Real estate’s sustainability in spotlight as 80,000 delegates head to Dubai for COP28 in 2023

Dubai is all set to host the 28th session of the Conference of Parties (COP) in 2023, with the tentative dates being November 30 to December 12, and the venue being the Dubai Expo City. It will be an important global event, which will coincide with the UAE National Day. 

Impact of COP28 on holiday homes

In view of the UAE hosting COP28, over 80,000 delegates and more than 5,000 media professionals are expected to arrive in Dubai to attend the event. That’s a lot of people who will need accommodation! Needless to say, the event is expected to boost the local holiday homes market. 

The attendees will mostly want to put up near the venue of the event. The Expo 2020 site will convert many of its areas into residential districts, so adjoining holiday homes will reap rich dividends, selling at a premium. This is so because there are fewer hotels near the venue. 

Holiday homes in the nearby Dubai South area are likely to benefit the most from the event. With development surrounding the Expo 2020 site still underway, one can safely presume that New Dubai districts, such as Dubai Marina, Jumeirah Beach Residence and Jumeirah Lake Towers, will be thronged by COP28 attendees. 

These posh neighbourhoods not only have plenty of attractions for attendees to enjoy during their stay in Dubai but also boast good connectivity to public transport stations, such as the Dubai Metro, that can take them to the Expo 2020 site within minutes. Incidentally, Dubai South is also ranked as one of the top destinations to buy property in the UAE.

Dubai real estate and sustainability 

While COP28 is sure to give a boost to Dubai’s property market, particularly the holiday home segment, it also underlines the need for sustainability in the sector. Dubai has made considerable progress on this front and has also secured a good spot in the Global Real Estate Transparency Index, entering the ‘Transparent Tier’ for the first time. Publisher JLL has also acknowledged the real estate markets of Dubai and Abu Dhabi as the top global innovators in 2022.

Dubai can underscore sustainability by ramping up initiatives to develop low-carbon and resilient properties. It has already made good progress with green building certifications, etc., but needs to double down on continued issues such as high energy consumption and emissions in the sector. Sustainability initiatives must particularly cover existing buildings and not focus just on new structures while being anchored in mandatory regulations. 

There is a pressing need for Dubai to focus on sustainability initiatives that will help achieve its ‘Net Zero by 2050’ commitment. As the city readies for the COP28 event, it has a huge opportunity to not only showcase its sustainability initiatives and credentials but also work toward bettering its record. The ascent up the transparency index, where sustainability is a determinant, is a step in the right direction. The country looks poised to make further progress in the run-up to COP28 and beyond.

https://www.joneslanglasalle.com.cn/en/trends-and-insights/research/global-real-estate-transparency-index/greti-global-rankings-and-methodology

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