Buying off plan property in Dubai

Monday, May 9, 2016

buying off plan property in Dubai

 

Does the thought of investing in a property that hasn’t been built yet make you feel sceptical about investing?

 

While the idea of buying off plan property may not seem like the most obvious thing to do, with proper research and intelligent investing, off plan properties could pay you greater returns than completed units.

Here’s why.

1. Buying off plan Dubai is an affordable investment option and ideal for those looking to buy their first home. As one of the UAE’s most established real estate brokerages, we offer you our market expertise necessary to help you find the ideal property for your lifestyle.


2. Developments currently under construction are usually offered at lower prices and for attractive payment plans. This way, you enable yourself to pick up off plan Dubai at a significant discount and secure financing from lenders.


3. Wish to put down very small deposits until the off plan property is handed over? The good news is that developers are thinking of creative ways of enticing buyers to purchase off plan properties. One strategy has been to waive off the 4 percent registration fee and offer monthly payment schemes. For instance, Damac Properties has announced a guaranteed annual return of 3 percent on advance payments during construction. Rental guarantee schemes are also being offered on Damac villas at Akoya Oygen and Akoya by Damac Damac Towers by Paramount Hotels & Resorts (A, B and D); NAIA Ghalia, Damac Maison Majestine; Merano Tower; Paramount Tower Hotel & Residences; Damac Maison Privé (A and B) and NAIA Vantage.


4. Another option that has gained recent popularity is the “capital guarantee" which ensures UAE properties’ value for two years after delivery. It also implies that the developer will pay the difference to the investor if the unit price shows decline between the time of delivery and the end of 2019.

 

Presently, more than price, relaxed payment plans that off-plan developers are offering are drawing in buyers. Last year, Dubailand topped the list of maximum number of off-plan project launches followed by Dubai Silicon Oasis, Jumeirah Village Circle and Downtown Dubai.

 

Quick points to remember when buying off plan property

 

1. Deal with a reputable developer.

 

2. Seek professional guidance.

 

3. Find out what proactive measures are taken to ensure the property will be built to an acceptable standard. For instance, quality assurance policies should be discussed in detail.

 

4. Ensure that the sales and purchase agreement is reviewed by a professional.

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