As you might expect in a market as diverse and exciting as Dubai’s property landscape, there are some seriously influential and big name players developing homes and commercial premises for sale and to let in the emirate.
In this article we’ll take a look at the leading Dubai property developers so that if you are in the market for a home you will know where to head for reputation and standing.
We cannot of course vouch for the financial liquidity of any of the companies we review, nor do we have any opinion about which companies are better than others. This article is simply an introduction and open review of some of the largest companies currently developing beautiful and iconic property in Dubai.
The main companies we will be focused on are Al Nakheel Properties, Damac, Dubai and Emaar Properties and Diamond Investments. Each company has completed real estate projects that are available for would-be buyers to view, each company also has developments under construction and in the planning and development stages. If you are looking to buy property in Dubai we recommend that you tread carefully at the current time because market conditions are uncertain.
Al Nakheel Properties
Al Nakheel Properties is also more commonly known as the Nakheel Corporation in Dubai, and the company is responsible for developing some of the most exciting property projects in the emirate to date. Named ‘developer of the year’ at the Arabian Business Achievement Awards in 2008, Nakheel are the brains behind the likes of the Palm Jumeirah, Palm Jebel Ali, The World, International City and The Universe.
Because the company has come under fire for creating so much off-shore land in Dubai with the likes of the Palms projects, they have effectively retaliated by taking on dedicated experts who work for the company full-time in the fields of environmental research and development.
With projects under development across Dubai, Nakheel are one of the most prolific constructors in the emirate. They pride themselves on their reputation and are certainly well worth a look if you are after property in some of the most famous developments in Dubai.
Understood to be the largest privately owned developer in Dubai, Damac Properties, which is part of Damac Holdings, is another leading developer of freehold real estate in the emirate. So far they have largely concentrated their construction efforts on residential towers in the Dubai Marina region, on the Palm Islands and in the likes of DIFC.
The company specialises in constructing projects in only the most desirable and exclusive parts of Dubai, with homes completed to the highest exacting standards. Currently under development are the likes of the Water’s Edge tower in the Business Bay, Amber Residence in Dubai World Central, Tuscan Residence in Jumeirah Village and Flamingo Cove at The Lagoons.
Dubai Properties is part of Dubai Holdings, the government company behind many of the massive infrastructure and development projects right across the city of Dubai and the wider state. This particular division of the company is responsible for the development of freehold residential real estate in massive mega-projects such as Dubai Business Bay.
The government of the emirate has a 32% stake in this Public Joint Stock Company which is one of the most successful property development companies in the world. Emaar was the first company to develop freehold property for sale in Dubai, and it has gone on to grow and expand and now it develops in countries such as Morocco and Turkey as well.
In Dubai Emaar Properties is responsible for the likes of Dubai Marina, Emirates Hills, Arabian Ranches, Burj Dubai, Burj Residence and Dubai Mall. The company basically develops very innovative self-contained developments that are so rich in integrated amenities that the communities they create are highly popular with residents. They will integrate everything from schools to parks to retail centres, and they have created mega, master-planned golf, equestrian and marina themed communities in the past.
Specifically focusing on the Dubai Marina area of the city at the moment, Diamond Investments has been responsible for the creation of some stunning residential towers such as the Marina Diamond Towers. Combining good quality construction methods with affordable prices, Diamond Investments is perhaps well placed to service the market of potential buyers likely to be interested in Dubai during these tough times when property financing is getting harder to come by.
Most of Diamond’s projects are still under construction, but they do have some completed homes that you can view.
When looking for a property to buy in Dubai, make sure you do your own due diligence on the developer or constructor, ensure they are going to be in business for the long-term and complete open projects if you’re buying off plan. Insist on seeing completed examples of their work, and know that in the current economic climate a buyer is gold in Dubai so you’re in a good position to haggle!