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ZāZEN Properties, the UAE’s leading sustainable real estate developer, has announced that 75% of the units at its off-the-plan development in Dubai’s Al Furjan neighborhood have been sold.
ZāZEN Gardens is a Leed-Gold certified development with 159 apartments ranging in size from 824 sq ft to 1,612 sq ft and two retail outlets on the ground floor.
More than 25% of the construction work has been completed and will be delivered by next April.
The Emirati developer noted that pre-construction developments have played a major role in shaping this growth in recent years, with off-the-plan transactions increasing by 86% since 2021.
The trend is continuing in 2023; it said off-the-plan sales were up 42.1% in the first two months of the year compared with the same period last year.
ZāZEN noted that the continued boom in the off-plan sector will accelerate the UAE’s D33 targets, which include a total investment of AED650 billion by 2033.
It added that developers are innovating accordingly to attract foreign direct investment (FDI) and boost the country’s economy, with healthy housing developments gradually becoming popular.
Madhav Dhar, Co-Founder and Chief Operating Officer, said: “The real estate sector in the UAE is an investor’s market. It offers some of the highest ROI in the world, while prices remain low compared to other major cities around the world. As the country continues to Off-the-plan properties will continue to be the driving force towards achieving ambitious growth targets.”
He said the construction sector played an important role in driving the UAE’s economy, accounting for 6 percent of Dubai’s GDP, compared to a historical average of 8-9 percent in recent years.
He noted that as developers innovate in off-the-plan projects, they will simultaneously transform the country’s real estate sector, enhance its international competitiveness, and improve the environment.
“Since entering the Dubai real estate market, ZāZEN Properties has innovated with ZāZEN One, a sustainable community living development launched last year that sold out within months and won several awards along the way,” Dhar said.
He added that the company’s latest project, ZāZEN Gardens, adds to its portfolio of industry-revolutionizing projects and sets the benchmark for high-quality, sustainable and affordable residential projects in Dubai.-TradeArabia News Service
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