Dubai’s off-plan sector saw and increase of 92.5 percent in 2022, cited ZāZEN Properties, a property developer in the UAE. The increase in off-plan real estate sales reflects a return of developers who are launching new projects to meet growing demand.
The developer’s project, ZāZEN Gardens is set to contribute to the country’s off-plan market as well as Dubai’s 2040 masterplan, UAE Net Zero 2050 and the recently announced D33 agenda.
Dubai’s off-plan segment
D33 is an AED32 trillion ($8.7 trillion) economic plan, which aims to double foreign trade and investment by 2033, thus boosting its position as a global financial hub, unveiled by Sheikh Mohammed.
According to data, overseas investors purchase three-quarters of property in the city with an increased interest in off-plan properties.
90,881 property transactions were recorded in 2022, topping the previous recorded high of 81,182 transactions in 2009. UAE’s real estate sector is projected to grow by 8 percent annually through 2027.
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Madhav Dhar, co-founder, and COO of ZāZEN Properties said, “Dubai is endearingly known as ‘the city of the future’ because HH Sheikh Mohammed bin Rashid Al Maktoum has continually spearheaded the forward-thinking pursuits that drive its success; D33 is yet another illustration of this, as it will effectively serve to double the emirate’s economy and future-proof the nation through the next decade.”
“Dubai’s off-plan segment will attract further investment to strengthen the country’s 15th-place global ranking on Kearney’s FDI Confidence Index 2022, and simultaneously contribute to D33,” he added.
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