Real estate development companies in the UAE
One of the most important things when buying real estate in the UAE is choosing a suitable real estate developer. Hundreds of real estate companies are trying to sell their projects while house prices have been declining for years, meaning that there is an abundance of supply.
To avoid being scammed or losing out on the best deals, here is a list of things that help you choose the best real estate development company for your requirements.
- Check the website of the developer: The company’s website should provide you with information such as who are the owners of the company and what is their history, who are the partners of the company, how long has the company been active and an overview of the portfolio of the company with both planned and completed projects.
- Visit the completed projects: Take a tour around the projects that the company has already completed to get an idea about the quality of construction, the final layouts, finish quality, and the upkeep of the common areas and surrounding area.
- Get in touch with other buyers: Try to talk to people who are already property owners to get a good understanding of the advantages and disadvantages of the company. Things to keep in mind are rental yields, maintenance costs, parking options, reliability of the development company, service standards, and snagging services.
- Personal meeting with the developer: Visit the official sales center for a thorough conversation with a sales representative. Here you can not only get answers to all your questions regarding the development but also about purchase-related issues such as laws, financing of the property, insurance, and additional purchase costs such as DLD fees, agent fees, and initial deposits.
- Subscribe to Social Media channels: Facebook, Instagram, LinkedIn, and others give you the opportunity to follow the latest news about a real estate developer. Here you will also find promotions, announcements of events and feedback from other followers.
- Research financing options: The range of finance options the company offers says a lot about the status of the company. Always compare the mortgage rates that the company provides and the rates provided by several other financial institutions.
- Pricing: Keep in mind that prices can be negotiated. Also, with the oversupply in Dubai companies often give out discounts. So, sometimes it’s better to wait a little than to rush to buy.
- Payment Plans: A growing number of companies offer convenient payment plans. Furthermore, more and more companies offer post-handover payment plans, which means that you only start paying for your property after the handover.
- Post-handover questions: Investigate the options and obligations after the handover. This could include things such as the availability of facility management, owners associations, and maintenance services. Also, research the options for renting out the unit and the possible resale of the property.