Dubai Real Estate Developers – Insights for the Wise Investor

If you have ever considered buying an off-plan property in Dubai or any other real estate market, then you would have undoubtedly come across a wide range of real estate developers to choose from. Some are industry leaders with enormous marketing budgets and slick advertising whilst others may be a little more low-key in their size and style.

Whatever the case may be evaluating these and choosing the right one can be a rather daunting task.

So, whether you are thinking about getting into the real estate game, or maybe you’re just curious about how the process works this guide has you covered. Listed below are some practical tips on evaluating the different Dubai Real Estate developers and in the process figuring out which one or ones are right for you.

Get to Know the Developer

One of the first if not the very first steps to take is to try and get an understanding of the development company. In essence, you need to dig into who the developer actually is and not just rely on who they say they are. We’re talking about their size, background, experience, and what they’ve developed over the years. Find out how long they’ve been in the business and look into their ownership structure.

A property developer with a solid history usually knows their stuff or is at least more likely to. With that said ensure you don’t discount the new kids on the block – sometimes they bring fresh, innovative ideas to the table and work harder in order to establish their brand and reputation.

Look into what kinds of projects they’ve completed. Are we talking skyscrapers, low-rise residential properties, or futuristic shopping centres? This gives you an idea of where their expertise lie and if they align with the property type you are considering.

Taking the time to research and understand the developer gives you insights into what you can expect and whether they are the sort of company you are happy to do business with.

Research Their Reputation

Reputation matters and is in most cases deserved whether it be good or bad. Check out online reviews, forums, and maybe even news articles. If a developer constantly gets bad press or has a large number of negative reviews, then this is something that needs to be looked into. One or two bad reviews don’t necessarily mean disaster however it does mean that everything else needs to be looked at with a little more scrutiny.

Evaluate Developers Past Dubai Projects

Past performance may not be a guaranteed indicator of future performance, but it certainly comes pretty close. If the company’s previous projects are still standing strong and looking good, that’s a pretty solid sign. If on the other hand, things are looking a bit worse for wear then why would things change in the future and be different for the project you buy in? Don’t be afraid to drive out to different areas of Dubai where the developer has completed projects. Look inside and even speak to some of the residents as they will have first-hand experience and intimate knowledge of the project.

Financial Stability is Key

You don’t want a developer who’s on the verge of bankruptcy. That’s like going into a joint venture with someone who can’t make rent. Look into the company’s ownership structure and financial stability. These are tough questions but a company with a healthy balance sheet shouldn’t have anything to hide so sharing this information at least in part should not be a huge deal.

Customer Service Matters

Customer Service matters and is a great insight into the culture of the real estate developer in question. Imagine having a problem with your brand-new Dubai property and not being able to reach anyone. To avoid this, make sure the developer has a reputation for good customer service not just before they sell but also long after. Are they easily reachable and responsive? Do they resolve issues quickly? You want someone who’ll be there to assist when things are going great and potentially not so great.

All Round Transparency is Key

If a developer is all secretive and hesitant to talk about their processes, costs, or timelines, that’s a serious red flag. You want someone who’s not only willing to answer questions but is happy to provide this type of info before the question is even posed. At the end of the day investing in a property is a big deal and any developer who tries to downplay that is most likely trying to rush you into signing on the dotted line.

Don’t Skip the Legal Stuff

How clean are the developer’s hands and what is their attitude towards rules and regulations? Are they following all the Dubai real estate laws and regulations? Do they have all the necessary permits and licenses? These are factors that need to be looked into as a poor attitude towards rules will usually result in a poor end product for the buyers.

Product Range

Finally, think about the product that’s being offered by the developer. Do they make the type of properties that are suitable and work for you? This is vital as the properties they offer, no matter how good the developer is, need to meet your criteria and be the kind you are actually after.

So, there you have it, a simple eight-step guide to evaluating a real estate developer in Dubai. Now, of course, there are plenty of other factors that could be considered but it’s important to not do too much at once and give up on the process altogether. Take your time to consider all these factors and you will go a long way in ensuring you are dealing with a trustworthy company worthy of your hard-earned money.