Top reasons to invest in off-plan property in Dubai
In terms of social, economic, and service-friendly environments, Dubai is one of the best places in the world to live, visit, or invest. Many advantages of property investment in Dubai are available to residents and investors.
A property that has not yet been built or is in the process of being built is referred to as an off-plan. When purchasing an off-plan property, both the builders and the buyers sign a contract while the property is being constructed.
Such a trend is quite popular in many countries, particularly in Dubai, because the city is very strict about following rules and everything is very transparent, reducing the possibility of scams. The main advantage of investing in Dubai Real Estate is that there are no taxes to pay.
Isn’t it fascinating? If you have already decided to purchase property on this luxury island, you should do so off-plan. There are numerous advantages to it as well. Let’s take a look around.
Brand New Property
We all enjoy trying new things, and moving into a new home makes us happier. You are assured to get a brand-new, never-been-used property with updated features and the most modern design, technology, lifestyle features, and amenities when you buy an off-plan property. In a brand-new building, you can select a floor number or let the builder know if you prefer a corner unit.
At this early stage, the buyer might be able to bargain for a lower price. Off-plan real estate is still under construction, which enables the buyer to purchase it for less money because there is less demand for it at this stage of development. Think about a project that is off-plan and has a starting price of AED 640.000. After completion, property prices typically increase. This is yet another advantage of purchasing a property in Dubai off-plan.
Affordable Payment Plans
The fact that the down payment is almost within the home buyer’s budget is another advantage of an off-the-plan project. In many Dubai projects, buyers can choose from off-plan payment options, which allow them to pay in smaller amounts over time rather than all at once. In many off-plan projects in Dubai, the booking fee ranges from 5% to 10%, with the DLD fee occasionally waived. Therefore, the buyer will contribute 50% during construction and 50% following completion.
You can get the best price for the property at the time of its creation by purchasing off-plan. This implies that buyers will have the option of selecting the best apartment within a specific development. And this significantly affects the ability to save money when purchasing a home.
Keep in mind the buyer protection law, which is enforced by the Department of Economic Development Abu Dhabi, if you intend to make numerous investments in real estate. The department has listed a number of rules, guidelines, laws, and regulations regarding consumer rights in order to protect consumers from scams.
Maximize the ROI
Investors can be sure they are getting the best deal on a unit by buying off-plan. Additionally, it gives investors the freedom to select the best units currently under construction, enhancing their chances of obtaining the highest ROI.
Safe to Buy
Due to the prevalence of fraud involving off-plan properties in Dubai, purchasing one is risky. To stop this fraud, the Dubai Land Department has put in place a number of new regulations and safety measures. Dubai RERA implemented a law to support this requirement, requiring developers to provide a 20% construction fund for bank guarantee and a 10% performance bond by the contractor for guarantee work.
Property can be Customized
Having the option to customize a new home is another benefit. If you’d prefer, you can voice your preferences as they customize the property while it’s being built.
Offers Higher Rental Yields
One of the main factors influencing property investment in Dubai is rental income, and the steady influx of ex-pats doesn’t appear to be slowing down any time soon. The likelihood of receiving a respectable rental income from real estate investments rises, giving investors greater financial security.
To safeguard buyers, investors, and developers from delays, cancellations, and fraud, Dubai established the Real Estate Regulatory Authority (RERA) and the Dubai Land Department (DLD). Buyers must pay DLD-approved banks for off-plan real estate investment payments. The project must be completed before developers can access funds.
There is a lot of off-plan property in Dubai, and you can choose from well-known areas. But don’t you need help deciding which one to go with?
HomeSphere Real Estate can assist you in this situation. Homesphere is one of the best real estate companies in Dubai, and they can help you find a home for your family or investment property. We have a wide range of off-plan properties for sale.
Our experienced team will guide you through the process of purchasing an off-plan property in Dubai. We will assist you in locating the best property that meets your needs and fits within your budget. In addition, we will negotiate the best possible price for you.