ZāZEN Properties; Dubai’s off-plan market will continue to flourish with record surge in 2024
Off-plan sales soared 73% quarter-on-quarter and accounted for 63% of total transactions in Q1
Press Release
- 83% of all transactions were for apartments and the remainder was attributed to villas
Dubai, UAE: ZāZEN Properties, a leading homegrown sustainable property developer in the UAE, highlights that Dubai’s real estate market is poised for a strong surge in 2024, particularly in the off-plan segment. The first quarter of 2024 has already shown significant growth, with off-plan sales representing 63% of all transactions[1]. During these three months, overall transaction volumes reached an all-time high of 35,100 units, up 35% from the previous quarter. Moreover, 83% of all transactions from January to April were for apartments, while the remainder were attributed to villas[2].
Madhav Dhar, COO and founding member of ZāZEN Properties, commented: ‘The UAE’s residential market is on an upward trajectory and the growing population is a key factor. In all of 2023, Dubai’s population grew by 25,489 people but the first three months of 2024 alone have already seen the emirate surpass this figure with a growth of 25,700 people[3].
This highlights the city’s resilience, innovation, and the nation’s visionary leadership, as people from all over the world continue to migrate here in increasing numbers. Similarly, the focus on high-quality sustainable developments is attracting a diverse array of investors who are seeking modern, eco-friendly living environments – which will play a crucial role in realising national agendas such as the recently announced Dubai Quality of Life Strategy 2033.”
Unveiled in May 2024, the Dubai Quality of Life Strategy 2033 aims to make Dubai’s name synonymous with fine living globally.
This ambitious blueprint encompasses over 200 projects and initiatives, with a significant goal of adding more than 30 new parks to enhance public spaces and green areas within the city[4]. Committed to building sustainable, high-quality developments, ZāZEN Properties was created with a similar vision and has easily integrated its current and future developments with government initiatives including the Dubai Quality of Life Strategy 2033, D33 and the Dubai 2040 Urban Master Plan. ZāZEN hopes to reinforce Dubai’s status as a top destination to live and invest in while delivering award-winning projects that push the boundaries of sustainability, design, quality, and community.
Madhav added: “Dubai’s synergy with sustainable development makes it an appealing choice for off-plan property investors. These new developments increasingly reflect the UAE government’s priorities, shaping the future of modern living. One key advantage of investing in off-plan properties is the potential for significant value growth as research shows that high off-plan sales within established communities are driving the market. By investing during the development phase, buyers can secure properties at lower prices, leading to substantial returns once construction is complete.
For instance, residents at ZāZEN One have witnessed a capital appreciation exceeding 40% over two years, while investors at ZāZEN Gardens have achieved a quick 25% profit on resale in under 12 months, with an ROI surpassing 45%, factoring in the initial payment plan. These results clearly illustrate how developments, especially sustainable ones that prioritise well-being and quality, can provide substantial benefits for both end users and investors.”
ZāZEN Properties leads the industry with its award winning projects which are known for sustainability, design excellence, quality, and community engagement. The company is set to launch its next sustainable, high quality project: ZāZEN Ivy. Located right next to award winning ZāZEN Gardens project in Al Furjan, this six-story residential building is minutes away from the Gardens metro station, packed with world class amenities and has integrated Vastu Compliant units within its overall design and unit mix. The project will also be LEED certified and includes multiple recycling stations, EV charging stations, and solar panels on the roof, underscoring ZāZEN’s commitment to sustainability. More information can be found on zazen.ae
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About Madhav Dhar:
Madhav Dhar, the Chief Operating Officer (COO) and founding member of ZāZEN Properties, has built an impressive career spanning over sixteen years across various industries. His unwavering passion for making a significant impact and doing things differently, drives his excellence in business operations and crafting innovative strategies to foster growth and drive success.
In 2018 he co-founded ZāZEN Properties, aiming to develop high-quality, sustainable real estate projects in Dubai. The company’s flagship project, ZāZEN One, set a new benchmark for sustainable community living, receiving widespread acclaim, while their second project, ZāZEN Gardens, stands as the UAE’s first LEED Gold certified residential building. Under Madhav’s visionary leadership, ZāZEN Properties will soon launch another development in Al Furjan, ZāZEN Ivy. With just 71 residences, it balances modern design & community living, with high quality finishes & world class amenities.
Madhav’s commitment to sustainability and building communities that improve quality of life, is in perfect harmony with the UAE’s vision for a better future. His impactful contributions earned him a spot in Construction Week’s Power 100, recognizing him as one of the top 100 most influential figures and among the top 25 developers in the Middle East construction industry in 2023.
About ZāZEN Properties:
ZāZEN Properties is a leader in sustainable real estate development in Dubai. Known for delivering award-winning projects that push the boundaries of design, quality, sustainability and community. All while being affordable. From implementing sustainable building practices, to innovative design concepts, they are constantly striving to raise the bar and set new standards of excellence in everything they do.
Their flagship project, ZāZEN One, is still considered the benchmark in the Jumeirah Village Triangle micro market, garnering prestigious awards, including Sustainable Real Estate Project of the year at the Sustainability Innovation Awards and Best Residential Development at the International Property Awards. ZāZEN Gardens in Al Furjan, stands out as the UAE’s first LEED Gold residences, winning the Sustainable Real Estate Project of the year at the NDTV Ultimate Realty Awards in 2024. With each project, they continue to build on their legacy of excellence and innovation, while adding value to Dubai’s skyline.
For all media inquiries contact:
Suzanne Kanianthra | Adnan Wahidi | Alina Zuberi | Sarah Kanji
Atteline
E-mail: zazen@atteline.com
[1]https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-market-achieves-record-breaking-73-surge-in-off-plan-buyers
[2]https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-market-achieves-record-breaking-73-surge-in-off-plan-buyers
[3] https://www.khaleejtimes.com/uae/dubais-population-grows-by-over-25700-in-first-three-months-of-2024
[4]https://www.khaleejtimes.com/uae/200-parks-women-only-beaches-sheikh-hamdan-announces-new-dubai-quality-of-life-strategy