1,000,000 New Residential Units Are Expected In Dubai Before 2030
Dubai registered nearly 4,000 real estate transactions worth almost $3 billion in a single week
ZāZEN Properties, a leading sustainable property developer in the UAE, cites that the country is the second-largest market in the region with approximately 21.6% of the GCC's market share. The total value of real estate projects across the GCC is currently worth a total of around $1.36 trillion and KSA accounts for about 64.5% of these developments with roughly $877 billion in projects.
The UAE and KSA are the primary catalysts behind the Middle East's positive real estate outlook through 2023. Even with the latter controlling the large majority of regional projects, the UAE is poised to quickly gain ground. Dubai in particular is leading this charge with an abundance of property deals that are carrying over momentum from 2022; according to the Dubai Land Department (DLD), the emirate registered 3,903 real estate transactions worth approximately $2.8 billion in the last week alone.
The country has actively worked toward bolstering the UAE's real estate appeal. While a diversification agenda has already been firmly entrenched since the country's inception, the launch of the Dubai Economic Agenda (D33) is only increasing the UAE's allure. Moreover, enhanced business and living legislations, as well as attractive visa reforms are continuing to lure residents to Dubai, especially as the EU countries like Greece, Portugal, and Ireland tighten restrictions.
Analysts had previously estimated that Dubai would only have the capacity to accommodate an average of 25,000 new residential units annually until 2030, however, the emirate is beating this forecast by being on a trajectory to supply 1,000,000 new households before the end of the decade; this is enabling residents and foreigners alike to invest in the country's real estate sector at an accelerated pace, contributing to the emirates' standing as one of the most appealing real estate markets in the world.
Furthermore, the DLD recently launched an 'Instant Sale' feature that leverages smart evaluation technology in real estate transactions to bypass the need for audits. With aspirations to maintain the country's exceptional real estate growth, this move will enable property purchases to be securely conducted in a matter of minutes. It also strengthens the ongoing digitalization efforts of the UAE's economy since 2013 and simultaneously aligns with D33 by utilizing innovative solutions that will position the emirate as the best city in the world to live and work in by 2033.
Madhav Dhar, co-founder, and COO of ZāZEN Properties said: "The innovative mindset of the UAE's forward-thinking leadership has helped the country rank 31st globally, and 1st regionally, in the Global Innovation Index. A willingness to push the limits of what most think is impossible has helped them achieve this feat and led to a consistent climb up this leaderboard since 2018. The emirates' real estate market has been a prime beneficiary and as the UAE strives to build upon this success and fulfill ambitious targets, including sustainable developments, the country's real estate sector will continue flourishing."
Since entering Dubai's real estate market, ZāZEN Properties has brought forth innovations of its own. After handing over its sustainable community living development ZāZEN One last year, it sold out in a matter of months and won multiple awards along the way. The company's latest project, ZāZEN Gardens, is upping the bar as the first LEED Gold-certified development with Well-Being integration, including Feng-Shui optimization and on-site solar power generation. Situated near The Gardens metro station, over 60% of the units have already been sold since its launch in mid-December 2022 and upon the scheduled April 2024 handover, this development will set the benchmark for high-quality, sustainable and affordable residential projects in Dubai.