Transactions in the primary market in the Dubai real estate sector have seen a surge in the last few years. More and more people are now exploring the untapped potentials this type of property offers. Although the numbers are still less as compared to ready property, they are surely catching up.
The reason why the popularity of off-plan properties is rapidly increasing is the benefits they offer. Some of these are:
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It’s a known fact that buying a property in Dubai is a tough task solely because of the high property prices. However, due to the availability of off-plan properties, many people have been able to turn their dream of owning a home in this emirate into reality. Some people are also able to buy waterfront properties, which are otherwise very expensive. The reason? There’s a striking difference between the prices of ready and off-plan properties.
As these properties are under development, they are available at comparatively inexpensive rates. In some cases, they are only at the early planning stages. The buyer has to wait for a few years before they can get the possession. Still, because of the low rates, they are willing to buy these properties.
An Opportunity to Buy a Latest Property
Most off-plan developments are launched by top developers who leave no stones unturned to provide residents with a luxurious living experience. Therefore, when you buy off-plan property, you will be able to enjoy all the modern amenities and facilities, once the property is ready to move in, that you otherwise wouldn’t be able to.
For example, off-plan properties part of a newly constructed apartment building usually come with the following amenities:
- Swimming pool
- Manicured lawns
- Sports courts
- Kids’ pool
- Kids’ play area
- Fitness centre
- Spa and sauna rooms
- BBQ decks
Some luxury developments also come with private cinemas.
Easy Payment Plans
Another added perk of buying an off-plan property is that the buyer doesn’t have to make all the payments upfront. By making a fraction of the payment at the start, they can reserve their property. Furthermore, most of these projects come with convenient payment plans, such as 10/90 or 15/85.
This means that 10% or 15% of the total value of the property is to be paid at the start, while the rest is paid in monthly/quarterly instalments. Some developers also offer a 5/95 payment plan. This further makes it easy for the buyers to own a property in Dubai.
Suitable for Both Investors and End Users
Off-plan properties are suitable for both investors and end-users. For the former, it makes for a lucrative choice to add more listings to their already growing portfolio. Moreover, they can sell the unit even before it’s completed at high rates because the value of these units appreciates when they near the completion or handover date.
When it comes to end-users, it provides them with an opportunity to own a home in Dubai, which, otherwise, can be a tough feat for them to accomplish.
New residential projects are launched in almost every part of the emirate. Be it Dubai South, Business Bay, Dubai Marina, Downtown Dubai or any other community, you will find a residential project underway. Dubai Marina, in particular, has been a hotspot in this regard. Top developers have launched their architectural marvels here. One of them is Stella Maris Tower. Planned to be the last waterfront property in the area, it has already gotten immensely popular because of its strategic location and proposed features.
The launch of these projects has made buyers spoilt for choices when it comes to selecting an off-plan property.
The Risks Associated with Buying an Off-Plan Property in Dubai
Dubai is considered a fairly safe place for property buyers and investors. There’s hardly a chance of getting scammed or robbed in the property market. However, it’s still recommended to be very careful when buying property in the emirate. Projects can get delayed or, even worse, shelved. Make sure to choose a reputable developer to avoid landing in troubled waters in the later stages. Also, only deposit the amount in the escrow account. If the project doesn’t have an escrow account, do not buy the property.
In all, buying off-plan property in Dubai can certainly be a high-rewarding experience, provided you have done a lot of research before investing your money.