• Construction represents 6% of Dubai’s GDP and a historical average of 8-9% in recent years

Dubai, UAE: ZāZEN Properties, a leading sustainable property developer in the UAE, has officially sold 75% of units for its latest off-plan development, ZāZEN Gardens. The project in Al Furjan has received great interest since sales were launched in Q4 and 25% of construction is now complete, with handover expected by April 2024, and is on track to deliver on time once again. This is strengthening Dubai’s off-plan real estate sector while contributing to key initiatives of the country such as D33 and UAE Net Zero 2050.

Dubai’s property market has become a preferred destination of choice for real estate investors due to the government’s efforts to diversify the national economy. Pre-construction developments have played an instrumental role in shaping this growth in recent years with off-plan transactions increasing by 86% since 2021[1]. This trend has continued in 2023; off-plan property sales increased by 42.1% over the first two months of this year when compared to the same period last year[2].

The UAE’s Golden Visa program, as well as turmoil overseas, have contributed to an uptick in investment in the country’s property sector and foreign investors are increasingly turning to Dubai’s real estate sector to safeguard themselves. While overall real estate prices in the UAE rose by 11% in 2022[3], off-plan properties have remained a stable investment; the average price per square foot for off-plan properties rose by just 1% in the first two months of 2023, when compared to the same period last year[4].

While this reinforces the appeal of off-plan real estate for both investors and end-users, real estate developers are also benefitting as reports cite that they are set to be cash flow positive for the fourth consecutive year[5]. As the off-plan sector continues to flourish, it will accelerate the UAE’s D33 objectives which include reaching a total of AED 650 billion in investment by 2033[6]. Developers are accordingly innovating to attract foreign direct investment (FDI) and bolster the country’s economy, with wellness residential developments slowly starting to take off in popularity[7][1] .

Madhav Dhar, co-founder and COO of ZāZEN Properties said: “The UAE’s real estate sector is an investor’s market. It offers some of the highest returns on investment in the world while boasting prices that are still lower when compared to other major global cities. As the country continues to embark on achieving ambitious growth targets, off-plan properties will remain a driving force. Construction has played a significant part in boosting the UAE economy, representing 6% of Dubai’s GDP and a historical average of 8-9% in recent years[8]. As developers innovate with their off-plan projects, they will simultaneously transform the country’s real estate sector, bolster its international competitiveness, and enhance the environment.”

Since entering Dubai’s real estate market, ZāZEN Properties has innovated through ZāZEN One, a sustainable community living development that was launched last year, sold out in a matter of months, and won multiple awards along the way. The company’s latest project, ZāZEN Gardens, adds to its portfolio of industry-revolutionizing projects and is setting the benchmark for high-quality, sustainable and affordable residential projects in Dubai. Situated near ‘The Gardens’ metro station, it is the first LEED Gold-certified development with Well-Being integration including Feng-Shui optimization and on-site solar power generation. Upon completion, nearly 470 metric tonnes of CO2 will be reduced annually to achieve global emission reduction targets.

-Ends-

Notes:

  • All figures provided are in US Dollars ($)
  • Sales enquiries for ZāZEN Gardens can be routed through ZāZEN Properties’ primary sales partner, One Broker Group (OBG) - a leading real estate brokerage company offering professional, transparent, and personalised services in the UAE. For more information about ZāZEN Properties or its new project, ZāZEN Gardens, please call or WhatsApp the team

About ZāZEN Properties:

Launched in 2018, ZāZEN Properties is building unique sustainable residential developments in established communities of Dubai, catering to the mid-market segment consumer and providing a ‘community within a building.’

ZāZEN Properties’ flagship development, ZāZEN One, located in JVT, was delivered in January 2022 and has been repeatedly nominated for its design and sustainability efforts, recently receiving the Sustainable Real Estate Project of the Year Award at the 2022 Sustainability Innovation Awards and the Best Residential Development Award at the International Property Awards 2022 held in the UK. As a result, units at ZāZEN One sold out within 6 months with residents occupying and enjoying the vast number of amenities.

ZāZEN Properties continues to push the boundaries between design, sustainability, affordability, and community living, with the ultimate goal of helping people in Dubai live better. Construction for the sustainable developer’s newest project is underway; off-plan sales for ZāZEN Gardens have launched, and a show unit and sales centre are available for viewing at the project site.

For all media inquiries contact:
Aaron Illathu | Karim Geadah | Jinaan Hameer | Dushane Solomon
Atteline
E-mail: zazen@atteline.com

[1] https://www.constructionweekonline.com/business/evolution-not-revolution-the-answer-to-a-developed-economy
[2] https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-off-plan-property-demand-surges-in-first-two-months-of-2023
[3] https://www.reuters.com/world/middle-east/dubai-property-price-rises-seen-slowing-further-2023-betterhomes-2023-01-15/
[4] https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-off-plan-property-demand-surges-in-first-two-months-of-2023
[5] https://www.thenationalnews.com/business/property/2023/03/13/dubai-property-developers-cash-flow-positive-in-2023-for-fourth-consecutive-year/
[6] https://u.ae/en/about-the-uae/strategies-initiatives-and-awards/strategies-plans-and-visions/finance-and-economy/dubai-economic-agenda-d33
[7] https://www.arabianbusiness.com/industries/real-estate/aldar-announces-uaes-first-wellness-residential-development
[8] https://www.constructionweekonline.com/business/evolution-not-revolution-the-answer-to-a-developed-economy