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As it is the case with buying property in any international housing market, it is important to choose a stable, high-quality real estate developer. As Dubai emerges from the Global Financial Crisis, local markets have shown improvement, but the property market is still saturated with hundreds of developers vying for a piece of the pie. It is also important to note that housing prices are on a downward trend and the job market is slowing down.
To get you started on your hunt for a real estate developer, Here is a list of the top five property developers in Dubai.
- Emaar Properties
Emaar Properties was founded in 1997 and has been one of Dubai’s leading property developers since its inception. Emaar has an extensive commercial and residential portfolio that includes the Burj Khalifa and Dubai Mall. It is unlikely that you would visit Dubai and not set foot in one of Emaar’s properties. Emaar operates in 36 different markets across the Middle East, East Asia, North Africa, Europe, and North America.
2. Nakheel Properties
Nakheel Properties has emerged as a premier property developer in Dubai and globally, over the last two decades. Best known for its developments in Dubai, Nakheel has projects in more 85 countries worldwide. Nakheel’s most recognized development is the Palm Jumeirah, an artificial archipelago off the coast of Dubai that features luxury residential and commercial properties. Notable projects include Palm 360, a twin-tower luxury hotel, and the Nakheel Mall.
3. The First Group
The First Group was founded 30 years ago by Danny Lubert and is a global property development company. It established a head office in Dubai in 2005 and soon became one of the leading property developers in Dubai. The company also operates in several other major markets across the world. It is an award-winning developer including Wyndham Dubai Marina and Sky Bay Hotel and Avalon Tower. The group also has partnerships with brands such as Emirates Airlines and Millennium Hotels, highlighting their commitment to quality development.
4. Deyaar Properties
Deyaar properties started as a subsidiary of Dubai Islamic Bank in 2002. It was spun-off as an independent company due to its growth and increasing profitability. Deyaar CEO, Saeed Al Qatami has an impressive resume that includes Deyaar’s VP of Business Development and Director of Omega Engineering. He won the Development Industry CEO Excellence Award in 2014. Besides residential and commercial high-rise complexes in Dubai, Deyaar properties offer property management services. The Mayfair Tower, Central Park, and the Atria are notable projects by Deyaar.
5. Damac Properties
Founded in 2002, Damac Properties became one of Dubai’s largest property developer with over USD 2 billion in annual revenue. It was the 1# Forbes Growth Champion for 2017. Notable projects in Dubai include DAMAC Towers by Paramount and DAMAC Heights, which were awarded the Best International High-Rise Architecture Award by the International Property Awards. It also boasts of the DAMAC Tower London, the tallest residential skyscraper in London. Damac Properties major interests are in the Middle East with a footprint in Qatar, Jordan, Lebanon, and Saudi Arabia besides Dubai.