How sustainable strategies help real estate developers achieve success
By PNC Menon, Chairman of Sobha Group
Dubai’s real estate sector is rapidly moving towards sustainable growth. Experts believe that the recent uptick in demand for real estate in Dubai stems from developers adopting sustainable practices. Over the recent years, sustainable property development has secured a niche position in the real estate market, encouraging developers to follow the trend.
In this decade, real estate developers who plan to adopt sustainable practices would reap benefits from their business, as sustainability is being heralded as an increasingly important criteria in evaluation by investors. It is dawning on the builder community that it is imperative to move towards a low-carbon, sustainable, and green economy.
Without sustainable construction strategies, it will be impossible to achieve a clean and green future. Environment-friendly architecture, design and development must be a priority for achieving the same.
Sustainability in the real estate sector will contribute towards managing the demand for high energy and water consumption. Developers need to be mindful of new cost-saving technologies that will facilitate sustainable development in the long run.
There will always be a risk in running a business, and real estate is not exempt. Risks such as pre-construction planning, entitlement, permitting, and financing may be of hindrance for any project, the biggest of them being getting the project up-and-running and completed. Here is where sustainable practices come into play. It can increase the chances of a successful completion through increased community acceptance and social and environmental benefits.
Larger and more beneficial projects can be launched keeping sustainability in mind. This decreases the environmental impact as well as garners acceptance from the people, as it promotes a healthy environment. It is crucial that developers adopt sustainable practices, material, technology, and energy for all their projects. We would be looking towards sub-optimal habitation in cities in the future if these practices are not implemented.
Realising a viable sustainable technology-driven future is key for real estate developers as environmental mindfulness is increasing amongst the populace. Living in a sustainable smart city will be one of the prime innovations that can be achieved through sustainable real estate development. Building greener spaces through sustainable architecture is gaining importance among real estate developers.
Cleaner materials, clean energy, and water-saving techniques must be implemented to reduce impact on the environment. Efficient smart home automation can be applied to reduce the cost of consumption. Industry leaders and think tanks can contribute significantly through these sustainable strategies and plans.
Creating a holistic living environment is a key imperative for real estate developers who want to achieve success in the future, especially keeping in mind the Dubai 2040 Urban Master Plan and its goals.