with-a-shortage-of-high-end-ready-to-live-properties-in-dubai-demand-for-off-plan-is-on-the- rise/
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