• Off-plan real estate transactions grew nearly 78% YoY with 4,500 registered sales
  • Average apartment prices rose by over 11%

Dubai, UAE : ZāZEN Properties, a leading sustainable property developer in the UAE, cites that Dubai’s residential market has witnessed a 43.8% increase in demand last month with 9,020 sales transactions compared to 6,310 in February 2022. According to ZāZEN Properties, the country’s off-plan market has been a driving factor in fuelling the UAE’s real estate growth.

Off-plan transactions in Dubai grew 77.8% year-over-year (YoY) in February 2023. Over 4,500 transactions were registered, compared to 2,533 in the same period last year. The growth of this segment kept with its trend of underpinning the strength of Dubai’s overall real estate market.

The value of off-plan properties also rose YoY with a growth of 154%. Off-plan transactions were worth $30 million more than the 4.4 billion that was logged in February 2022, reflecting the highest volume and value for off-plan sales during any February in the last decade.

Overall, average apartment prices increased by 11.2% with a value of AED 1,211 per square foot and an average annual rental asking price of AED 99,737. Average villa prices grew by 13.6% with a value of AED 1,432 per square foot and an average annual rental asking price of AED 295,436.

The top searched areas for apartments included Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, and Jumeirah Village Circle and the most desired areas to own villas and townhouses were Dubai Hills Estate, Palm Jumeirah, and Arabian Ranches.

Madhav Dhar, co-founder, and COO of ZāZEN Properties said: “The UAE’s real estate sector is fuelled by expats who are looking to stay in the country long-term. Data shows that in February, 41% were searching for one-bedroom units while 33% were looking for two-bedroom units. We have seen similar trends with our flagship development ZāZEN One which launched last year and sold out in 6 months, as well as in our most recent project ZāZEN Gardens in Al Furjan, near the Gardens metro, which has been very well received.”

Off-plan sales for ZāZEN Properties’ latest development, ZāZEN Gardens, launched toward the tail-end of 2022. Situated near The Gardens metro station, the project is the first LEED Gold-certified development with over 60% of the units already sold since its launch in mid-December 2022. Handover is scheduled for April 2024, when a reduction of 470 metric tonnes of carbon emissions will be achieved annually.

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About ZāZEN Gardens

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:
Bianca Riley | Aaron Illathu | Karim Geadah | Jinaan Hameer | Dushane Solomon
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