- February saw 6,600 off-plan transactions worth a value of more than AED 13 billion
- Off-plan properties below AED 3 million will continue driving growth across the emirate
Dubai, UAE – 7 March 2024 ZāZEN Properties, a leading sustainable property developer in the UAE, cites that 15,489 sales transactions worth a value of nearly AED 49 billion were logged in February across Dubai’s overall property market; the Dubai Land Department (DLD) attributes 6,600 of these entries to off-plan properties, equating to a value of AED 13.8 billion and reinforcing the strength of this segment as it continues driving the cosmopolitan city’s ongoing real estate success.
While the AED 48.99 billion value of total sales transactions last month reflects a 16% decrease from January, Madhav Dhar, COO and founding member of ZāZEN Properties, says that off-plan properties below the AED 3 million threshold will continue driving growth across the emirate as good quality affordable housing options become increasingly sought after by residents.
With the DLD having recently initiated reforms to mitigate fake listings, residents will be further enabled to source affordable homes without the hassle of dealing with fraudulent advertisements. This will not only bolster Dubai’s off-plan market but also its real estate industry as a whole, as fines worth AED 50,000 and suspensions will be handed out to those in violation of these rules.
Madhav commented: “The wise leadership of the country has made it a habit to halt actions that are detrimental to the overall well-being of UAE real estate, and the DLD’s recent efforts reinforce this notion. As more Dubai residents look to strengthen their roots in the emirate and buy homes instead of renting in the long term, similar reforms will go a long way in creating an environment that facilitates such market demands. Beyond affordable housing, UAE residents are also increasingly desiring sustainable homes as a way of the future. The country’s growing focus on sustainability, as exemplified by its decision to extend the “Year of Sustainability” from 2023 into 2024, is driving this change to further reshape the real estate landscape.”
As green building practices and energy-efficient designs gain prominence within the market, ZāZEN Properties is preparing to launch another sustainable real estate development in Al Furjan upon the completion of its latest development, ZāZEN Gardens. Its current project is in the final stages of construction and will become the first LEED Gold-certified and Well-Being integrated residential development on delivery in May 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.
