ZāZEN Properties, the UAE's leading sustainable property developer, noted that the country's star emirate, Dubai, is strengthening the overall strength of the country's residential property sector.

Dubai's strong momentum in off-plan property sales was evident in the first half of 2023, with 57 per cent of transactions in the sector ranging between Dh500,000 and Dh2 million, and ZāZEN Properties' Chief Operating Officer, Madhav Dhar, explains why the next few years will be an ideal opportunity for off-plan property investors.

COP28 is just around the corner, and the deadlines for sustainability policies such as the UAE's Net Zero Carbon Emissions 2050 and Dubai's Urban Masterplan 2040 are drawing ever closer. This has led property developers to increasingly prioritise sustainability in the construction of their projects, and the recent announcement of Sheikh Mohammed's urban planning law, which aims to further strengthen Dubai's sustainable housing landscape, is a welcome sign.

The new law will help to establish a system of Environmental Impact Assessments and Strategic Environmental Assessments to ensure that Dubai's sustainable development agenda is adhered to. It will also increase transparency and accountability to ensure that upcoming residential developments are in line with the UAE's carbon reduction targets.

In the same way that the UAE has invested more than $1.3 billion in renewable energy projects in 65 countries, Dubai's real estate market is bound to see innovative changes that will further differentiate its sector from other cities around the world.

About nine per cent of global greenhouse gas emissions come from the MENA region, with half of the environmental impact coming from building materials, construction and building operations," explains Madhav. Recognising the importance of mitigating these impacts, the UAE is leading the way in eco-friendly efforts in the Middle East by implementing forward-thinking policies and encouraging more sustainable residential developments to create future-proof concepts to achieve ambitious goals.

Whilst great strides still need to be made, the UAE's performance in recent years has been impressive, and this momentum was maintained in the first half of 2023.

The Dubai Land Department (DLD) reported that 60,440 transactions with a total value of Dh177.3 billion were completed in the first six months of the year; these eye-popping figures represent the highest first-half sales in Dubai's history, and provide a solid foundation for Dubai to surpass the Dh300 billion target it predicted earlier this year.

Off-plan residential transactions grew by 38 per cent in value and 30 per cent in volume in the second quarter compared to the same period last year. The market is set to remain strong as more developers continue to build with the environment in mind and investors are conscious of buying properties that have a positive impact on the environment.

From an industry perspective, there are many ways in which developers can build green, and now is the best time to do so," he added. Investors are clamouring for Dubai because of its proven resilience in times of turmoil and its ability to generate lucrative ROIs. Buyers entering the market now will benefit from a positive market outlook pointing to 2030 and beyond - whether they wish to live in these developments, rent them out, or flip properties for profit.

Industry analysis and historical data suggests that purchasing off-plan properties is a profitable investment strategy as Dubai's burgeoning population grows in tandem with the demand for housing. the first six months of 2023 have seen an exemplary 22 per cent increase in average prices in Dubai's rental market.

Off-plan investors are expected to reap even greater rewards as Dubai's residential property sector grows sustainably over the coming decades, as ZāZEN Properties' latest project, ZāZEN Gardens in Al Furjan, will demonstrate first-hand; it is also LEED Gold-certified, a rarity in Dubai's residential developments to date, as well as Well-Being integrated design and extensive environmental practices that contribute to the environment.