The real estate market witnessed the entry of hundreds of real estate development companies since the beginning of last year 2024, which created a strong competition for attracting potential customers through attractive offers, which resulted in pressure on prices in some areas of Dubai.
The great growth in the Dubai Real Estate Market helped enter new players, estimated at 400 real estate developers during the past year, bringing the number of developers working in the real estate market in the emirate to 1659 real estate developers by the end of 2024.
Aqaris emphasized that the competition between developers in the real estate sector is healthy and good, and produces an increase in the diversity of supply and options for buyers, and confirms the maturity of the market.
They reviewed the positive and negative aspects of the Emirates today, from the entry of new developers to the real estate market.
Pros and challenges
In detail, the real estate expert, Director of DXR, said that “the entry of hundreds of new developers to the real estate market in Dubai increased competitiveness, which clearly affected the pricing strategies and offers provided to dealers.”
She added to «Emirates Today»: “There are positive aspects related to the entry of new real estate developers, represented in attractive investment opportunities, because strong competition promotes developers to provide attractive offers, such as: facilitated payment plans, discounts, or even exemption from service fees for certain periods What makes investing in real estate more attractive. ”
She continued: «Among these positives is also improving quality and services, as developers are seeking to improve the quality of construction, provide innovative designs, and add features such as: smart homes, or apartments equipped with special swimming pools, which enhances the experience of owners and tenants. Buyers, especially the final users, when the prices become more competitive.
Mouaqqi also pointed to other challenges, explaining that new developers may offer low prices to attract buyers, which may affect the margins of profit, and make some projects less economically feasible.
She continued: “One of the challenges is also a delay in delivering some projects and increasing the supply against demand.” ».
Moufaki saw that the successful developer is not the one who offers the lowest prices, but rather who can achieve a balance between the price, quality, location and services, stressing that the dealers in Dubai have become more aware, as the price is no longer sufficient to attract them, but are looking for guaranteed projects, in terms of delivery and specifications, And added value.
Attractive factors
For his part, the CEO of “Standard Real Estate Management”, Abdul Karim Al -Mulla, stressed that “increasing the competitiveness of the developers pressure real estate prices in some areas Potential dealers through attractive price offers.
He added: «The potential buyers are always looking for excellence in (finishing) and quality, which are two issues of developers who have a great reputation in the market, and they are looking for distinctive places near important facilities such as schools, hospitals, metro line, and those overlooking the sea. .
In the same context, the CEO of Harbor Real Estate, Muhannad Al -Wadia, said that “the increase in competition between developers in the real estate sector is healthy and good, and produces an increase in the diversity of supply and confirms the maturity of the market.”
He added: “potential buyers must choose developers who have good experience in the real estate sector in Dubai, and to avoid few experienced experiences, in addition to focusing on the history of the developer, the extent of commitment to quality and dates of delivery.”
Opportunities and returns
For his part, Walid Al -Zarouni, Chairman of the Board of Directors of the company, Walid Al -Zarouni, said: “What controls the market is the volume of available opportunities and the expected returns from investing in these opportunities, and therefore the Dubai market is still full of attractive opportunities, whether for real estate developers or individual investors.”
He added: «Competitiveness prompted the developers to provide a variety of real estate, allowing buyers multiple options to suit their needs, as well as significantly reflected on real estate prices in some areas, where the developers made attractive and attractive price offers for buyers.
Payment facilities
The CEO of Stratom to manage the ownership associations, Saeed Abdul Karim Al -Fahim, agreed that new developers enter the Dubai Real Estate Market, which increased competitiveness in attracting potential buyers, by adhering to quality, speed of completion and finishing.
He said: “Competitiveness between the developers, especially the new, has moved to reduce prices and the long period of payment of installments, as well as satisfactory payment facilities for potential buyers,” stressing that the most important factor in that competitiveness among the developers in Dubai is the commitment and delivery at the agreed date.
High demand
In addition, the Chairman of the Board of Directors of the Real Estate Company, Ahmed Al -Dawla, stressed that the large number of developers in Dubai is a clear evidence of the high demand for the real estate market in the emirate, stressing that this is also in the interest of potential investors in the sector.
The state pointed out that buyers in the sector benefit from this by offering developers to them with attractive payment plans, speed of delivery, finishing quality, and a good location for the project.
Comparison factors between developers
Raad Ramadan, the general manager of Awad Gargash Real Estate Company, said that the increasing competition at the level of real estate developers is a balance between the new developers and the main founders in the market, pointing out that the entry of new developers accelerates the completion of projects.
He explained that the new developers are also trying to reduce prices, at a time when potential buyers are comparing a major comparison between the developers according to important factors, including adhering to quality, using efficient building materials, in addition to adhering to the technical specifications of the building, as well as adhering to the dates of delivery.