The Dubai real estate market is gearing up to witness an unparalleled surge in prices, surpassing major global cities like Miami and Paris, as per the “Dubai Property Market Forecast for 2023” report by ZaZEN Properties, a renowned endurable property developer.
With an astounding 75% increase in recorded sales in 2022 in comparison to the last year, Dubai’s real estate sector is projected to reach an impressive AED 300 billion by the end of 2023. Real Estate Agency in Dubai making a great mark in this market with these exceptional properties.
Unprecedented Price Growth And Increased Sales Volume:
In 2022, the emirate experienced a remarkable sales volume of AED 261 billion, showcasing a staggering 75% surge from AED 149 billion in 2021. Despite the expected 50% growth in the price of premium properties reached in 2021, extravagant housing in Dubai remains more inexpensive than anywhere else globally, solidifying its position as an attractive investment destination.
Sustainable Real Estate Sector To Thrive in Dubai
Notably, this substantial growth in the real estate market aligns with Dubai’s commitment to sustainable development. Recently, Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President, Prime Minister of the UAE, and Ruler of Dubai, endorsed 78 environmental assignments and endeavors, underscoring the emirate’s dedication to environmental sustainability.
As Dubai gears up to host the 28th Conference of Parties, a significant climate change gathering, in November and December, its focus on sustainability takes center stage.
Addressing Decarbonization Challenges in Construction
Construction industry experts in the region acknowledge the significant challenges posed by the decarbonization of construction projects in the next three years. A survey conducted by Procore, a leading construction analytics software company, revealed that 91% of regional respondents foresee this challenge.
This growing awareness emphasizes the urgent need for embracing sustainable practices within the construction sector.
Leading The Way in Sustainable Practices
The report highlights the commendable efforts of companies in the UAE and Saudi Arabia to adopt sustainability practices. Currently, 43% of firms in these countries adhere to the ISO 14001 – Environmental Management System standard, while an additional 45% aim to achieve compliance within the next year.
These sustainable initiatives are expected to set a remarkable precedent not only within the UAE and Saudi Arabia but also across the Middle East, showcasing the region’s commitment to environmental responsibility and long-term sustainability.
Dubai’s Remarkable Growth And Sustainable Vision
The Dubai real estate market is poised to experience unprecedented growth, surpassing global cities, while remaining an affordable luxury property for sale in Dubai. The city’s emphasis on sustainable development is evident through the approval of environmental projects and initiatives, aligning with the upcoming Conference of Parties.
With a growing focus on sustainability in construction practices, the UAE and Saudi Arabia are leading the way in adopting environmentally responsible measures. Dubai’s remarkable growth and sustainable vision solidify its position as a global leader in real estate and a beacon of sustainable development.
Source: arabianbusiness.com