Dubai: The Dubai Land Department (DLD) will launch new criteria and certification for the construction of green buildings during the Arab International Sustainable Real Estate conference in May.
“The criteria will address all aspects of green building and investors will get certification for it. This is a new initiative in Dubai and it will increase the market value of the properties,” said Majida Ali Rashid, Chairwoman of the DLD’s Real Estate Investment Management and Promotion Centre, but would not reveal the criteria before the event.
A drop in material costs such as solar power over the past two years and a global trend towards sustainability is rousing investor interest in green projects in Dubai, a panel of property developers and DLD officials said yesterday.
There is a business case for green projects, despite the perception that they are more expensive than regular ones, according to Faris Saeed, chairman and chief executive of Diamond Developers, the company behind Dubai Sustainable City.
“There is a misconception that green buildings are more expensive. The cost of a green project is not more than a regular one. Some costs are more, others are less, so on average it’s the same cost as a normal project,” said Saeed. “In the long term, it is cheaper because you save on electricity and water.”
Considerations
Sustainability must be based on economic, social and environmental considerations, said Salem Al Moosa, chairman and chief executive of the Falcon City of Wonders.
“Talk like this costs money, to whom shall I send the bill?” said Salem Al Mousa, chairman and chief executive of the Falcon City of Wonders.
International companies get carbon tax cuts when they reduce their carbon emissions — a benefit that companies here do not get, he said. “Here people tell us to pay for it, why? Because we have more money?”
The conference, jointly organised by the DLD and the Arab League on May 1 and 2, will address the current state of property development and whether sustainability can enhance competition and real estate investments. It will feature experts discussing how to relate the property market with modern sustainability requirements, the organisers said.
It will be held in conjunction with the 3rd Annual Investment Meeting (AIM) and parallel with the International Property Show on April 30 to May 2.
