90% of construction specialists in Saudi Arabia & UAE are confident in the property market: Report

ZāZEN Properties, a leading sustainable property developer in Dubai, cites that approximately 90% of construction decision-makers in both the UAE and KSA are confident in market conditions and the prospect of their projects increasing in value over the next 12 months[1]. The rapid enhancement of technology and accelerated digitalization in the region, alongside mainstay factors such as economic strength, convenient geography, and the increased implementation of sustainable initiatives are spurring the sector’s confidence and the region’s upward trajectory.

The rise of ChatGPT, which registered one million users in its first five days of launching[2], has unveiled a new way of living and working across the world. Its impact across all industries is being increasingly realized and this is a driving force behind why construction in the UAE and KSA are poised to undergo a digital renaissance over the coming years, as well as decades. This transformation has already begun with 80% of construction decision-makers in the UAE and KSA saying they have ramped up investment in future technologies over the past three to six months[3].

The growing use of technology is expected to save developers costs, especially in the realm of off-plan projects. Sustainable integration in real estate projects is seeing an uptick for this same reason, specifically in Dubai. With global data showing that $5.2 trillion is needed through 2032 to decarbonize the built environment and green real estate[4], the UAE has displayed its global excellence by mandating several sustainable initiatives including the Dubai 2040 Urban Masterplan and UAE Net Zero 2050. These objectives are not only nurturing the sustainable agenda of the country but also the world.

Through such forward-thinking efforts, and the UAE’s ability to consistently demonstrate stability for its residents and citizens, expatriates have begun migrating to the country in increasing numbers. With the European Union reporting that global average temperatures in early June breached a 1.5 degree Celsius increase (when compared with pre-industrial times) to be logged as the highest recorded since the 1950s[5], the UAE’s prioritization of sustainability will play a key role in mitigating the challenges of global warming, as well as attracting investors and expats alike.

Madhav Dhar, the co-founder and COO of ZāZEN Properties, stated: “Sustainability is the future and as it pertains to real estate, the benefits of sustainable integration are apparent. From reduced building operational costs for developers and maintenance teams to a lower carbon footprint and healthier communities for its residents and the city, the positive impact of sustainability-centric projects is evident. Global data even shows that buildings which meet current sustainability performance standards and include up-to-date infrastructure and equipment, gain higher resale value[6], while homes with energy efficiency ratings sell for 2.7% more than unrated homes[7]. With COP 28 fast approaching, construction decision-makers, real estate developers, and the entire property sector must unite to quite literally build a greener future for all.”

Developed in line with ZāZEN Properties’ brand and the green initiatives of the UAE, ZāZEN Gardens in Al Furjan is poised to be rated LEED Gold-certified, making the Well-Being integrated project the first of its kind residential development in the country. Construction is approximately 40% complete and handover is scheduled for April 2024, at which point the sustainable-first development will reduce 469 metric tonnes of carbon emissions per year while simultaneously saving costs for owners and residents alike.

About Madhav Dhar:

Madhav Dhar is a data-driven business management professional who has led a versatile and high-achieving career that spans fifteen-plus years across several industries. Highly knowledgeable about managing and executing business operations, as well as marketing strategies to positively contribute to bottom-line growth, Madhav co-founded ZāZEN Properties to create healthier living environments by developing high-quality sustainable real estate projects in Dubai. He has since spearheaded the launch of two successful sustainable residential projects (ZāZEN One and ZāZEN Gardens), with his efforts garnering him recognition in Construction Week’s Power 100 as one of the top 100 most influential faces and top 25 developers of Middle East construction in 2023.

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 are now complete.