- Off-plan projects saw a nearly 100% increase compared to November of last year
- UAE construction is projected to grow by 3.9% with output worth over AED 286 million
Dubai, UAE: ZāZEN Properties, a leading sustainable property developer in the UAE, cites that Dubai’s real estate market has continued to showcase post-pandemic resilience by recording sales transactions worth AED 30.5 billion in November. The homegrown brand recently launched off-plan sales for its newest project, ZāZEN Gardens in Al Furjan, and explains how the industry’s best monthly performance since 2011 has been fueled by rising interest in off-plan projects.
Last month, Dubai registered a 58.5% year-on-year increase in real estate transactions with 10,941 sales, compared to 6,905 deals in November of last year. This growth has been spearheaded by the off-plan sector’s record-breaking performance; a shortage of good quality ready-to-live-in developments has seen Dubai’s under-construction segment transact over AED 12.7 billion for the first time in a decade, reflecting an 87.1% increase with nearly double the AED 6.8 billion value registered in the same month last year.
Dubai has attracted 4,000 high-net-worth individuals (HNWIs), the largest number of any country in the world this year. This is adding to the nearly 70,000 millionaires that currently reside in the metropolitan city and are looking to secure real estate assets in desirable locations. Furthermore, with the Qatar World Cup creating an influx of tourism to GCC states, many of the visitors transiting in the UAE are viewing off-plan purchases as an ideal investment opportunity.
With off-plan properties costing almost 20% less than readymade units, the vast benefits it provides are highly appealing. Prior to handover, such projects can be customized to some extent during the construction process, upon authority approval, flipped for a profit before construction is complete, and works as an alternative investment, to diversify one’s portfolio, with its lower buying price and ability to facilitate extra cash flow, than that of readymade developments.
Madhav Dhar, co-founder, and COO of ZāZEN Properties commented: “Convenient payment structures, a wide selection of properties to choose from, and several other benefits have seen off-plan developments garner attention as of late. The momentum is projected to continue through 2026 with construction expected to grow by nearly 4% thanks to UAE’s global position as a safe haven and the Government’s drive to expand the manufacturing and industrial sectors, requiring a larger workforce. Whether you’re an investor who is looking to live in a unit upon completion, rent it out, or capitalise on your investment at a later date, off-plan properties have proven themselves to be excellent investments.”
Last year’s COP27 conference saw the UAE pledge to increase their emission cuts from 23.5% to 31% to achieve an 18% reduction by 2030 and a 60% reduction by 2040. This is now helping spur demand for sustainable real estate and ZāZEN Properties’ latest project, ZāZEN Gardens, the first LEED Gold certified & Well-Being Integrated development in Al Furjan, is leading the way by minimizing its carbon footprint through the reduction of nearly 470 metric tons of CO2 annually.
About ZāZEN Gardens
All sales enquiries for ZāZEN Gardens can be routed through their primary sales partner, One Broker Group (OBG). OBG is a leading real estate brokerage company that offers professional, transparent, and personalised services across the UAE. For more information about ZāZEN Properties or its latest project, ZāZEN Gardens, please call or WhatsApp the team at +971 50 170 9376.
About ZāZEN Properties:
Launched in 2018, ZāZEN Properties is building unique sustainable residential developments in established communities of Dubai, catering to the mid-market segment consumer and providing a ‘community within a building.’
ZāZEN Properties’ flagship development, ZāZEN One, located in JVT, was delivered in January 2022 and has been repeatedly nominated for its design and sustainability efforts, recently receiving the Sustainable Real Estate Project of the Year Award at the 2022 Sustainability Innovation Awards and the Best Residential Development Award at the International Property Awards 2022 held in the UK. As a result, units at ZāZEN One sold out within 6 months with residents occupying and enjoying the vast number of amenities.
ZāZEN Properties continues to push the boundaries between design, sustainability, affordability, and community living, with the ultimate goal of helping people in Dubai live better. Construction for the sustainable developer’s newest project is underway; off-plan sales for ZāZEN Gardens have launched, and a show unit and sales centre are available for viewing at the project site.
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Bianca Riley | Aaron Illathu | Karim Geadah | Jinaan Hameer | Dushane Solomon