Reviews of real estate agencies in the United Arab Emirates

Real Estate in the UAE

The second in political significance and economic well-being is the emirate of Dubai, the emir of this region of the country is the head of the UAE government. The capital of the country is the city of Abu Dhabi. The economy of the state is based on the oil and gas production industries, a developed financial sector, trade, re-export, construction and real estate, tourism and agriculture. The United Arab Emirates borders Saudi Arabia and Oman. The shores of the country are washed by the waters of the Persian and Oman Gulfs. The climate of the UAE is tropical desert.

There are several dozen local and international developers actively working in the United Arab Emirates, constructing a large number of residential and commercial properties in order to meet the growing demand for new, modern, high-quality real estate from local residents and expats. There are several tens of thousands of UAE real estate agencies and individual real estate agents in the country who serve the real estate market of the Emirates. Significant activity of real estate agencies is concentrated in Dubai, Abu Dhabi and Ras al-Khaimah, where most of the new real estate is being built.

The main areas of Dubai include Downtown, Business Bay, Dubai Marina, Jumeirah, Palm Jumeirah, Bluewaters Island, Jumeirah Lake Towers, Dubailand, Arabian Ranches. Despite the fact that they are located quite close, the areas of Dubai differ greatly in architecture, the purpose of the district infrastructure, the cost of rent and living, attractiveness for different categories of expats.

Business Bay is one of the main locations of the city, where business activity is concentrated. The area is closely adjacent to the Downtown area. Business Bay is located on the banks of the Dubai Water Canal, and its area exceeds 6 square kilometers. The area has a significant number of residential and commercial properties. Most of the real estate is being built by Dubai Properties. Open plans for the development of the area provide for the creation of a large yacht club with a marina, as well as retail space for numerous shops and restaurants. A public park of 60,000 square meters with a large number of recreation areas for citizens will be built in the area. In total, it was planned to build more than two hundred buildings, of which less than a hundred have been built by mid-2025. In addition to residential high-rises, office buildings are actively being built in the Business Bay area. The concept of an exclusively business district has changed significantly with the influx of a large number of foreign tourists, so now about twenty luxury hotels have appeared here, as well as modern residential complexes with their own developed infrastructure and green areas. Business Bay has good transport accessibility, it is easy to get to nearby areas, and Al Maktoum International Airport is an hour and a half away by public transport or half an hour by car. Jumeirah is a prestigious area, distinguished from neighboring areas of Dubai by low-rise buildings and the largest number of beaches in the city, stretching for more than 10 kilometers between the shore of the Persian Gulf and Sheikh Zayed Road. There are no high-rise buildings in the area, as well as architectural attractions that would attract crowds of tourists. The architectural symbol of the area is the seven-star Burj Al Arab hotel, shaped like a sail, it is noted in the photographs of many tourists, especially those who arrive in Dubai for the first time. The Jumeirah area is considered the oldest area of the city. Active construction on the territory of this location began in the 1960s and is associated with the settlement of many foreign specialists who arrived to work in Dubai. Real estate in the Jumeirah area is represented by a large number of villas and townhouses in the Californian style. The area also has mid-rise buildings and hotel complexes. The Jumeirah area is famous for its developed infrastructure with a large number of shops, pharmacies, educational institutions, and service facilities. Among the popular neighborhoods of the location are the coastal areas of Jumeirah Bay Island, Port de La Mer, Marsa Al Arab, Pearl Jumeirah, as well as the Madinat Jumeirah Living and City Walk neighborhoods. The journey by car from the Jumeirah area to the Burj Khalifa skyscraper takes approximately 15 minutes.

Bluewaters Island is an area with luxury residential complexes, located entirely on an artificial island. The main developer of the location is the construction company Meraas Holding, which spent more than $ 1.6 billion on the development of the area. The architectural and cultural attractions of the area are the world's tallest Ferris wheel Ain Dubai, the luxurious Caesars Palace hotel, the elite beach club Cove Beach, as well as the Dubai branch of the Madame Tussauds museum. Next to the Ferris wheel, the Bluewaters Wharf shopping and entertainment center with shops, restaurants, cafes and numerous walking areas was built. Bluewaters Island is located near the popular tourist area of Dubai Marina. Most of the real estate in the area are residential high-rises with premium apartments, as well as microdistricts with townhouses. The Bluewaters Island area is approximately fifteen minutes' drive from the Palm Jumeirah and Dubai Marina areas, and Dubai International Airport is a 30-minute drive away.

Dubailand is one of the largest areas of Dubai, founded in 2003. Dubailand includes about 20 microdistricts, the construction of most of which is currently ongoing. Many of the neighborhoods have their own theme, including Dubai Sports City, located in the western part of Dubailand, which includes golf courses, a multi-purpose indoor sports arena, cricket and rugby stadiums, swimming pools, Falcon City of Wonders, which is themed around amusement parks, and Arabian Ranches, which features villas and townhouses in traditional Arabic, Spanish and Portuguese styles. The Arabian Ranches area is home to numerous polo fields, stables and golf clubs. Real estate in Dubailand is suitable for people who value the privacy of gated communities.

