Why EMAAR Is Dubai’s Most Trusted Developer

Hi, I'm Ghada Benitez, a certified international property specialist and a licensed realtor connecting global real estate investors with the incredibly lucrative opportunities here in Dubai real estate. Today we're going to talk about the largest developer in the entire UAE. You may or may not have heard, but you definitely see it everywhere here: Emaar. Please welcome my guest, my colleague Ahmed Ashak to the show today. Hi Ahmed, welcome back. Yes, let's educate our investors. Absolutely. One of the topics that I am asked about is who are the developers to trust, and I think that is one of the most important things, right? We talk about how to make a decision, especially if you're sitting in another country all the way across the world and maybe not getting on a plane to come to Dubai. Although we know that every investment is safe because of the regulations with the DLD and RERA, that doesn't mean that every investment is a smart investment, correct? So part of what you and I are doing is helping guide and advise our investors. Probably one of the most trusted developers in this entire area is also the largest developer in the UAE, and that's Emaar, right? Emaar in Arabic actually means development. It's funny enough, like here everybody knows who Emaar is, right? But I remember having the same thing when I first got on a plane and came out here for the first time, not ever thinking about getting into real estate. I land at the airport and the first thing when you land at the airport, you see Emaar everywhere, everywhere, everywhere. Then we get in the cab going to my hotel and I'm mesmerized. I see Emaar and you see these Emaar banners all over the highway everywhere, buildings and buildings with big huge logos on the top everywhere. Having said that, now obviously that I am doing real estate in Dubai, I know who Emaar is. But let's talk about who Emaar is to those who don't know. Well, it's funny you said that, G, because when I first moved here in Dubai 24 years ago, Emaar's first projects, which were the Marina 6 Towers, okay, were the only buildings that were standing on Sheikh Zayed Road. There was nothing else. I remember it was the Emaar 6 buildings and a Hard Rock Cafe. These were the only structures that stood where today you see the entire concrete jungle, such as the JBR and the Marina. There was nothing, just the Emaar 6 Towers. Emaar actually deserves every applaud that there is, because they are the ones who created what Dubai is today. The face that we're looking at today belongs to Emaar. Emaar is the one that gave other developers the opportunity to come out and showcase what they can do. And of course, I could never forget the day when Emaar came out and launched Burj Khalifa, the tallest building in the world. Anybody who knows Dubai, that's how they knew Dubai, right? Exactly, it's the Burj Khalifa, exactly. And Ghada, the reason I remember that day so well is because it was a nightmare and a chaos in Dubai. People flew from all over the world, not just investors, but they had flown their brokers to Dubai to go ahead and book them a unit. Because once again, it was only as per invitation. So if you had a token, an invitation token, you're the only one who was allowed to buy a part of Burj. I still remember that one particular night we were up and working till 11 o'clock at night. I was sitting among five brokers that had flown over here in order to do their purchase through my brokerage company at that time. You'll be shocked with what I'm about to tell you that took place that day. Emaar came out and announced that in order for you to book a unit, you have to turn in a blank check with no amount written. A blank check with no amount written on it. Simply state on the back of your check what is it that you're looking for, for example, a studio, one bed, or two bed, and a rough estimate. What is your max limit? Okay, so they can put their max limit, yes. But Ghada, how do you put a price on the world's tallest tower? How do you put a price on that? So guess what my advice was to my investors? Do not put a price. Because if you're putting a price, you're putting a limitation to yourself. Wow, so it was extremely very difficult for these investors to digest, because they were like, Ahmed, you're trying to tell us that if they end up selling us a one bedroom for 10 million dirhams, we should accept it? I said listen, the choice is yours. You're about to buy a project which is one of a kind in the world and it's in the world record book. Do you know what that means? Six stayed, the rest walked away. Okay, they were like, we don't have the stomach for it. Okay, so imagine what I was going through mentally that night, to wait and see at what prices my investors got their units for. And to be very honest with you, they were extremely reasonable on the day of the launch. And I was quite excited. How excited are those investors now? Very, very. But to be very honest with you, Ghada, the turnover was so high. The flipping was so high. I think each apartment must have exchanged hands 20, 30 times in such a short time frame, because the second wave who did not get the opportunity to buy during the launch, they came in immediately. Yes. And Ghada, just to let you know, back in those days, unlike today, properties in Dubai unfortunately were being treated like a stock share. It was trading like a commodity unfortunately. Not only does that affect investors' income, but it actually is what contributes and contributed to a bubble, exactly. And what is amazing now