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The United Arab Emirates are the flag bearers of sustainability within the region, despite restrictive climatic conditions and a relatively young real estate market. The UAE ranks amongst the top 10 countries to hold LEED (Leadership in Energy and Environment Design) certifications outside the United States. Meanwhile, Dubai ranks 3rd amongst global cities with the highest number of green buildings (under both LEED and BREEAM).
This marks an important step forward for sustainability in the region, where Dubai takes the lead with over 550 projects currently undertaking LEED certification. The market has seen a significant surge in certificate completions over the last 5 years, with 54% being Gold rated, the second highest rating achievable in a LEED certification.
Government buildings are leading the trend with Dubai Chamber of Commerce, DEWA buildings and many district cooling plants either certified or in the process of doing so; while in the private sector, manufacturing and logistics operators form the majority of LEED-certified occupiers. Furthermore, Dubai has the highest ratio of projects being certified with 81% of in-progress projects across global cities, indicative of a burgeoning interest in sustainability.
Despite the positive steps taken toward a green strategy, we are seeing a paradox develop, with the residential market strongly lagging behind the commercial market. In this Green Issue, we analyse the shift in user preferences and drivers affecting the upcoming trends in sustainability and wellness – albeit in the backdrop of maturing, yet challenging market conditions.
Source : Core Savills