ZaZEN Properties, a leading sustainable property developer in the UAE, noted that Dubai’s real estate sector is progressively embracing sustainability to align with key mandates issued by HH Sheikh Mohamed Bin Rashid Al Maktoum like the Dubai 2040 Urban Masterplan and UAE Net Zero 2050.
Sustainability in focus
With sustainability being an integral part of future-proofing the country’s real estate landscape, Madhav Dhar, COO and founding member of ZaZEN Properties, explained why prioritizing energy-efficient buildings, efficient design and sustainable construction methods will ensure that upcoming developments mitigate negative environmental impacts.
A recent study found that over 80% of UAE residents believe it is time to focus on “preventing further damage” rather than “reversing damage already done.”
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With the UAE’s real estate sector anticipated to reach a staggering value of $710 billion by the end of 2024, this reinforces the importance of developers prioritizing sustainability in upcoming projects.
By emphasizing green practices, the sector can play a pivotal role in achieving the country’s carbon emission reduction targets by the half-century mark; yielding the potential to increase the nation’s GDP by approximately $1 trillion before 2050 and to simultaneously transform the real estate landscape so that future generations can inherit a more sustainable world.
Green buildings in Dubai
According to recent reports, Dubai already ranks third among global cities within the domain of having the highest number of green buildings; the emirate currently has nearly 400 LEED-certified projects.
With the UAE’s leadership extending the “Year of Sustainability” to 2024, residential projects that make the most of natural light, utilize thicker concrete slabs for improved insulation, and incorporate smart technology, energy-efficient appliances and even renewable energy sources like solar panels, will help increase this number further while contributing to the country’s green agenda.
With a recent survey conducted by UBS Global Wealth Management showing that 75% of UAE investors think that sustainable developments will become the norm in 2030, this notion is backed by the surge in interest in environmentally conscious developments today. While ROI was once thought to be the measure of success, 93% of investors now think that selecting sustainable options won’t affect performance but rather enhance longevity.
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Madhav explained: “With an increased preference for sustainable real estate, a shift in investment trends is poised to kick off in the UAE and have a positive impact that extends into the coming years. Developers who launch sustainable community-centric developments with world-class amenities can accordingly cater to a variety of consumer preferences and lifestyles, reshape the UAE’s real estate landscape, adhere to both regional and global green objectives, and inject added value to the country’s economy as a whole.”
As it relates to adding economic value to the UAE, ZaZEN Properties is preparing to launch another green real estate development in Al Furjan upon the completion of its latest development, ZaZEN Gardens. Their current project is currently over 90% constructed and will become the first LEED Gold-certified and Well-Being integrated residential development on delivery in April 2024. Annually, it will reduce 469 metric tonnes of carbon emissions and generate close to 390,000 kWh of onsite solar electricity, which is about 30% of the common area requirement yearly.
tanvir@dubainewsweek.com
