Property developers would consider retrofitting their existing buildings with eco-friendly materials in order to improve the sustainability of UAE’s real estate, a new survey shows.
The study was carried out by real estate advisory firm Landmark in partnership with Cityscape Intelligence to evaluate the institutional perspectives on the feasibility of green buildings in the country, as well as the current potential demand drivers underpinning sustainable real estate.
According to official government statistics, the UAE is one of the highest consumers of electricity in the world, and consumption is predicted to grow by 45 per cent in the next three years due to rising local and expat population and the expansion of new industries, fuelling demand for energy.
“Improving the sustainability of the real estate is pivotal in ensuring the long term viability of expanding metropolitan areas in the UAE,” the research states.
Consequently, Dubai’s Ruler Highness Sheikh Mohammed bin Rashid Al Maktoum who is also the Vice President and Prime Minister of UAE has approved the “Green Buildings Project” policy that aims at ensuring eco-friendly measures are adopted on all government installations in the country.
Sheikh Mohammed issued a guide that contains general rules on the application of green building standards on new government projects implemented by the Ministry of Public Works, which are also intended to increase environmental safety.
Buildings in the UAE account for the highest total energy consumption especially through the usage of air conditioning units during the long summer periods.
Estidama, Masdar City programmes show progress
The government has initiated several green projects in the country, including the Estidama programme (Arabic meaning of sustainability) and the ambitious Masdar City project in Abu Dhabi.
While releasing the new survey, Jesse Downs, Landmark’s Director of Research and Advisory said that such green initiatives, were a clear indication that considerable progress is being made in sustainable real estate, adding, “However we felt it was important to understand the perspective of various industry stakeholders, including their awareness of the various issues surrounding green buildings as well as their opinions regarding the potential demand drivers for green real estate in the UAE,” Downs added.
The survey sampled primarily responses from institutional stakeholders in the real estate industry including developers, investors, property managers, and analysts. Respondents included UAE residents as well as investors and other stakeholders currently living abroad.
The vast majority of the sample reported that they do have a grasp on the concept of green buildings with approximately 96 per cent of respondents reporting an understanding of what a green building is.
“Of course, this does not test actual understanding, but rather self assessment of knowledge, which is subjective. While this is a very basic question to ask, it is one potential indication of awareness of sustainability in the real estate market. Fostering awareness through education is the critical first step in building a sustainable property market,” explained Downs.
Reliable ‘green’ data essential for developers
Addressing reporters at the event, Cityscape Group Director Chris Speller urged the real estate industry players to obtain verified information on how the industry is developing and how it will progress in the future, saying, “The first Green Build Survey is an example of the type of analysis that is essential to ensure we understand the focuses and key objectives required to move forward.”
The candidates who took part in the survey revealed that the factors they most often associate with green buildings include environmental friendliness (83 per cent), lower utility bills (54 per cent) and better design (36 per cent).
When asked their reasons for wanting to establish an office in a green building, respondents cited similar reasons such as environmental friendliness (75 per cent) and lower utility bills (70 per cent) in addition to health benefits for employees (56 per cent).
“Based on the results, there is a clear distinction between building new green developments and retrofitting existing buildings,” the Landmark executive added.
Majority of the respondents however, said that any regulation implementing a minimum green standard for the retrofitting of existing buildings should only be put into operation in 2-3 years.
Watch a related video:
Green buildings possible through retrofitting
Consider also reading:
Abu Dhabi properties focus on sustainability
New technology to delay Masdar City by one year
Mena sees brighter future in solar energy
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