The government in Dubai recently announced that it wants to improve the sustainability of its property market and the appeal of the emirate for generations to come through enforcing green building standards on all new developments. Is Dubai property market going green?
The very first developer to sign up to this new proposed legislation is Nakheel which is going to abide by the strictest ‘green’ construction standards in the industry as laid out by the US Green Building Council. So at last Dubai property market is going green.
In our opinion at Degtev this could not happen soon enough – and it actually bodes exceptionally well for the ongoing increase in environmentally conscious construction globally because where Dubai leads, many other markets follow.
The increase in green thinking in the property industry is being driven by government policy and consumer demand – we mustn’t lose sight of this fact and begin to think that builders around the world have suddenly become all environmentally ethical in their thinking! And where governments such as Dubai’s take a strong lead, it is likely to have a very positive impact on the property market globally in time.
Earlier this year the government of the emirate of Dubai instructed the local construction industry that all new buildings from this point forward must be designed and constructed with international green building standards in mind. This sent a shiver through the industry because ‘green’ is associated with ‘expensive,’ but according to the acting director general of Dubai Municipality: “there is a capital investment in green building but there is also a huge return; it might not be seen for a few years after construction, but in time it will be a big saving for all.”
Nakheel is the first of the large constructors in the UAE believed to have embraced these governmental instructions – mind you, Nakheel is a member of Dubai World which is owned by the government! But at least they are setting a benchmark for others to follow.
The group has signed up to the Leadership in Energy and Environmental Design standards as set by the US Green Building Council and they are going for Gold Status – the highest level that can be achieved in these, which are among the toughest standards in the global construction industry. Well done Nakheel and well done Dubai – you’re not only doing your bit to protect the planet for future generations, you are actually giving the consumer that which they increasingly demand, i.e., green homes for a sustainable future.