Dubai Real Estate Market Shows Strong Growth and Sustainability
In recent years, Dubai has consistently been ranked as one of the top cities for real estate, alongside Miami and Singapore. Despite a surge in demand for renting and buying properties, Dubai’s real estate market remains fairly valued. The city has experienced impressive growth, with annualized real price growth of 14.6% and annualized rental price growth of 20.3% from mid-2022 to mid-2023, placing it among the highest worldwide.
The Dubai Land Department (DLD) has reported encouraging results for the third quarter, indicating that the real estate sector’s momentum is being maintained. A total of 31,216 transactions were recorded from July to October, reflecting a 22% year-over-year growth. The value of sales transactions also saw a significant increase of 40% compared to the same period last year.
Several factors contribute to Dubai’s upward trajectory in the real estate market. The city’s reputation as a geopolitical safe haven attracts overseas investments, while streamlined visa regulations and a favorable business environment encourage migration and international interest. Additionally, Dubai’s commitment to sustainable development and emphasis on creating a luxurious lifestyle further contribute to the market’s growth.
ZāZEN Properties, a homegrown sustainable property developer in the UAE, plays a crucial role in Dubai’s transformation. Their latest development, ZāZEN Gardens in Al Furjan, will become the first LEED Gold-certified and Well-Being integrated residential project in April 2024. This development aims to reduce carbon emissions and generate solar electricity, aligning with Dubai’s vision for a sustainable future.
Madhav Dhar, COO and founding member of ZāZEN Properties, emphasizes Dubai’s potential as a prime destination for real estate. Dhar highlights the city’s current and projected fair market value, as well as its low bubble risk compared to other markets. By combining quality, sustainability, and affordability, ZāZEN Properties continues to push boundaries in design and community living, creating a better future for the UAE and its residents.
Sources:
– ZāZEN Properties
– Dubai Land Department
– Construction Week
– International Property Awards UAE
