List of Developers in Abu Dhabi, UAE
List of developers in in Abu Dhabi, UAE
Al Markaz Development
Importance of Choosing the Right Developer
Buying off-plan properties allows you to save 10-30% compared to buying a finished home, but it always involves risks. Now the authorities of Dubai and Abu Dhabi strictly regulate the activities of developers, so investors are protected. In the event of a stalled project, developers will not become defrauded equity holders and will be able to return the invested funds to buyers. Maximum security is ensured for property buyers in Dubai, where the relevant legislation is highly developed. Off-plan projects in this emirate are closely monitored by the Real Estate Regulatory Agency (RERA), a special division of the Dubai Land Department (DLD).
In Abu Dhabi, the Department of Municipal Affairs (DMA) is now performing similar functions. Until 2015, there were serious gaps in the legislation of the UAE capital regarding the sale of off-plan developments and protecting the interests of investors. For example, some of the projects that were implemented in Abu Dhabi in 2007-2008 were either never completed or were delivered with a delay of several years. But with the adoption of Law No. 3 of 2015 on the regulation of the real estate sector in Abu Dhabi, the situation has changed drastically. The new law clearly sets out the conditions for developers, including the provision of a development plan, obtaining a building permit from the DMA, as well as the mandatory opening of escrow accounts, similar to Dubai. Investors' funds are credited to these accounts, and the developer gains access to them only upon entering a certain stage of construction.
However, even despite all government measures to protect investors, certain risks still remain. These include the following probable situations:
- The project will be built with a significant delay or will become stalled. According to the propertyfinder.ae portal, more than half of developments launched in the UAE since 2008 were completed at least a year later than the announced deadline. Delivery of real estate on time is especially important for those who rent residential properties: extension of construction for at least a few months automatically means additional rental costs. In turn, those who buy real estate off-plan for subsequent lease, lose the profit that they could have received if the construction was completed on time. The same applies to canceled projects; your investment will be returned to you, but you will lose valuable time and energy.
- Lower quality of the finished property than originally stated. For example, the interior design or the provided amenities may not match the information previously mentioned in the brochure. It is also possible that the property area will be slightly smaller than promised by the developer.
The best way to protect yourself from these risks is to choose the right developer. As a rule, reliable companies, who want to expand their business further, value their reputation. They understand that their image on the market directly depends on the timing of the project and on the quality of the completed development, which means a surge in sales which then results in profit.
How to Choose the Right Developer
Dozens of developers work in the UAE market, including Abu Dhabi, and it can be difficult to choose the best option. We have compiled a list of basic tips for choosing a reliable company to invest in:
- Research all the information about the developer. The most complete data can be obtained with the help of a real estate agent who is well guided and knowledgeable of the market and, by virtue of their profession, owns information that is not always known to the wider public. But you can do the research yourself. First of all, check out the developer's official website and social media accounts, including customer reviews and comments. Find out how long the company has been in the market, how many projects it has already implemented, what awards it has received and who are its partners. Also on the official website you can find out about promotions and special offers from the developer. It is also useful to read the discussions on internet forums regarding real estate in the region- this way you can identify shortcomings in the company's work that customers are unhappy with.
- Analyze the developer's projects, both off-plan and completed ones. Look for news on the internet about delays in their construction, as well as comments and feedback from investors. If the company operates in Dubai, alongside Abu Dhabi, you can check out the DLD website and download the Dubai REST mobile application, which publishes the most relevant information about construction in the emirate (including the start date of the project, the announced date of completion and the current stage of construction). This will help you to get a general idea of the developer's work.
- Visit one or more of the developer's completed projects with a guided tour, which can be arranged through a real estate agency. You will be able to see the layout, room design, services and amenities in the building. You can compare them with information from a brochure released in the early stages of the project and draw conclusions about the quality of the developer's work. You can also ask the agent to arrange a meeting with one of the property owners from this developer to ask them any questions you may have.
- Pricing policy and payment plans. When selling off-plan properties, most developers offer discounted prices, convenient payment plans and other favorable terms. Often several developers sell similar properties in the same area, but the cost and payment scheme may differ. Therefore, it is advisable to study all the proposals in order to choose the most profitable one. But there is also a downside: the most popular developers can offer a higher price, but at the same time your risks of obtaining property with a delay or of low quality will be reduced to a minimum. To choose the best option of excellent quality and not overpay as well, it is best to use the help of a broker who will help to assess all the benefits and risks.