DUBAI, UAE - ZāZEN Properties, a leading sustainable real estate developer in the UAE, noted that the country is the second largest market in the region, accounting for approximately 21.6 per cent of the GCC market share.
The total value of real estate projects across the GCC is currently approximately US$1.36 trillion, while Saudi Arabia accounts for approximately 64.5% of these developments, with approximately US$87 billion in projects.
The UAE and Saudi Arabia are the main catalysts behind the positive real estate outlook for the Middle East through 2023. Even though the latter controls the majority of regional projects, the UAE is poised to gain ground quickly.
According to the Dubai Land Department (DLD), the emirate registered 3,903 real estate transactions worth around US$2.8 billion in the last week alone, with Dubai in particular leading the trend with a large number of property deals.
The country has actively worked to enhance the UAE's real estate appeal. While the diversification agenda has been entrenched since the country's inception, the launch of the Dubai Economic Agenda (D33) will only add to the UAE's appeal.
In addition, enhanced business and lifestyle legislation, as well as attractive visa reforms are continuing to attract residents to Dubai, particularly as EU countries such as Greece, Portugal and Ireland tighten their restrictions.
Analysts had previously estimated that Dubai would only be able to accommodate an average of 25,000 new residential units per year until 2030, however, the emirate is exceeding this forecast with a supply of one million new homes by the end of this decade; this has allowed both residents and foreigners to accelerate their investment in the country's real estate sector, contributing to the emirate becoming one of the world's most attractive real estate markets .
In addition, the DLD has recently launched an 'instant sale' feature that uses smart valuation technology in real estate transactions to bypass the need for audits. In line with the desire to maintain the country's exceptional real estate growth, this move will enable real estate purchases to be made securely and within minutes. It also reinforces the ongoing digitalisation efforts of the UAE economy since 2013, while aligning with D33 by leveraging innovative solutions that will make the UAE the best city in the world to live and work in by 2033.
Madhav Dhar, co-founder and COO of ZāZEN Real Estate, said: "The innovative mindset of the UAE's forward-thinking leadership has helped the country rank 31st globally and 1st regionally in the Global Innovation Index. A willingness to push the limits of what most would consider impossible has helped them achieve this feat and has led to a continued climb up this ranking since 2018. The UAE's real estate market has been a major beneficiary and the country's property sector will continue to thrive as the UAE strives to build on this success with ambitious goals, including sustainable development."
Since entering Dubai's real estate market, Zarth Real Estate has brought its own innovations to the table. After delivering its sustainable community living project, ZāZEN One, last year, the project sold out within months, winning multiple awards along the way. The company's latest project, ZāZEN Gardens, is raising the bar as the first LEED Gold certified development to include wind and water optimisation and on-site solar power. Located near The Gardens metro station, more than 60% of the units have been sold since its launch in mid-December 2022, and by the time it is handed over in April 2024, the development will have set the benchmark for high-quality, sustainable and affordable residential developments in Dubai.