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- 121 LEED-certified buildings rise in Dubai as spin-off of Expo 2020
- ZāZEN Gardens starts construction phase, 25% sold
Dubai, UAE: Dubai’s real estate market will remain strong against the backdrop of the country’s projected non-oil growth of nearly 4%, says ZāZEN Properties, the UAE’s leading sustainable real estate developer[1]. The local brand recently launched off-the-plan sales of its latest project, ZāZEN Gardens in Al Furjan, the first mixed-use development in the region to receive LEED Gold and benefits. Since its launch in mid-December, 25% of off-plan units have been sold and construction is well underway, underscoring the strength of the brand and Dubai’s off-the-plan market.
After a growth rate of 4.8% in 2022, the UAE’s non-oil sector is now expected to grow by 3.9% in 2023[2]. Although oil production in the Middle East has stagnated, the government’s aggressive steps have enabled the UAE to move away from an oil-driven economy. The coming year is expected to intensify the results that its efforts have achieved and will continue to bear.
Launched in 2017, the UAE’s Fourth Industrial Revolution Strategy aims to diversify efforts and boost the national economy through innovation and future technologies. The “300 Billion Action” aims to transform the booming industrial sector, focusing on strategic industries such as food, agriculture, water and healthcare, with leaders aiming to help reduce dependence on global supply chains and grow the national economy.
To realize this vision, multiple sectors have taken concerted action. In real estate, increasing initiatives have been taken to improve environmental sustainability and improve human lifestyles, thereby making investments in this industry appealing to a global audience. This can be attributed to a strategic focus area called “Smart Cities”.
Making buildings greener to meet regulators, investors and tenants is often costly; a reported $5.2 trillion will be needed to decarbonize the built environment over the next decade alone[3]However, research on the value of the “green premium” in real estate shows that green certification can generate a rental premium of 6.0% and a sales premium of 7.6%.
As real estate decarbonisation requires substantial investment, particularly in older buildings, retrofitting to more sustainable materials and designs can be complex, and a new wave of eco-friendly projects will ensure key UAE initiatives such as Dubai 2040 and Net Zero 2050 are achieved[4]. The country’s government cites the rise of 121 LEED-certified buildings as a by-product of Expo 2020[5]. More sustainability-focused projects are expected to join this list and support the development of the UAE in the near future.
Madhav Dhar, Co-Founder and Chief Operating Officer, ZāZEN Properties, commented: “The real estate and construction sectors will remain on the rise, especially in Dubai. The UAE’s industry and manufacturing-focused strategy, along with the UAE’s tourism strategy, will boost Growth in new opportunities, which in turn leads to demand for new talent and capabilities, creates jobs and strengthens the country’s position as a truly global hub. This will sustain real estate growth in the country and as the employment situation reaches pre-pandemic levels again Additional housing will be required to accommodate existing and new residents.Additionally, UAE Golden Visa rules and real estate investment scheme residency will continue to open the door for more people to invest and live in Dubai.
Madhav added: “Regarding the UAE’s sustainable development strategy, real estate developers will increasingly play a leading role in positioning the country globally. As the UAE enters its next phase of growth, the sector’s sustainable development will Becoming an important strategy to help it achieve its goals.ZāZEN Properties’ latest project, ZāZEN Gardens in Al Furjan will be the first mixed-use development to achieve LEED Gold certification and benefits, and we are proud to lead the way, reducing nearly 470 metric tons of CO2 emissions annually , while creating world-class residences”
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About Zen Garden
Sales inquiries for ZāZEN Gardens can be made through ZāZEN Properties’ lead sales partner, One Broker Group (OBG), a leading real estate brokerage in the UAE offering professional, transparent and personal service. For more information on ZāZEN Properties or its new 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.arabianbusiness.com/politics-economics/uae-tourism-to-soar-in-2023-with-27bn-plan-report#:~:text=The%20UAE’s%20GDP%20growth%20will,consistent %20level%20throughout%20the%20year.
[2] https://www.icaew.com/technical/economy/economic-insight/economic-insight-middle-east
[3] https://www.weforum.org/agenda/2022/01/green-real-estate-sustainability-corporate-priority/
[4] https://www.skagenfunds.ie/topic/real-estate/the-challenges-of-building-a-sustainable-real-estate-portfolio/
[5] https://mediaoffice.ae/en/news/2021/November/06-11/Expo-2020-Dubai-now-home-to-121-LEED-certified-buildings-as–mega-event-continues
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