Real estate company officials have called for initiatives and legislation to motivate real estate development companies to enter the field of sustainable real estate projects and motivate buyers.
Through Starling Properties, they suggested stimulating bank financing for sustainable projects. Also, giving them priority financing facilitates their construction procedures and subsidizes some of the materials used in these projects by reducing their prices. In addition to real estate projects allocated to citizens, being sustainable, obliging consulting offices and contracting companies to use materials and Environmentally friendly buildings.
They emphasized that the few sustainable real estate projects put up for sale during the last period met great demand. Also, pointing out that “some real estate development companies have introduced some sustainability technologies in some units now. Such as the use of solar panels, water and electricity management as an experiment,” expressing their confidence. That the UAE will be a pioneer in sustainable real estate projects during the next ten years.
Initiatives and Legislation
In detail, Frank Vito, CEO of Starling Properties, called for launching government initiatives and issuing legislation. That motivates real estate development companies to enter the field of sustainable real estate projects while encouraging buyers to own units in these projects.
Frank Vito said that “the proposed legislation aims to stimulate bank financing for sustainable projects and to give priority and precedence to financing them, with government directives that real estate projects allocated to citizens should be (sustainable real estate). In addition to subsidizing some materials used in these projects to reduce their prices.” Point out that some of these materials cost more than those used in traditional projects, especially since the special trend towards sustainable real estate projects is still in its infancy and needs a significant boost.
Frank Vito added: “Some developers are reluctant to establish sustainable real estate projects, given that the real estate sector is gaining great momentum. There is a great demand for traditional projects. That makes real estate developers focus on meeting guaranteed demand. Rather than experimenting with trends that are still new, and the market’s reaction to them.” It has yet to be discovered, especially in light of the many new projects and significant competition in the market.
Frank Vito pointed out that “some real estate development companies have introduced some sustainability technologies in some units now. Such as the use of solar panels, water and electricity management as an experiment,” expressing his confidence that the UAE will, during the next ten years, be a pioneer in sustainable real estate projects.
For his part, Frank Vito said: “It is important for all parties to join efforts to enhance the concept of sustainability. During the next few years, the focus will be on establishing sustainable cities and sustainable modern projects in the country. Especially as it is a global trend to support economic progress by providing smart homes and services and using electric cars.” And make great efforts to preserve and sustain the environment.
Frank Vito continued: “It may require additional costs to implement this, but we rationalize using resources and preserve them for future generations. We also conserve energy and use it optimally, adopt waste recycling processes and use them better.”
He pointed out that “development companies in the country have become more focused at present on issues of sustainability. Preserving the environment and using friendly materials,” noting that “with the approaching state organization of (COP28) events. It is important to introduce more sustainable real estate projects and promote them.”, with a focus on the fact that the UAE is a centre for the most sustainable projects in the world.
He pointed out that several real estate companies have launched housing projects commensurate with sustainability. Applying the pearl rating system for buildings of the (Sustainability) program for classifying urban communities. Using materials and devices that achieve energy efficiency compared to traditional facilities, lower water consumption rates, and adopting systems Waste recycling,” noting that “real estate projects are used to generate solar energy through panels installed on the roofs of buildings. That contributes to generating energy that may suffice the project’s needs while surplus energy is supplied to the local electricity grid.”
Frank Vito: There are no considerable differences in prices, as some people think
“Sustainable real estate projects are a new global trend, and therefore they need sufficient time to spread,” said Frank Vito, CEO of Starling Properties Company. He continued, “Although sustainable real estate projects are few, there are sustainable projects currently under implementation.”
Frank Vito revealed that «the few sustainable real estate projects that were put up for sale during the last period met great demand, and all or most of their units were sold. Especially as they are an integral part of the future of the real estate sector, and they have many advantages for the population. In addition to being environmentally friendly, projects that work With solar energy. It also reduces residents’ electricity and water bills, and ample green spaces exist. It does not allow entry of vehicles, which improves air quality.
Frank Vito expressed his confidence that “sustainable real estate projects will enjoy great popularity in the country during the coming period,”. He stressed the need to support consumer culture with its importance and many advantages. With the need for government incentive policies such as facilitating the procedures for their establishment while emphasizing that there are no price differences. There is a significant difference between it and the traditional one, adding that “their cost is slightly higher, and therefore the purchase prices are more compared to traditional housing, but there are no huge differences in prices as some believe.”