ZāZEN Properties, a leading sustainable property developer in the UAE, reported a significant surge in Dubai’s off-plan real estate market for the first quarter of 2024.
Off-plan sales soared 73 percent quarter-on-quarter, accounting for 63 percent of total transactions during this period. The overall transaction volume reached a new record high of 35,000 units, with apartments making up 83 percent of the sales and villas accounting for the remaining 17 percent.
ZāZEN Properties predicts this trend to continue in 2024, particularly in the off-plan segment.
“The UAE’s residential market is on an upward trajectory and the growing population is a key factor” commented Madhav Dhar, COO and founding member of ZāZEN Properties.
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.
Dubai Quality of Life Strategy 2033
“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,” Dhar added.
Unveiled in May 2024, the Dubai Quality of Life Strategy 2033 is a comprehensive strategy aimed at the well-being of all segments of the community including nationals, residents and visitors. 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.
ZāZEN Properties has dedicated its efforts to building sustainable, high-quality developments that align with government initiatives. However, according to ZāZEN, investing in off-plan properties during the development phase can lead to substantial returns once construction is complete.
“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,” Dhar commented.
“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,” Dhar added.
For example, residents at ZāZEN One have seen a capital appreciation of over 40 percent in two years, while investors at ZāZEN Gardens achieved a 25 percent profit on resale in under 12 months. These results show strong growth potential of investing in sustainable developments.
ZāZEN Properties is set to launch its next sustainable project, ZāZEN Ivy, located in Al Furjan near the Gardens metro station. This six-story residential building will offer amenities that integrate Vastu Compliant units. The project will be LEED-certified and include multiple eco-friendly features such as recycling stations, EV charging stations, and solar panels on the roof. 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 percent of the common area requirement yearly.
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