Complete Off-Plan Properties Buying Guide
Dubai’s off plan real estate has grown exponentially in the last few years. With investors eyeing the new developments, the prices are expected to increase by 13.5% in 2023. So, if you’re interested in purchasing off plan properties in Dubai, you must do it before the price hike.
Essentially, off plan projects for sale are those projects that are still under construction. These units are purchased directly from the developer or the development company. Some of the off plan real estate in Dubai is either planned for construction or is in its early development phase.
If you’re looking for a complete off plan properties guide, continue reading. This guide for off plan properties will discuss the buying process, the pros and cons of off plan property in Dubai, and the best off plan projects in Dubai.
How to Purchase Off Plan Dubai Properties?
If you want to invest in an off plan project, the best approach is to work with a real estate agent. Agencies specialized in off plan developments provide you with complete off-plan properties buying guides and introduce you to the best up-and-coming projects in the city.
Your real estate agents also provide you with all the relevant information to help you become well-versed with the property. This includes development brochures, payment plans, and other details about the project.
Once you’re ready to invest, you will be required to pay an upfront fee that is 10-20% of the unit’s overall value. In addition to the down payment, you will be required to sign the Sales Purchase Agreement (SPA). You may also be required to pay a 4% DLD title registration fee and 1000 AED as Oqood Registration to the Dubai Land Department.
The Pros of Investing in Off-Plan Properties
Cost-Effective
Off-plan developments are relatively more economical than buying a resale property. Additionally, buyers that invest in earlier stages are at an advantage, as they can benefit from lower price plans. Investing in such units further allows you to get your hands on the best units with astonishing views. As a result, you can get a high al return for your money.
Option to Sell Before Completion
Some developers provide the option to sell the property before the construction is completed. Considering this, you can easily get a return on your investment in a shorter time frame, especially if the development units are in high demand. If this is the case, you can also make a huge profit.
Lesser Down Payment
Compared to resale properties, off-plan projects require you to pay a lesser amount as a down payment. However, this may vary from developer to developer, with the lowest percentage being down to 5% of the total unit’s value.
Brand New Units
One of the greatest perks of off plan projects is that you can get access to brand-new units. These homes are adorned with the latest fixtures, design finishes, and technology, making them even more attractive to potential buyers.
The Downside to Off Plan Properties
Delays in Completion
Unfortunately, there is a risk of delay in completion when you’re buying off-plan real estate. This usually happens when certain aspects of the project do not go as planned, or the construction is hindered by natural causes, such as severe weather conditions.
This delay can impact the investors, as you will have to wait until the project is completed before moving in. However, if you’re buying to sell, you may not be affected by this factor.
That said, it is best to conduct proper research on the track record of developers to make sure you invest in a professional project. You can also include a clause in your sales agreement to acquire compensation for completion delays.
What are the Top Off Plan Projects in Dubai?
Some of the most in-demand off-plan developments include:
- Marina Shores by Emaar
- Emaar Address Hillcrest Villas at Dubai Hills
- Park Horizon by Emaar at Dubai Hills Estate
- Lime Gardens by Emaar
- Raya at Arabian Ranches 3 by Emaar
- Emaar Golf Heights
- Emaar Hills Park Apartments in Dubai Hills Estate
In Conclusion
Off-plan properties are a great way to get a good return on your investment. These developments are not only reasonably priced, but you can also get your hands on homes with advanced features and high-end finishes. So, partner up with London Realtors today and find an off-plan unit that best suits your needs.