that I love being able to help educate our investors about is, when people say well, is there a bubble happening in Dubai? You know, how do we know that that's not going to happen again? These things happen around the world. But what happens with a bubble is when there aren't those regulations, exactly. And the prices are extremely exaggerated and inflated with no reason, with no backup, with no reason. And now, because the DLD since then has come in and created the Real Estate Regulatory Agency and works strategically, especially with Emaar and the other developers, they work strategically hand in hand, correct, to ensure there's a happy balance between supply and demand. Now we already know there's huge demand in Dubai. The numbers do not lie. We already know what's going on with the population. It reached 3.5 million by last year. It's their plan to double it by the year 2040. If you look at the master 2040 plan, which is another reason to trust any developer that follows that Master 2040 plan, there are initiatives in place to help reach that goal of the population expansion. Tourism is high. They're attracting talent from all over the world for coming to work here, live here. So we know there's a real need, correct, right? And now there's a regulation with the supply as well, right? So those are important stories to know, but those are the lessons that were gained that help propel us forward. So what I would really like to dive into Ahmed is, I can't imagine Dubai without the Burj Khalifa. I mean, I just can't even imagine it myself. It never gets old. It just, every time we go to Dubai Mall, it's like we have to pull out our cameras, right? No matter what, no matter what. You just have to. I remember Danielle and my daughter said to me, okay Mom, how many Burj Khalifa videos are you going to post? I said, you can't imagine sitting here. How many dinners have we gone, sitting outside at the Dubai Mall and we also, by the way, the biggest mall in the world, and we sit there in awe and we just watch the show. You know, it's so humbling. Some of the restaurants out there and just watch it like at night and the fountain, right, which is also another very well known, the Dubai Fountain. So I cannot imagine it. That really helps. I think, thank you for discussing your history about being here when all that came to play and who Emaar is. We could spend hours really getting into the numbers about Emaar. But you can look at the most recent numbers to show that the highest transactions conducted most recently were Emaar. And we can also talk about capital appreciation. We know the highest capital appreciation, the highest, actually the safest and the highest rental returns, correct. And we could also talk and dive into Emaar branded residences. And I have a whole other podcast talking about branded residences and how studies have shown provide significantly greater capital appreciation and rental returns. But what I think would really benefit our viewers right now are the upcoming Emaar projects to be on the lookout for. Because I wanted to do this podcast, Ahmed, is we have to get ahead of this versus behind. Emaar is probably one of the quickest to sell out, even before launch date, correct. So if our viewers don't fully understand and appreciate who Emaar is, correct, and have strategy in place to have an opportunity to invest within Emaar, as our investors have learned, yes, you will miss out. They've definitely learned the hard way. It's a challenge until today. As a matter of fact, just recently you and I were up till 2 a.m. the day before yesterday and then 4 a.m. in the morning going through the same challenge, how important it is for you to fill out that EOI. If you're going to be a part of Emaar, forget all the other developers, especially when we're talking about that's exactly my point. And for viewers who don't know, an EOI is an Expression of Interest with a fully refundable deposit. But what it does is it places you in the queue on a first come, first served basis for the day of the launch. But especially Emaar, especially Emaar. Because here's what I have learned and I've seen it firsthand when I walk here. You have investors from around the world that put their money down with agents and brokers like us and say, hey, next launch by Emaar, I want it. Doesn't matter what it is, doesn't matter where it is. I want it. That's the kind of confidence it has built for itself. It has a history, it has a history. And that's the confidence and that's the brand awareness. Those are the factors that go in, right? Make sure timely delivery, quality, brand awareness, being able to then be hot in the resale market, hot in the rental market. So it's been proven, yes, it's already there, yes. And government backed, etc., so the financial stability, etc. So we know that people are already investing. And so we are trying to come in and explain to our American clients, look, there's a launch coming out. For example, townhouses, which we know townhouses are very rare and highly in need as you have an influx of families moving to Dubai, okay? Emaar townhouse launching. Limited supply in the entire UAE. And if you say, when we say to you, it's coming out and it's launching, let me think about it, it's gone. It's gone. Yes, there's no point of you even sitting and thinking about it. With all due respect to our investors, it's not a sales pitch. It is the fact, and they're learning it the hard way. We're not trying to offend anyone, so I don't want anyone to take this personally. But seriously, if you feel you have to sit, wait, and