Dubai’s luxury real estate market will continue to play a starring role in the country’s growth, but an uptrend in residential buyers being more environmentally conscious will also be instrumental in the UAE’s upward trajectory, an industry report said.
Besides, the UAE smart home market will see its revenue crossing $76 million this year, and expanding to $114 million by 2028, according to a report by ZāZEN Properties, citing various research.
“Investors and end-users alike are ultimately in pursuit of convenience, with a recent report showing that 90 per cent of UAE residents are willing to pay a premium for a residence that offers smart home technology features,” ZāZEN Properties said.
“UAE Net Zero 2050 is an initiative that’s made headlines for several years now, but the progress towards achieving this goal has never been more evident,” Madhav Dhar, COO and founding member of ZāZEN Properties, said.
Citing a report by KPMG, he said MENA’s built environment is currently seeing developers, regulators, and sovereign wealth funds inject $2 trillion of investment to nurture sustainability in the lead-up to 2035.
“This is being seen because the demand for sustainability is growing, and while these efforts are promising, real change extends beyond the financial contributions of these stakeholders; also requires buy-in from all buyers in the market so that we can collectively adapt to the requirements of a greener future,” Dhar said.
“Collectively, we’re approaching a stage where this is increasingly becoming the case, and all indications point to this no longer being just a trend but rather a way of the future,” he added.
Dhar also said the demand for real estate in Dubai is far from slowing down.
“In fact, a spike in short-term demand for properties is underway, with a recent market study of tenants showing that 66 per cent of respondents plan to buy a home in Dubai over the next six months, he said.
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