- Dubai’s real estate off-plan market sector registered 42.5% growth in sales transactions
- 95% of units at ZāZEN Gardens are now sold out
Last month, sales in Dubai’s real estate industry decreased for the first time in 2023 as the country saw a 33% dip in transactions in April 2023 when compared to December 2022. The secondary market witnessed a 2.4% decline in sales but according to ZāZEN Properties, a leading sustainable property developer in the UAE, the off-plan sector’s 42.5% year-over-year (YOY) spike in sales transactions in April is sustaining the growth of Dubai’s property market.
Investors prefer buying off-plan properties versus ready real estate projects as return on investment (ROI) for such developments can reach up to 10%, depending on location, quality of build, and the selection of amenities. With the UAE’s economic stability, especially compared to other countries worldwide, overseas investors have increasingly turned towards Dubai as a secure method of capitalizing on investments across all industries, and even more so in the real estate sector. Hence, many rationalize the slowdown in sales transactions in April as a temporary trend that was the byproduct of factors such as Ramadan, shortened working hours, and the holiday season.
Demand for apartments has been exceptionally high as the UAE’s lack of property taxes and rental income taxes has been known to make ROI more profitable than other countries and this is attributed to stable demand from the local population and tourists. Moreover, it has seen developers increasingly build units that address modern needs. In line with this agenda, green developments are also seeing greater interest in recent years. This trend is expected to remain a staple for the foreseeable future with initiatives like Dubai 2040 Urban Masterplan and UAE Net Zero 2050 requiring immediate change for future prosperity.
A recent survey of more than 1,000 respondents shows that 61% of people living in the UAE believe climate change is real and that they cite human activity as the leading cause. Furthermore, 35% of participants think technological solutions must be adopted; 61% are ready to pay more for everyday products made from recycled materials and 63% of people showed a willingness to pay a little more for properties that emit fewer carbon emissions (CO2).
With 2023 being declared the Year of Sustainability, and Conference of Parties 28 (COP28) fast approaching, property developers will increasingly play a crucial role in the UAE’s ability to achieve global and regional green targets. This will continue to be the case as the country’s first-place world ranking for talent attractiveness is an additional factor that will aid the Dubai 2040 objective of doubling the emirates’ population to around six million people over the next 17 years; sustainable housing infrastructure will be required to accommodate this influx of residents.
Flextock; Rapidly Emerging E-Commerce Enabler Bolsters Regional Presence
Flextock, a leading e-commerce enabler in the Middle East, is solidifying its presence in the region. Co-founded by CEO, Mohamed...
ESG Hospitality’s Debut Project, Mallside Residence and Hotel, Sells Out All Branded Apartments in Record Time
ESG Hospitality, a subsidiary of the Emirates Stallions Group (ADX: ESG), a global investment, engineering, and construction services company, today...
Experience the Magical Holiday Season at Rixos Bab Al Bahr!
Experience the enchantment of the holiday season at Rixos Bab Al Bahr, the ultra-all-inclusive family beach resort in Ras Al...
Mazagan Beach & Golf Resort Drives Excellence in Golf through Renewed Partnership with Ayoub Lguirati
Mazagan Beach & Golf Resort announces the resumption of its strategic partnership with Ayoub Lguirati, distinguished as the 2023 Arab...
M2L Concepts to host inaugural Winter District at Jumeirah Emirates Towers this festive season
M2L Concepts, a leader in entertainment, leisure and technology, is hosting the Winter District, a festive market and entertainment extravaganza...
Discover restful moments and a world of convinience with LG dishwashes
LG Electronics (LG) wants to help you redirect just some of your focus towards moments of mindfulness, and away from...
MoHAP Morns Death of Six-Year-Old Child from Gaza Strip with Advanced Leukemia
The Ministry of Health and Prevention (MoHAP) announced the unfortunate death of a six-year-old child who had recently arrived in...
Gurudev Sri Sri Ravi Shankar’s UAE Visit to Promote Spiritual Harmony, Raise Climate Awareness and Drive Action Through Faith
Internationally acclaimed spiritual leader and humanitarian activist, Gurudev Sri Sri Ravi Shankar, known for his contributions to peacebuilding, disaster and...
Nissan of Arabian Automobiles Presents Celebratory Year-End Sale Extravaganza
Arabian Automobiles (AAC), the exclusive dealer for Nissan in Dubai, Sharjah, and the Northern Emirates, is gearing up for its...
Ajman Bank Wins IRBA Islamic Retail Banking Award 2023 from Cambridge IFA
Ajman Bank, a leading Islamic bank in the United Arab Emirates, was declared the winner of IRBA Islamic Retail Banking...
Azizi Developments, Midea Group partner for fourth phase of Riviera
Azizi Developments, a leading private developer in the UAE, has announced its partnership with the renowned Midea Group for the...
TotalEnergies and Masdar demonstrate Methanol-to-SAF pathway with successful test flight
The first test flight to demonstrate the potential for converting Methanol to SAF (Sustainable Aviation Fuel) has taken place in...
Details of 22nd UIM F1H2O World Championship finals to be unveiled at Sharjah press conference
With few days to go for the world’s leading single-seater powerboat racing event, the UIM F1H2O World Championship finals, which...
Tackling climate change together: Wilo discusses new water solutions at United Nations Climate Change Conference, Cop28 in Dubai
The Wilo Group, a leading pump manufacturer and digital pioneer of the pumps industry, brings new strategies and solutions to...
Experience the Best New Year’s Eve in Dubai with Spectacular Fireworks and Breathtaking Views
Celebrate the end of 2023 and welcome the new year in style aboard the “Elite Pearl Yachts” while admiring the...
- Events & Happenings1 week ago
Maher Koubaa appointed as Amadeus Executive Vice President Travel unit and Managing Director, EMEA
- Business & Money1 week ago
Ajman Bank collaborates with Mastercard to introduce cross-border payment services
- Events & Happenings1 week ago
Experience the first snowing street in Dubai this December
- Awards1 week ago
Cargo Awards Night celebrates key partners from the United Arab Emirates
- Events & Happenings4 days ago
DIEZ and MIT Select 12 Startups for First Cohort of MIT DesignX Dubai Accelerator
- Developments1 week ago
Nissan Middle East elevates ownership experiences with six-month manufacturer-backed warranty on Genuine Parts
- Art & Culture3 days ago
Winner of Inaugural ADSW Global Digital Art Competition Announced
- Events & Happenings1 week ago
“Ring in 2024 Desi-Style: NYE Buffet Celebrations!”