It is predicted that by the end of 2024, the size of the real estate market in the UAE is expected to reach $710 billion, highlighting the increasing importance of prioritizing sustainability in future projects for developers.
Madhav Dhar, Chief Operating Officer and founding member of ZāZEN Properties, stated that prioritizing energy-efficient construction, efficient design, and sustainable building methods will help mitigate negative environmental impacts. This approach aligns not only with Dubai's 2040 Urban Master Plan but also with the UAE's vision for net-zero emissions by 2050, reflecting a commitment to sustainable development.
Research conducted by JLL indicates that buildings with higher levels of green certification have long-term competitiveness. In Dubai, such buildings command premiums of 5% to 10%, with similar trends observed in other major international markets. This demonstrates a global recognition of the preference for sustainable real estate, particularly in the UAE.
Internet
The UAE government has set a target to reduce emissions by 56% from the 2019 baseline by 2030, while also aiming to improve energy efficiency in the construction industry by 40%. Alida Saleh, Head of Sustainability - MEA at JLL, noted that the UAE is making strides in its decarbonization journey, collaborating with the private sector to drive climate mitigation and adaptation strategies. This indicates that the UAE government is taking proactive steps towards achieving its 2030 emissions reduction targets.
A recent survey revealed that over 80% of UAE residents believe that it is time to focus on "preventing further damage" rather than "reversing the damage already done." This reflects an urgent need for sustainable development and encourages stakeholders to redouble their efforts in advancing sustainability initiatives.
Furthermore, a recent survey by UBS Global Wealth Management showed that 75% of UAE investors believe that sustainable development will become the norm by 2030. This indicates increasing recognition of sustainability, which will positively influence investment trends.
