Recent updates to the UAE’s Golden Visa regulations have a positive impact on many sectors, including Dubai’s real estate said, Madhav Dhar, Co-founder and COO, ZāZEN Properties.
Dhar credits the recent updates to the ten-year residency, along with the successful coronavirus response that the UAE exhibited, for the significant recent boom in Dubai’s property market.
In an exclusive interview with Arabian Business, Dhar also discusses the importance of sustainable real estate, especially in light of the UAE hosting COP28 in 2023.
What is your outlook on the future of real estate in Dubai?
The near future of the real estate market in Dubai looks strong, and we have witnessed the continuous growth of this sector over the last couple of years. This is because the world acknowledged and witnessed the UAE government’s response and management of the pandemic, the excellent work of the entire healthcare industry, the successful vaccination drive and how every citizen and resident positively contributed to the betterment of the UAE community.
The recently announced updated UAE Golden Visa regulations are a great initiative that will spur investment into real estate even more, especially with the flexibility that these new rules have to offer, providing residents with a strong reason to invest in the country long term and allowing non-residents to make UAE their second home.
What do you think is driving current market demand?
I believe that the biggest factor behind the continuously increasing market demand besides the UAE being one of the most ideal destinations to live and work in, are the initiatives set in place by the UAE government, like the expansion of the Golden Visa regulations. Demand from overseas buyers is still strong and coupled with improved affordability the market will continue to improve.
Dubai is also positioned as the only major global city to stay mostly restriction-free beyond 2021 and will ultimately benefit from any crisis within the region and beyond. The UAE, which has strong ties with Russia, has not imposed sanctions for its invasion of Ukraine, like other nations. And as long as money flows in through legal banking channels, Russian nationals will also push demand.
What is the trend towards sustainable real estate in the region?
With the announcement that the country will be hosting the UN’s climate change summit, COP28, in 2023, governments, corporations and individuals alike are becoming increasingly more aware of their responsibility towards a sustainable future.
With buildings in urban cities contributing almost 40 percent of worldwide carbon emissions, it is now a responsibility for all property developers to put sustainable solutions at the heart of the development process, and for governments to put in place legislation and incentives to push sustainable development opportunities, in line with UAE’s commitment to achieving net-zero by 2050.
Community-based sustainable developments will take centre stage over the next five years, as the UAE and the world align with global sustainability targets. More importantly, the opportunity for the real estate sector isn’t only in developing sustainable buildings, but also in the health and well-being of tenants, social sustainability, accessibility and electric vehicle take-up. The developments that adopt this the quickest and provide that to their residents/tenants at the most affordable price, will win.
What are the plans for ZāZEN for the rest of the year?
We are currently in the development of our second project in the Al Furjan community. Design has been approved and we are now planning the details and expected to break ground in August 2022. The project will encompass sustainability, well-being and continue with the level of quality and community delivered with the ZāZEN One project in JVT. It will help provide an environmentally-friendly and safe space, while also allowing future residents to experience the best possible luxury amenities, at an affordable price, with the aim of catering to the community’s needs.
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