The United Arab Emirates is a modern, economically developed Middle Eastern state with a monarchical form of government and one of the most dynamic real estate markets in the world. The state consists of seven regions - emirates, the most economically developed of which are Abu Dhabi, Dubai and Ras al-Khaimah, which have concentrated the largest number of local and international developers and real estate agencies. These regions of the country have the maximum number of new, modern, high-quality residential and commercial real estate properties. In total, dozens of construction companies of various sizes and specializations are constantly operating in the UAE, as well as more than 20,000 UAE real estate agencies and individual real estate agents specializing in the country's real estate. The permanent population of the country is more than 85% made up of immigrants from different countries who come to the country to work. The country's development plan provides for the attraction of millions of new qualified immigrants from other countries, as well as a significant expansion of cities and the construction of new, as well as the renovation of existing infrastructure.

Property prices in the United Arab Emirates

The average cost of property in the UAE largely depends on the emirate and class of property:

In Dubai, property prices start at $3,200 per m² for mid-range residential complexes and $5,500 per m² for premium real estate;
In Abu Dhabi, residential property prices start at $2,500 per m², in elite areas - from $4,500 per m²;
In Sharjah, residential property prices start at $1,500 per m²;
In Ras al-Khaimah, residential property offers start at $1,200 per m².

The country is one of the world's major exporters of oil and gas, with Japan being the main consumer of these resources. The country also has developed construction and real estate sectors, tourism, the financial sector, trade and re-export, and agriculture. The UAE is home to the headquarters of many international banks and other financial institutions, transnational corporations and other international companies. The state has a program to attract foreign companies, one of the important elements of which is a loyal tax system that allows companies to save significantly on taxes.

Buying Real Estate in the UAE by Foreign Investors

In recent years, the UAE real estate market has seen a significant increase in interest in real estate from foreign real estate investors and expats moving to the country for a long time with their families. Real estate in the Emirates is suitable for both short-term and long-term rental income and for reselling real estate after several years of ownership. One of the common options for a real estate business in the UAE is flipping, which is the purchase of a promising property, carrying out repairs, purchasing household appliances and furniture, and then reselling it at a profit after several months of ownership.

Among the features of purchasing real estate in the UAE are:

The presence of free zones (freehold), allowing foreigners to purchase real estate in full ownership;
A variety of real estate: apartments, villas, penthouses, commercial real estate, land plots.
The use of modern technologies in construction and an emphasis on quality among many developers;
Developed urban infrastructure.

Real estate investors are attracted by a wide variety of residential and commercial properties suitable for investment, a fairly high quality of construction, a stable economic situation in the country, dynamic development of the state and a neutral foreign policy position of the country's leadership.

Main areas of Dubai

Among the main areas of Dubai, we can highlight Downtown, Business Bay, Dubai Marina, Jumeirah, Palm Jumeirah, Bluewaters Island, Jumeirah Lake Towers, Dubailand, Arabian Ranches. Despite the fact that they are located quite close, the areas of Dubai differ greatly in architecture, the purpose of the district infrastructure, the cost of rent and accommodation, and attractiveness for different categories of expats.

Downtown is an attractive area where young families and expats prefer to stay, who value the location for its rich social infrastructure, numerous events and entertainment. Near the Downtown area are two of the most important business centers of the city - the Business Bay and Dubai International Financial Centre areas. Downtown is well suited for doing business in the field of short-term or long-term rental. The area of the district is approximately 2 square kilometers and is mainly built up with skyscrapers that have a standard developed infrastructure for this area: a swimming pool, a gym, a spa, children's playgrounds. The tallest building in the world, Burj Khalifa, rises above the Downtown area, and the world's second largest shopping center, Dubai Mall, is also located here. The shopping center contains more than a thousand shops, two large department stores, more than two hundred restaurants, a cinema, an ice rink, go-karts, and one of the largest oceanariums in the world. Near Burj Khalifa, a beautiful park has been built, as well as a large artificial lake. Every day from 18:00 to 23:00, musical shows of one of the most beautiful fountains in the world, Dubai Fountain, are held here. The world-famous multifunctional concert hall Dubai Opera is located in the area, where leading theaters of the world regularly perform, as well as other events. The Old Town and The Old Town Island neighborhoods, designed in the traditional Arabic style, stand out significantly from the multi-story buildings. The main developer of the Downtown area is the state-owned construction company Emaar Properties. There are also buildings in the area built by other Emirati and international construction companies. Development plans for the area include further construction of high-rise buildings with modern infrastructure.