think about it a few days, with all due respect, you've lost your opportunity right there and then. Absolutely, period. So what my hope is, Ahmed, is that by creating more educational content like this and helping people to really absorb it and understand it, do their due diligence, ask the questions beforehand, and then say, okay, we understand now, we get it. Let us know what we need to do, and we're seeing that that's been successful. You know, Dubai Creek Harbor, very hot area, exactly, right? Dubai Creek Harbor by Emaar. Gorgeous. The new downtown of Dubai. There will continue to be launches, but there were only a few that were on the water. Although I know you believe and I understand that's not just about waterfront. It's the entire community because it's going to be the new downtown, but same thing. And we had our clients that understood, did the right things, put their EOI in, got their desired unit. Was very happy. Multiple clients. So now let's shift into just to get our viewers ready. So Dubai Creek Harbor will continue to have launches. So be ready, okay, right? If we're talking about residential apartments, yes, correct, okay. So what other areas? I was thinking we could dig into a little bit of Dubai South, yes, right, and talk about why to be ready for the Emaar there. And Emaar, um, Port Rashid Yachts Marina, correct. So currently we have Dubai South, which is obviously coming to one of the largest Sheikh Maktoum airports. And Dubai South specializes and focuses more as a community, a master development where you will have mostly townhouses, villas, and of course a handful of residential apartments, okay? So the entire community is focusing more towards townhouses and villas, okay? Now just yesterday we saw Emaar has shifted towards Expo City, okay, because they did see something very promising about that particular area, that community, because Expo City, as you know, is the only community which has an up and running infrastructure, correct, whereas Emaar South does not have that infrastructure yet in place. So that's why now Emaar came and launched those apartments within, next to Expo City. But to back that up, when you say that, because I think it's important to just slow down for a second and focus on that, when you say Expo City already has the infrastructure in place and Emaar South doesn't yet, what does that mean to an investor in Dubai? Usually, first, what happens is when a developer comes and launches a project in that master community, it starts with launching the projects first, right? And as the buildings, the projects are being constructed, the infrastructure comes later, along. So in reality, that entire master development looks like a war zone for the next 10, 15 years. Expo City, on the other hand, went the other way around. They build the infrastructure first, because due to the Expo 2020 that took place, so Expo City is almost, I would say, 8 to 10 years ahead of the rest of the communities in the entire Dubai South. With that said, one of the most important aspects in the entire community of Expo, with the infrastructure, is the Metro Line. Metro is one of the most important infrastructures considered today in Dubai. It is literally controlling our traffic and helping people get from one spot to another, correct? Expo City, as you know, it literally drops you at the entrance of the community. That's where one of the largest metro stations is built, right? Largest parking structure. Perfect roads. You have two highways where each side has, I believe it was four lanes on eight, or four, I forgot what. 16 total, right? Eight on each side. Eight on each side, yes. So they've already done and taken care of all the aspects to control the traffic flow, the transportation, everything you could imagine. So with it being ahead of time, right? So that means that you can realize your investment potential earlier, of course. However, having said that, yes, the advantage of getting into Dubai South, Emaar South, is that the prices, right? You're getting in at incredible price per square foot. And we know that the government is really fully backing that. It's part of the master 2040 plan. This entire area, correct, of Dubai South. And we know through history that when the government is going to have a vision and back something, they'll do whatever it takes to make it happen, to make it happen, right? So, and then for those who may say well, Dubai South is too far, the truth of the matter is Dubai is building further north, exactly, towards Ras al Khaimah, further south, south towards Abu Dhabi, yes, and further inland. And that's it, because Dubai is not that large, right? So Dubai South being strategically located next to Al Maktoum airport, which is going to be the largest airport in the world, right, and being next to Expo City, right, which is a fun area to go to with the Wasl Dome and the events that are happening there, the restaurants. And then we've attended meetings with Emaar and looked at what their master community plan is, right? And going into the fact that it is going to be specializing in townhouses and villas, yes, for families, correct, it's a family oriented community. And so for those who want that safe investment, correct, with the largest developer in the UAE, yes, who has one of the strongest reputations in the world, correct, right? Dubai South is it. And what are the prices right now per square foot in Dubai South? Looking around Emaar, you're looking at 1100 per square foot. I mean, so imagine that, yes. Okay, so I know we're not supposed to put out promises