When buying real estate in Dubai, investors are advised not only to familiarize themselves with the characteristics and description of the project but also to pay attention to the background information on other projects and the history of the developer’s company. Also, when investing in real estate in another country, paying attention to the construction company in Dubai responsible for the object’s construction is always important: to see how long it took to finish past projects or what kinds of property it usually specializes in.
Nevertheless, in the UAE market, a developer’s choice is associated with low risk – all the most renowned developers in Dubai are reliable companies. In the UAE, the state monitors the real estate sector, controls the most prominent developers, and legally protects buyers from the risk that the developer will not finish the building. In this article, we will talk about the features of the leading developers of Dubai and their latest projects.
“Royal” developer Emaar
Emaar Properties is the largest developer in the UAE with a worldwide reputation.
The company was founded in 1997 in Dubai by Mohamed Alabbar, a businessman and economic adviser to the Emir of Dubai. Initially, the developer was wholly owned by the government of Dubai.
Emaar’s most notable accomplishments are the construction of Downtown Dubai, which contains the world’s tallest structure, the Burj Khalifa, and the Dubai Mall.
Meraas
Meraas is a holding company with interests in various sectors. To capitalize on opportunities in Dubai and beyond, the company is pioneering several initiatives in various macro sectors, including tourism, leisure, real estate, development, and asset management.
It continues to build urban culture, attracting millions of visitors. This developer has created Dubai’s most iconic properties: City Walk, Port De La Mer, BVLGARI Resorts & Residences, Bluewaters, and other islands and attractions.
Developer DAMAC: luxury apartments and affordable villas
DAMAC Properties is another of the largest developers in the UAE. The company has existed for over 20 years and is the first real estate company in the Middle East.
DAMAC was the main developer of the Business Bay area during its inception and continues to build new projects in it to this day. Among the DAMAC projects in the area are the Prive and Avanti residential complexes and the Paramount Hotel under the famous American film brand. The cost of housing in these projects starts from USD 250,000 for a studio.
Basic recommendations for choosing a developer
By visiting the website and social media platforms in this case, you can learn more about the company’s history, how long it has been in the construction sector, and information about awards and partners.
Visiting the developer’s social networks will allow you to study reviews from various sources and learn about the latest news and achievements, events, and any special promotions the developer holds.
Project
The Dubai Land Department has made getting information about the developer and their developments easy. Investors can get acquainted with all projects simply by going to the DLD website, where all information will be provided. Key factors to consider include the following:
- The construction start date;
- The current stage of work;
- Expected completion date;
- Handover of keys;
- Efficiency of work.
Sometimes the developer can postpone the date of transfer or completion of construction to a later period. This is not unusual but only acceptable if the delay is reasonable. Consultation with the existing owners of real estate in the developer’s project of interest will reveal the developer’s or development’s pros and cons. In this case, you will get an objective idea of how the developer works and learn about the reliability of the construction company, service standards, and many other aspects of real estate ownership.
Personal meeting
A visit to the developer’s sales center provides an opportunity to get answers to all questions regarding the project you are interested in, the legal framework, the financial aspect, insurance, and so on. In this case, hiring a real estate in Dubai consultant is the best solution. An experienced agent will help you better navigate which project to invest in and inform you about the deadlines for previous projects from this developer and possible risks.
Visiting the sales office on your own deprives you of seeing other projects since the developer can offer you only one project or only their products. The main role of a real estate agent is to understand your needs and preferences and give you appropriate recommendations based on their knowledge of many developers, projects, and the market landscape.
Payment Plans
Find out in advance what you are paying for: the net area, which includes the living/interior area plus the balcony, or the total area. If you buy an apartment with a large balcony or terrace, make sure that the price of 1m² of the balcony is lower than that of 1m² of internal space. Avoid payment plans based on the project completion date and move towards payment plans based on construction progress.
It is also worthwhile to analyze prices in the primary and secondary markets, as there are times when the cost of off-plan projects in Dubai can be overstated and comparable to the price of an already finished property. Also, it is worth clarifying in advance what rate of return you can get from your investments, finding out if there is an association of owners for existing projects, etc.
Mortgage
A good developer will always cooperate with large banks, which will be able to provide financial support to the investor in the future. In this case, it is important to note the developer’s alliances with financial institutions to facilitate transactions.
How to Choose the Right Type of Apartment in the UAE’s Residential Complexes
The profitability of the UAE real estate market is at 9% maximum per annum, and the turnover is encouraging. The country also has a deliberate approach towards encouraging investments in the sector and promoting tourism, which in turn boosts it. It is no exaggeration that the UAE has many goodies for all those who venture into it.
It is flexible, accelerating, and stable. But a salient part that people rarely pay attention to is the issue of suitability for purpose. If you do not buy for compatibility, the property, no matter how luxurious and high-class, will be underutilized, and you will never get your money’s worth of value from it.
Factors that will help you choose the right type of apartment in the UAE
Here are some of the factors to influence your choice when seeking a residential apartment in Dubai/UAE.
The most important one
The most important factor is, yet, the least expected, such that people often gloss over and sideline it. It is essential that you buy a property that will meet your needs. The dynamics here are that what is essential for one person may not be for the other. So, while two home searchers may enter the market at the same time, and one opts for a home with bigger interiors, the other may go for one with a larger swimming pool area.
If you are purchasing an apartment for residential purposes, try to make a list of the most critical and unavoidable features in your order of preference, then use that to assess the property you are about to pay for. This is such a critical point that is not being discussed enough. A lot of people end up selling their properties prematurely because of this issue of suitability.
Finance
The next factor to consider is that of finance. How much do you have? You see, the UAE has such a unique blend of properties of various kinds that you can find literally every kind of property you need in the various cities.
It is a misconception to think that high-rise locations like Dubai and Abu Dhabi will be overly expensive such that you cannot find affordable units. The UAE is a splendid mix of the good and the ugly.
You can find the most expensive properties you could ever imagine (and they may not even be necessarily big), and you can find the best and cheapest property types too. It is a game of figures and depends on how much you have, or how much you are willing to spend.
Picking a city
After settling on preferences and price ranges, it is important to pick a city. If you are a new migrant, your area of specialization should determine what part of the country you stay in. It is always advisable to focus on the parts of the UAE where your type of business flourishes or where your skill is in high demand.
For example, one thing Dubai is known for is the compartmentalization of communities. It would be nearly suicidal to shuttle through the city from one end to the other, not to mention the traffic build-up during busy hours. You should therefore consider which part of the city you would like to reside in from the outset.
The offered plan
The last segment of considerations to make while you are in search of properties to rent or purchase is the plan under which it is offered. A property may be absolute heaven for you and your needs, yet it may not be right when you consider the payment plan and the installment margins.
You need to ask yourself if you will be able to cope with the contract and see if the space in between will be enough to raise capital for the next payment. The good thing is that these residential apartments are often open to negotiations, as the developers/owner may waive some charges or adjust the payment terms.
Summarily, endeavor to look before you leap when it comes to investments. Consider your personal needs and comfort first, your pockets and budget next, followed by the site and various cities of interest.
Seeking the help of a real estate agency
Real estate agencies in Dubai (such as axcapital.ae) can help their clients to find real estate in Dubai and other emirates according to individual requests. The company’s employees provide consultations in many languages, making the buying process as comfortable as possible.
