ZāZEN Properties, a leading sustainable property developer in the UAE, notes the latest industry trends for UAE residents, which include the increasing demand for more spacious and affordable properties, particularly outdoor spaces. With demand for real estate at an all-time high in the country, prices of properties have accordingly increased, and while the city is witnessing a growing influx of high-net-worth individuals (HNWIs) leaning towards villas and townhouse developments, residents are also looking for more affordable and spacious properties to invest in, whether as end-users or to rent.
Adding to the popularity of one-bedroom units in the Dubai real estate market, there is a noticeable shift towards sustainable and spacious living options. Recent data indicates that an overwhelming 80% of Dubai’s tenants are actively seeking apartments that offer ample living space and sustainable features. Additionally, according to Property Finder, which is a leading real estate platform in the UAE, the demand for two-bedroom units was up to 30.4% among tenants in March 2023; and the demand for the number of people searching for villas and townhouses decreased by 2.5 percent, dropping from 42.8 percent to 40.3 percent.
ZāZEN Properties have witnessed an impressive surge in transactions in the residential market this year, with a remarkable 43.9% increase in February alone and a staggering total of 17,741 residential transactions in the first two months of the year, showing a clear indication of the high demand for quality housing with customers trying to find the best value possible with their investments.
This desire for expansive living areas extends beyond indoor spaces, resulting in an increase in the demand for ample outdoor space. While balconies with a view used to be the top priority, many residents are now seeking larger balcony spaces as well. ZāZEN Properties aims to cater to this growing market demand through its latest project, ZaZEN Gardens, which is currently under construction in Al Furjan. ZāZEN Gardens offers balconies and terraces ranging from smaller 200 sqft to large 1,000 sqft backyard terraces in select units. The development aims to offer the perfect balance between indoor and outdoor living spaces, giving you that townhouse living experience, with all the benefits of a high-quality, amenity-packed, and connected apartment community. And all this at the average mid-range price of AED 1000 per sqft.
As the demand for spacious living areas remains high, rising prices have prompted individuals to seek more affordable alternatives. Recent data from Q1 2023 shows that selling prices have increased by approximately 11%, while rents have surged by 50-60%.
In line with this growing demand, ZāZEN Gardens has seen a surge in popularity among buyers, investors, and renters alike. With all three-bedroom units already sold out, two-bedroom units are selling fast, further solidifying the fact that properties offering spacious living environments and sustainable features are becoming increasingly attractive to individuals and investors seeking long-term real estate solutions in Dubai.
Shedding light on the recent shift to sustainable and spacious living solutions, Madhav Dhar, co-founder, and COO of ZāZEN Properties said: “The UAE has seen incredible growth in the real estate market and while this is expected to continue, buyers and investors are more cautious of their purchasing habits and are choosing to opt for more sustainable and economically friendly properties that offer all their desired amenities and keep the long term maintenance costs low. In line with COP28 which is expected to take place later this year, and the country’s commitment to Net Zero 2050, we have created a product that allows end-users and investors to purchase apartments that are not only sustainability-friendly, with our LEED Gold certification and on-site solar power, but also provides high quality spacious indoor and outdoor living spaces, and are affordable.“
As the government places a high priority on efforts to lessen the country’s carbon footprint while catering to the shift in demand, environmentally friendly living in Dubai is becoming a reality. This shift is anticipated to pick up steam in 2023 as more people look for investments with spacious living features and sustainable living options – advancing our collective efforts toward a more sustainable real estate industry.