Dubai Marina is a prestigious area of the city with excellent sandy beaches, five-star resorts, numerous marinas and cruise ships, located on the coast of the Persian Gulf near the Palm Jumeirah archipelago. The beginning of the construction of the area dates back to 2003, when the main developer of the location, the construction company Emaar Properties, began the construction of the first buildings. Most of the real estate is residential skyscrapers and high-rise hotels of world hotel chains. On the territory of the area, which is more than 5 square kilometers, there are several artificial islands, on which the famous microdistricts Jumeirah Beach Residence and Bluewaters Island are located. Investors love the real estate of the Dubai Marina area for its high quality, excellent location and developed infrastructure, which is created for people who value an active life full of interesting events and entertainment. There are several important architectural landmarks in the Dubai Marina area: the artificial island Bluewaters with the world's largest Ferris wheel Ain Dubai. The area has an excellently developed transport and road infrastructure, so residents have no difficulty in getting to other areas of the city. There are buses, tram routes, a monorail, a water taxi, as well as two stations of the red line of the Dubai Metro. Near the area is one of the main highways of Dubai - Sheikh Zayed Road, which increases the transport accessibility of the area. The area is approximately 25 minutes drive from Dubai International Airport and Al Maktoum International Airport.

Palm Jumeirah is a district of Dubai with an area of more than 5.6 square kilometers, located on an artificial island made in the form of a palm tree with a trunk and 16 branches. The construction of the district began in 2001 and is still being carried out by the state developer Nakheel. The main architectural landmark of the district is the world-famous Atlantis The Palm hotel. The Palm Jumeirah district borders on the Dubai Harbour and Dubai Marina districts. The main real estate objects located in this location are luxury villas and townhouses, as well as almost thirty five-star hotels and residential complexes with hotel apartments.

Jumeirah Lake Towers (JLT) is a modern district of Dubai, offering a wide variety of real estate from high-rise residential complexes and hotels to numerous commercial properties. The original construction plan, presented by the government agency Dubai Multi Commodities Center, assumed mainly the business purpose of the buildings. Over time, the project was revised and residential buildings and necessary urban infrastructure were erected in the Jumeirah Lake Towers area. The JLT area is well suited for people who want to live in a business district, but avoid tourist locations. The architectural dominant of the area is the 68-story Almas Tower skyscraper. The total number of high-rise buildings in the area is 87 skyscrapers. Most of the construction work in the JLT area has been completed. Currently, the developer is completing the construction of several buildings in the western part of the area. Arabian Ranches is a residential area within the larger Dubailand district, most of which consists of villas and townhouses. The general developer of the area is the construction company Emaar Properties. The area is located to the south of Dubai Downtown and Sheikh Mohammed Bin Zayed Road. Arabian Ranches is chosen by investors who are planning a quiet family life away from dynamic business districts and tourist locations. The area has a large number of real estate properties, differing in area and price range. The design of a significant part of the houses is made in the traditional Arabic style, others are built in Spanish and Portuguese styles.

UAE Construction Companies

There are several dozen local and international developers working in the UAE on a permanent basis. Among the main construction companies in the country are Emaar Properties, Nakheel Properties, Meraas, Damac Properties, Ellington Properties, Omniyat Group, Sobha Realty, Aldar Properties.

Meraas is a large state-owned construction company founded in the UAE in 2007. Among the projects built by the Meraas construction company are the Dubai Harbour area, the artificial islands Bluewaters Island, Jumeirah Bay and Pearl Jumeirah, the City Walk residential area, as well as the three-kilometer embankment Dubai Water Canal and the world's largest Ferris wheel Ain Dubai. The Meraas developer is engaged in the construction of a wide range of residential and commercial buildings, which include villas, townhouses, apartments in mid-rise and high-rise residential complexes. Real estate built by the Meraas developer is in constant demand among investors from all over the world.

Damac Properties is a construction company founded in the UAE in 2002, designing, constructing and implementing real estate projects in such emirates of the UAE as Dubai and Abu Dhabi, as well as Lebanon, Jordan, Kuwait, Saudi Arabia, Great Britain and the United States of America. The developer actively works with premium brands, with which it implements exclusive real estate projects. In recent years, the developer Damac Properties has distinguished itself by collaborations with such brands as Versace, Paramount, Radisson, Fendi, Trump, Cavalli. An important feature of the developer is discipline in the construction and delivery of real estate. Damac construction company projects are in most cases delivered within the pre-set deadlines. Currently, real estate investors consider this company one of the most reliable in the UAE. Among the projects of the developer Damac Properties, we can highlight Gems Estates (exclusive villas with designer renovation), Just Cavalli, One Safa (two residential towers with excellent views of the city), Damac Hills (a residential complex with its own golf club), Costa Brava Damac Lagoons.