One of the leading sustainable property developers in the United Arab Emirates, ZāZEN Properties has urged the real estate industry of the country to focus on sustainability in the upcoming residential projects.
According to global data, if carbon neutrality has to be achieved by 2050, then 20% of the existing buildings and all of the new developments have to be zero-carbon-ready as early as 2030.
The founding member and COO of ZāZEN Properties’, MadhavSharhighlighted why the coming decades need to give priority to construction of green developments, especially in the UAE, with the COP28 drawing nearer.
Previously, it had been reported that by 2030, Dubai would see construction of one million new residential units, but the recent data indicates otherwise.
Initiatives like the D33 are expected to almost double the population of Dubai by the end of the decade from 3.5 million to 6 million and by 2040, this number is expected to hit 8 million.
This means that the housing supply is not going to be enough. Since the outbreak of the COVID-19 pandemic in the beginning of 2020, the population in Dubai has risen by 6.3%.
The number of people has increased by 215,000 and in order to meet the ongoing demand, developers have been working on projects at a fast pace.
Therefore, the emirate has experienced record-breaking sales with 2022 seeing transactions of more than AED 240 billion being recorded.
This year, sales transactions in the cosmopolitan city are expected to surpass AED 300 billion, which would see it shatter its previous growth once more.
During this process, it appears that building sustainability has been overlooked. According to a recent survey in the UAE, 75% of the people believe technology will be developed to solve global warming.
Madhav said that if developers in the real estate sector of the UAE adopt this mindset, then they can deliver sustainable residential projects that make positive contributions to the environment.
He gave an example of a chef putting raw ingredients on a plate, but not doing the cooking. He said that they were relying on others i.e. the developers to turn them into a nutritious meal.
Referring to the real estate sector in Dubai, he said that there were multiple cooks, but most of them are not making enough contributions to ensure a sustainable end-product.
There is an increasing urgency for accomplishing objectives, including the UAE Net Zero 2050 commitment.
Not only has the global reputation of UAE improved, but Dubai’s population growth has also increased due to overseas turmoil, the Golden Visa program and other government-led initiatives.
Due to these factors, the prime neighborhoods of Dubai are facing an undersupply, resulting in rising prices of rentals and ownership.
The housing stock of the city will have to grow quicker, with sustainability the focus to not only achieve the objectives, but for the security of the future inhabitants.
Therefore, ZāZEN Properties’ latest project named ZāZEN Garden will use sustainable processes and practices to reduce carbon emissions by 470 metric tonnes annually.