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 Things You Need to Know before Investing in an Off-Plan Property in Dubai

Things You Need to Know before Investing in an Off-Plan Property in Dubai

Buying off-plan properties is the unconstructed property bought from a developer directly – or in some circumstances, a first owner – is fairly prevalent among investors because of the many advantages it brings. While there are numerous advantages to purchasing off-plan apartments in Dubai, you need to understand and be aware of certain factors while making this decision.

Buying an off-site villa or apartment – a building you buy straight from the developer – might be a terrific way to go into the building or increase your portfolio without breaking the bank by slashing a big deposit. Although the Dubai property market is expanding, many new buildings still have to be chosen that are perfect for those who aren’t ready to move in. Buyers can pick up a deal, since modern developments are often given at a price that is competitive with the current market value together with attractive payment options in instalments rather than one big cost. Dubai Properties collected thorough and all-inclusive advice on investment off-plan in Dubai, including why you can choose an off-plan unit and several important cautionary notes.

Investing in an Off-Plan Property in Dubai

Why invest in a property off-plan?

  • Maximizing investment return

Buying off-plan property means that investors will get the lowest and earliest feasible price for a certain unit. It also implies that investors have the freedom to choose the best units in their development, which considerably raises the likelihood of maximum investment returns.

  • Sell in profit before completion

With popular projects and because of the market’s good performance, investors can sell their units even before the development has been completed for significant profit-making their short-term investment justified.

 

  • Lower Payments Down

With down payments for finished properties being 25% of the property value for the expatriates (and 20% of Emiratis), buying off-plan property saves investors this high amount – since down payments for off-plan properties are only 10%.

Key considerations while purchasing Dubai off-plan properties

If you determine that you are right to invest in an off-plan house, you must consider certain aspects to ensure the procedure is as simple as possible.

Maximizing investment return

  • Make sure that the property is RERA registered

If it is a familiar house or an investment that buys a new property, it is vital to verify that it is registered in the Real Estate Regulatory Agency (RERA). In short, this ensures that the property follows certain rules to protect the homebuyer’s best interest.

  • Know the number and agent of the Escrow account

The money of the investor is retained through the real estate sale procedure on an escrow account. It is necessary to maintain the account number and agent information for all transactions.

  • Learn more about the property you purchase

When purchasing a non-plan property, it is crucial to know how much the property has been completed and the projected delivery date. Dubai Property Managers will always provide you with this information whenever you decide to invest in one of their off-plan Dubai houses.

Under Dubai legislation, the developer of the property and the site on which the property is built must be registered with RERA.

  • DLD and RERA approvals

The developer must have permits and permissions from the Dubai Land Department (DLD) and RERA to sell a property. Before you start purchasing off-plan properties, please request appropriate documentation and approvals to avoid future issues.

Our Property Managers are committed to guiding you through every step of your real estate journey, whether you are looking for a house for your family or want to expand your portfolio.

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