Home Real Estate Dubai’s off-plan real estate sector to see growth in 2024: Report

Dubai’s off-plan real estate sector to see growth in 2024: Report

by Staff Reporter
ZaZEN Properties

ZaZEN Properties, a homegrown sustainable property developer in the UAE, cites that Dubai’s real estate landscape is on the cusp of transformation in 2024.

Last month, the emirate recorded a remarkable surge of over $9.6 billion in sales, representing a significant increase of 27% compared to the same period one year ago.

Madhav Dhar, COO and founding member of ZaZEN Properties explains what is spurring this increased demand, crediting the off-plan sector as a key catalyst, and attributing sustainability as a key criterion of success moving forward.

Dubai’s off-plan real estate

Dubai’s off-plan real estate sector has logged consistent growth for the past four consecutive years, propelling the overall UAE property market to hit Dhs455.7 billion in sales by the end of 2023. With demand expected to continue outstripping supply for the foreseeable future, the off-plan sector will bolster the residential growth in 2024 as developers continue launching various projects. This notion is reinforced by the overall market’s Year-on-Year (YoY) growth of 17% in sales transactions; 11,000 units were sold when compared to 8,712 in the same period twelve months ago.

With Dubai’s real estate transactions reaching an all-time high in 2023, the likelihood of more record-breaking success is on the horizon; especially when considering that non-resident investors accounted for 42% of total sales that were achieved last year.

Transitioning into 2024, 6,000 off-plan sales transactions were recorded in January, reflecting a 25% YoY increase in volume. “The appeal of off-plan properties – due to factors such as lucrative ROI, high great capital appreciation, and flexible payment plans – will only further elevate real estate progress in the cosmopolitan city of Dubai,” Madhav Dhar explained.

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He continued, “His Highness Sheikh Mohammed Bin Rashid’s decision to extend the ‘UAE’s Year of Sustainability’ throughout 2024 exemplifies the growing importance of sustainability; and this applies to all industries, including real estate. Dubai has witnessed remarkable progress, especially in recent years, and the data speaks for itself. However, the city’s ability to consistently thrive is rooted in a relentless desire to expand on growth – not rest complacently. Incoming projects that adopt sustainable principles and provide green offerings will accordingly reshape the landscape of Dubai real estate and take the emirate to new heights.”

ZaZEN Properties is catering to the mid-market while ushering in a new era of sustainability and contributing to key initiatives like UAE Net Zero 2050 and the Dubai 2040 Urban Masterplan.

The homegrown brand is preparing to launch another green real estate development in Al Furjan upon the completion of its latest development, ZaZEN Gardens, in this area; this under-development project is currently 90% constructed and will become the first LEED Gold-certified and Well-Being integrated residential development 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

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