Up to 50% since the beginning of 2023
Officials: UAE is witnessing unprecedented growth in demand for "sustainable real estate"
Growing awareness among customers stimulates the demand for real estate construction that supports sustainability standards. Archival
Mohammed Al-Tahaina: The markets are expected to witness a rise in sustainable projects, due to their environmental and financial feasibility for investors.
Officials in companies for construction, real estate development and renewable energy requirements in real estate said that the UAE has been witnessing since the beginning of this year an unprecedented growth in demand for construction and properties that support sustainability, with rates ranging between 30 and 50%, compared to the same period last year.
They explained to "Emirates Today" on the sidelines of the "Energy and Water Technology - WETEX" exhibition, which recently ended its work at the Dubai World Trade Center, that the growth in demand in the construction sector that keeps pace with sustainability standards is due to factors, most notably: "the growth of awareness among customers, the decline in the cost of materials globally, and the increase in the availability of their alternatives in the markets," pointing out that construction companies are moving to expand their sustainable projects to keep pace with the growth in demand.
Mohammed Al-Tahaina, General Manager of Projects at DAMAC Properties, said: "The UAE markets are witnessing a remarkable and unprecedented demand for real estate units that support sustainability, which has been reflected in the markets since the beginning of this year, with increased awareness of the importance of returns, whether financial or environmental, in these projects."
He added that «the company has implemented real estate projects that include various elements of sustainability, most notably the installation of solar panels for energy production, in addition to the installation of electric car chargers, water retreatment systems to irrigate green spaces, and design with natural ventilation systems to rationalize energy».
Al-Tahaina pointed out that «the company intends to expand real estate projects that support sustainability during the coming period, through the new projects targeted to be offered, with the continued growth of demand for these projects in the markets», pointing out that «the markets are expected to witness an increase in these projects with the growth of their environmental and financial feasibility, which accrues to investors from rationalizing the cost of energy».
Yassin Khattab, project manager at United Structural Engineering Company (UNIC), said that "the country is witnessing a remarkable demand for the construction of projects that support sustainability, with a growth rate of up to 50% since the beginning of this year until now, compared to the same period last year, according to market indicators of the projects that are being completed."
He added that «the developer companies are expanding further in the implementation of these projects with construction companies, with the growth of demand for them, and with the great momentum witnessed by the real estate sector in the country, in addition to that sustainability standards support increasing the quality of units, and raise the rationalization returns to the cost of energy, which makes them units with high demand».
Khattab explained that «the most prominent criteria that are witnessing demand in the construction sector that support sustainability and record a high demand in the operations of supporting real estate units in it, are: solar panels, water recycling and treatment systems, energy-saving lighting systems, thermal insulation materials, and environmentally friendly paints», pointing out that «the company is currently implementing a project for the main building of DEWA, which will be fully compatible with all green sustainability standards, and is expected to be completed during 2025».
The sales manager at Alef Real Estate Group, Abdul Rahman Al-Ghali, said that «the local markets are witnessing a remarkable growth since the beginning of the year in the demand for real estate projects that support sustainability standards, which makes us intend to expand continuously focus on this type of projects during the coming period», pointing out that «one of the most prominent features of projects supporting sustainability, is the increase in green spaces available in them, in addition to energy conservation systems in their units».
Mohammed Younis, Regional Sales Manager at UK Solar Power, added: "The markets are witnessing a growth in demand for solar panel systems sales, by up to 30% since the beginning of this year, compared to last year, supported by the high awareness of individual and corporate customers, in addition to the decline in the cost of panels globally by about 7%, and its reflection on the cost of supply to the region's markets."
SolarX manufacturing manager Sudip Surite confirmed that "sales of solar panels have witnessed a growth of more than 30% in the UAE markets since the beginning of this year, with the growth of construction projects that rely on these panels, and with the increase in demand, whether from individuals to install them in residential villas, or even from companies for large real estate projects."