Around 90 percent of construction decision-makers in UAE and Saudi Arabia are optimistic about market conditions and anticipate their projects to appreciate in value within the next year, according to Dubai-based sustainable property developer ZāZEN Properties.
The construction sector’s confidence and the region’s upward trajectory are being fueled by the rapid advancement of technology, accelerated digitalisation, strong economic performance, favorable geographical location, and the increased implementation of sustainable initiatives.
ChatGPT: Transforming industries with AI
ChatGPT, which garnered 1 million users within its first five days of launch, has revolutionised the way people live and work worldwide.
Its impact across all industries has become increasingly apparent and serves as a catalyst for a digital renaissance in the construction sectors of the UAE and KSA, both in the coming years and decades.
This transformative process has already begun, with 80 percent of construction decision-makers in both countries reporting increased investment in future technologies over the past three to six months.
The widespread adoption of technology is expected to yield cost savings for developers, particularly in off-plan projects.
Sustainable real estate in Dubai
Madhav Dhar, the co-founder and COO of ZāZEN Properties, said: “Sustainability is the future and as it pertains to real estate, the benefits of sustainable integration are apparent. From reduced building operational costs for developers and maintenance teams to a lower carbon footprint and healthier communities for its residents and the city, the positive impact of sustainability-centric projects is evident.”
In Dubai, sustainable real estate is gaining momentum for the same reason.
The UAE has demonstrated global leadership by mandating several sustainable initiatives, including the Dubai 2040 Urban Masterplan and UAE Net Zero 2050, in response to the need for $5.2 trillion by 2032 to decarbonise the built environment and promote green real estate.
These objectives not only advance the sustainable agenda of the country but also contribute to global efforts.
With the recent surge in global average temperatures breaching a 1.5-degree Celsius increase, as recorded by the European Union, the UAE’s prioritisation of sustainability plays a crucial role in mitigating the challenges of global warming.
Moreover, it serves as an attractive factor for both investors and expatriates seeking a stable and sustainable environment.
Dhar added: “Global data even shows that buildings which meet current sustainability performance standards and include up-to-date infrastructure and equipment, gain higher resale value, while homes with energy efficiency ratings sell for 2.7 percent more than unrated homes. With COP28 fast approaching, construction decision-makers, real estate developers, and the entire property sector must unite to quite literally build a greener future for all.”
Follow us on