because we don't want to overpromise, but historically, what has been the capital appreciation for Emaar property from what we've seen with history? Let's take Dubai Hills, for example, which is an Emaar community. It's also an Emaar master community and they will continue to build there and launch there, yes. And that's one of the reasons why we say Emaar is a community master developer that specializes. They specialize in creating communities. So in Dubai Hills, I remember when we were selling townhouses when they first launched was roughly around 2.5 million. Today in a resale market you're buying the same townhouse for not less than 5 million dirhams. So history has shown that when you buy a townhouse or a villa in one of Emaar's communities, you're definitely going to double up your capital appreciation once you get the key handover. It's a proven track record, proven track record. That's why when our investors, Ghada, especially the Americans, when they come and say I want something guaranteed and safe, with all due respect, I can't guarantee it. Well, when I say nothing can be guaranteed, nothing in life is guaranteed. But when they're saying I want the safest investment, I want the best of the best investment, it comes with a price tag. You cannot come and say well, I'm sorry, my budget is only this much, because I would like to test the waters. With all due respect, if you want the best of the best, it does not come with the price tag of your choice, right? You have to pay their price because of the proven track record and their rules and their way of doing business, exactly. Which means those EOIs, exactly. So Dubai South, great time to get in there. It's community based. And actually, we could dig into more on a separate podcast because I want to visually show people what we mean when we say community, correct? You know, where you have right next to you the gym, the mall, the malls, I mean, golf course. It's a golf course community as well. It's a green community which is rare in Dubai as well. So Dubai South, all eyes are on Dubai South right now. And Emaar South has launches that are coming up, correct? And we have, luckily, guided our clients to getting into some of these golf course, beautiful villas that are coming up. So keep your eyes on that. And then the next one that we can go into real quickly, because I actually have done another podcast on it as well, Port Rashid Yachts Marina. Which to me, I call it the Monte Carlo of the Middle East, correct? I feel the same way, exactly, about that community. I am literally hoping I will live long enough to see that community in effect, because I could just imagine what that place, the kind of footfall that area is, and it's waterfront. It's a waterfront. How could you go wrong? And it's waterfront. We've seen what Emaar Beachfront. How successful it has been. And it does not even have, can you actually say that real quick for Emaar Beachfront? What was the price per square foot when it launched and what is it now? Because again, I think it's important to see that trend of when Emaar launches. They started off around, I believe it was 2000. Today we're seeing all the way up to 6000 dirhams per square foot for Emaar Beachfront, okay? And now, how much is the price right now which we've been selling at Port Rashid Yachts Marina? Yes, you're looking at roughly around almost close to 2000 per square foot. And I think some of the important things to keep in mind about Port Rashid Yachts Marina is that there aren't a lot. It's a low rise community, exactly, no high rise buildings, not high rises. It's about the area where they're drawing it. It's going to be even the locals will want to go and visit and hang out there because you're walking right there. Beautiful promenade over there with all the restaurants and yacht clubs, right? And there's so much happening over there. And I call it like that trio, right? Because we know that Maritime City is going to be connected to Port Rashid Marina, then you can go to Dubai Island. Dubai Islands, there you go, right? So having one of the largest master developers coming side by side, I mean, that's pretty incredible. And in a part of Dubai that is actually closer connected to where the people work and live in Dubai. So for example, if you're living and working in DFC or you're working in Downtown or Business Bay, you now can live in a waterfront community that's closer to you and be there in 15 minutes. And down to the billions of dollars being spent on the infrastructure and the connectivity to this area. So it is a beautiful area. Stay tuned and look out for the launches, but more importantly, work with your broker to be strategic, to get ahead of it, and to make sure you have your EOIs in. And this is not a community about the views. Keep in mind as well, the Port Rashid Yachts Marina. It is about the community and the area and the location to be there. It's to be there. I believe it's you have to be extremely fortunate and be blessed to be able to own anything in that community, agreed. Absolutely agreed. So with that, we will continuously have more informative information coming out about Emaar's launches. But I think this was a good way to just at least help share a little bit about how things are done differently if you're going to purchase Emaar, right? So if you have any questions, please reach out to us because we'll continue to clarify. So thank you, Ahmed, pleasure. And with that, please make sure to like, subscribe, and follow, and stay tuned for the next episode of The Dubai Connect. Happy investing, good bye.