• 25,456 sales transactions worth AED 69.72 billion were recorded in Q3 of 2022
  • Dubai’s off-plan market saw 130% growth in the first half of this year

Dubai, UAE: ZāZEN Properties, a leading sustainable property developer in the UAE, is observing strong growth in the UAE’s residential real estate sector. The homegrown brand notes that the sale of off-plan and secondary properties in Dubai reached a 12-year high in the third quarter, both in terms of volume and value[1]. ZāZEN Properties shares its insights on why this trend is set to continue for the foreseeable future.

In the coming weeks, the Qatar World Cup 2022 (QWC) will immensely impact the UAE’s residential real estate sector. Dubai’s stature as a leading global destination for tourists, and its proximity to Qatar, will make the emirate a preferred destination for QWC attendees to situate themselves in before, during, and after the event; the UAE is projected to record a rise in demand for accommodation of up to 40%[2] with many of these visitors seeing the benefits of Dubai and looking to invest in the city.

In the first half of 2022, Dubai’s off-plan market reportedly saw a growth trajectory of more than 130% with over 130,000 units from almost 85 launched projects[3]. The UAE’s real estate market is well-equipped to provide buyers with sufficient purchasing options. A significant portion of QWC visitors will be high-net-worth individuals (HNWI) who are looking to purchase premium properties but mid-market buyers will also have their fair share of properties to choose from. From an investment perspective, both categories of buyers will benefit more from the latter as it usually involves lower ticket values and a higher potential for strong rental ROI.

Madhav Dhar, Co-Founder, and COO of ZāZEN Properties said: “More than one million tourists are expected to visit Qatar during the World Cup and this will drive a massive influx of visitors into neighbouring transit hubs like Dubai. The UAE’s residential real estate landscape will benefit from this as hotel occupancy rates in the emirate are projected to be above 90% and Q4 performance should be comparable to that of the Expo 2020[4]. Many of the visitors who transit through Dubai will acquire real estate assets either for personal use or for investment purposes. Although property prices have risen in the UAE, the long-term appeal of real estate as an asset is undeniable with average apartment rents soaring 27%[5]. Buyers of both calibres will most likely look to secure one-bedroom, two-bedroom, and three-bedroom units which have been the most in demand. These buyers will also benchmark against European quality products with sustainability and community-based amenities at the forefront.”

Over 25,000 real estate transactions worth almost AED 70 billion were recorded in Q3, reflecting an increase of about 62% in volume and over 65% in value. There were 4,200-plus  transactions worth nearly AED15 billion in the secondary segment and 4,400-plus in the off-plan segment valued at close to AED 10 billion in September to mark a monthly high[6]. The momentum recorded throughout the year in Dubai’s real estate market has continued and with QWC set to kick off, this trend will most likely continue.

ZāZEN Properties handed over its flagship development, ZāZEN One, in January 2022 and sold out in a matter of months. The homegrown brand has begun construction on its newest project, ZāZEN Gardens, in Al Furjan. Limited sales have officially launched[1]  in collaboration with One Brokerage Group (OBG) as their primary sales partner. OBG is a leading real estate brokerage company that provides professional, transparent, and personalized service across the UAE. For more information, please call or WhatsApp the team at +971 50 170 9376.

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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 Arabian Property Awards 2022. 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 will commence in November 2022, and a show unit and sales centre will be at the project site.

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

[1] https://www.thenationalnews.com/business/property/2022/10/06/dubais-off-plan-and-secondary-property-sales-hit-12-year-high-in-third-quarter/
[2] https://www.thenationalnews.com/business/travel-and-tourism/2022/10/14/qatar-world-cup-2022-to-recreate-expo-effect-for-uae-hotels/
[3] https://gulfnews.com/business/property/in-dubai-property-offplan-prices-are-rising-much-faster-than-ready-homes---what-should-buyers-do-1.1657253230788
[4] https://www.thenationalnews.com/business/travel-and-tourism/2022/10/14/qatar-world-cup-2022-to-recreate-expo-effect-for-uae-hotels/
[5] https://www.arabianbusiness.com/gcc/uae/dubai-rents-guide
[6] https://www.thenationalnews.com/business/property/2022/10/06/dubais-off-plan-and-secondary-property-sales-hit-12-year-high-in-third-quarter/

Correct if this is going out once it launches officially - otherwise, it will need to be changed