With economic uncertainties and increasing inflation all around the world, it is advisable to make a wise and timely investment decision. And what better investment option can be than Dubai real estate. Even with limited cash in hand, it is suggested to invest in properties for sale in Dubai for a secure future. Numerous investment options are available in the market including off plan properties, developed properties, plush apartments in the most expensive parts of the city, villas in the gated communities in Dubai or townhouses in the suburban communities.
If finance is the constraint, buying a Dubai off plan property seems to be the most viable investment choice. Buying off-plan means that when you sign a contract, the property is either just announced, partially completed or not yet completed. Investing in off plan properties is one of the popular investment options and in most cases, you can buy directly from the developers – without involving any real estate agent.
With the recent change in the UAE residence visa programme and new updates (especially regarding the retirement visa), potential investors have been exploring new options and developers are relating it to the purchasing of Dubai off plan properties. If you are also a serious property buyer and looking for reasons to finalize your investment decision – continue reading this blog post for deeper insight.
Dubai is one of the fastest-growing economies in the world and Dubai real estate proved to be a resilient sector. Even right after the COVID-induced global pandemic, the market got back on the growth track. Dubai property prices are set to rise steadily over the next few years to come, driven by the demand from local and overseas investors. The same trend is imminent for Dubai off plan properties as well.
The off plan properties are available at attractive prices and the values are expected to increase with the progress in the construction process. It’s an amazing perk of investing in off plan properties, as these options promise to offer a higher return on investment. Keep your finances ready and as soon as a reliable project is announced, book an off plan property in Dubai.
Another exciting perk associated with the investment in Dubai off plan properties is lower prices due to their construction status and flexible payment plans. Attractive property prices and flexible payment options make off plan properties more affordable. Therefore, a number of first-time property buyers with limited finance tend to invest in these options, as compared to constructed properties.
With a strong economic comeback, strong political infrastructure and numerous off plan projects in the supply chain, the Dubai property market poses to be a heaven for potential investors, even after the global pandemic. Currently, developers have been offering several Dubai off plan properties at lucrative prices and flexible payment options. A few developers are offering to pay only 40 per cent during the construction process and the remaining 60 per cent will be payable post-handover.
When it comes to buying an off plan property, mostly you have the access to the entire development. This way, you can make your independent choice depending on your personal preferences. If you are buying for a living purpose, you can choose the types of property unit you want and even select the floor number according to your personal choice. If you pick an apartment development near the completion of its construction, most of the best units have already been acquired by savvy property buyers and investors.
If you are investing in Dubai off plan properties but want to stall your decision to see the progress in the construction process, you have already been limiting your chances to buy the best property units with great views and premium features. The high time is to pick a property development right after it is announced.
Investing in Dubai off plan properties comes with a number of perks and the major one is lower up-front costs. Though the investment plans vary from developer to developer but in the majority of cases, you can pay as low as 10 per cent of the actual cost of the property to book it. The remaining payment plan is mostly linked to the construction status of the project, and is usually not much that you cannot afford.
Another interesting fact is that the value of off-plan properties gets major appreciation around and after handover, when the project is nearly or fully complete. The off-plan properties are purchased at relatively lower prices and when the final amenities and facilities are added to the property, the value starts escalating. If you have bought an off plan property for investment purpose, it is an ideal time to make the most of your investment.
Nowadays, the developers keep the investors in the loop before the final fit-outs or designing of the property. The developers usually allow the buyer to customize property from small to major scale – depending upon the buyer’s preferences. For instance, the buyers can ask for particular flooring, kitchen or living room layout and even set the bedroom according to their taste and preference.
The customization option reduces the wear and tear associated with older buildings and allows you to enjoy your brand new space according to your choice. Buying a Dubai off plan property means you will receive a brand new property unit, where no one has lived earlier. You will be the first user of the property.
People are usually reluctant to invest in off plan properties due to several risks associated with this type of purchase. However, RERA (Real Estate Regulatory Authority) and DLD (Dubai Land Department) work tirelessly to keep the buyers and investors protected against any potential fraud including delays and cancellation of off plan projects in Dubai. First of all, the authorities ask buyers to invest in government-approved real estate projects and always make their payments in DLD-approved banks.
On the contrary, the developers will only be permitted to access public funds until the project is reached a certain stage during construction. Moreover, the authorities bind the developers to deliver the property projects in the given time frame, under normal circumstances. These measures are adopted to protect potential buyers’ interest and reinforce their confidence in Dubai off plan property projects.