W Capital: Dubai is an entrenched model in global real estate sustainability

W Capital, a Dubai based real estate brokerage, said that the emirate offers a unique model in the field of real estate sustainability, leading the regional markets , and one of the best all over the world.

“Dubai is a pioneer in applying the best technologies and innovation that enhance the value of the property, establish real estate sustainability standards, and support the rapid transformation of these standards, which focus on the shape of buildings  over the next 10 years and reduce the carbon footprint of each building down to zero,” said Walid Al Zarooni, CEO.

Al-Zarooni stressed that sustainability imposes fundamental changes in the nature of real estate activity, especially because innovations in this field are becoming the normal. There is something new everyday, so we must focus on anticipating the future of real estate sustainability, and abide to the best practices that help achieve the UAE plans in this regard.

Al Zarooni pointed out that Dubai is a pioneer in the real estate sector and will have a positive role in becoming a regional center that exports advanced modern technologies in the field of reducing harmful carbon emissions.

The CEO revealed that the property is of great importance in plans for sustainable transformation and achieving zero carbon emissions, as it is responsible for approximately 40%, which makes it a priority to be focused on in climate summits, and will be strongly present at “COP 28” at the end of this month  until December 12, 2023.

He indicated that the commitment of real estate developers to the required environmental standards will enhance the demand for this category of residential units in future, and will also be one of the factors attracting foreign investments in real estate.

“Reducing energy consumption in buildings is key to a net zero future. This means that companies need to drive energy optimization across existing assets and new developments. They also need to maximize on-site renewable energy supply, and ensure that all energy is purchased off-site, from sources supported by renewable energy where available,” he added.

Al-Zarooni pointed out that real estate sustainability includes two main parts: creating environmentally friendly buildings that provide all the standards required to reduce harmful emissions, then how to treat existing buildings and transform them into sustainable ones. Therefore, green real estate is a prominent way to mitigate the climate crisis and a major priority for future investments.

Walid Al-Zarooni noted that converting traditional buildings into green ones, will provide owners with a unique opportunity to address energy optimization and explore renewable energy sources. That apply to buildings inside and outside the area in which they are being constructed, while attracting the growing market of environmentally concerned investors, as the increasing growth in this area will put pressure on others to follow suit.

He noted that the increasing global trend towards green real estate will put pressure on real estate owners, developers and tenants to seize the opportunity to rebalance their real estate portfolios in line with global plans and benefit from the financial advantages and great savings guaranteed by following sustainable building systems.

The CEO stated that things will be radically different after the climate summit in the UAE, with the exchange of opinions on the best and most effective mechanisms to be followed in order to enhance the UAE ranking in this regard.