Is it worth buying off-plan property in Dubai?

These are under construction properties that will be available for possession and moving-in once they are completed. 

Potential buyers can buy and reserve the property of their choice with a Downpayment (usually 20% of the total property purchasing price) and pay the remaining amount on installment basis scheduled over a span of a few years before moving-in. 

Flexibility it Offers 

You will be done with the full payment and all obligatory fees before you move-in in your off-plan property in Dubai. The construction period allows you to pay the price with some relaxation of time and flexibility. So, isn’t it worth your attention?

For example, if the price of the off-plan property in Dubai is AED 1, OOO,OOO you will pay only 1/5th of the amount initially. You will pay AED 200,000. It is the Downpayment. For booking, you need to pay a certain amount, which is not the downpayment. Booking fee is for confirming the chosen property is yours, you know and so does the developer. 

You, then, enter into a flexible payment plan with the real estate developer. Usually, most off-plan projects in Dubai are completed successfully within 3-4 year time frame. The buyer has this much tenure to pay the remaining 80% of the property price value, divided in smaller installments. 

It causes lesser financial stress upon the budget of the buyer or the investor. Off-plan projects are especially beneficial for Luxury Property buyers and investors as they come with a high price tag, ranging in multi millions. The flexible payment plan and the sufficiently long period to get done with the financial obligations is a major reason for off-plan properties in Dubai to soar higher in demand.

4 Major Advantages of Choosing Off-plan Properties in Dubai 

1. Enjoy highest Capital Appreciation with Off-plan developments. 
2. Investing in off-plans doesn’t make you spend all your budget at once for that particular property. Instead, you can pay a smaller downpayment, and the remaining with more time in hand which is much more helpful for a foreign investor
3. Off-plan properties are more affordable than ready-to-move-in ones. It is the most cost-effective way to possess and procure luxury dwellings and offices in Dubai. 

You get to own brand-new properties in newer communities popular these days with latest inclusions. 

• Always opt for off-plan properties built and marketed by renowned real estate developers. They take no pride in not delivering or delaying your property under any circumstances. Reputation of the property developer is a safeguard you should always remember
• Get into contact with a registered and renowned real estate agent in Dubai. Dealing directly to the Real Estate Developer will get you No Special Discount. Nobody can give you a discount on Dubai Real Estate purchasing prices. Remember it. 
• Real estate agents keep a tap on different types and deals of off-plan projects, so they can guide you better and help you find the best one for you within your budget. 
• Make your selection. 
• Pay the booking fee. It is not a downpayment! Booking fee you paid is adjusted with the Down Payment amount!  
• Sign the Booking Form or OTP (Offer to Purchase), which details the main terms of sale. 
• Pay the downpayment to the real estate developer’s escrow account. 
• Your appointed real estate agent will register a SPA or Sales Purchase Agreement with the Dubai Land Department. It is a legal document detailing the seller, buyer, property, and agreement terms and conditions. Sign the document. 
• Pay Dubai Land Department fee of 4% of the property price. Property is registered in your name now. 
• Get the OQOOD. 
• Wait for the property to be constructed as the sale is finalised. 
• Own the property post it's completion by securing the Title Deed after the final payment.

Which Areas Are Attention-worthy?

The top choices of areas for off-plan investors are Dubai EXPO City, Downtown Dubai, DAMAC Lagoons, Dubai Creek, Business Bay, Jumeirah Village Circle, and Dubai Marina. 

Dubai seems to have a property market that is a treasure island where everyone worldwide is willing to claim their share following a winning map to real estate riches. 

His Highness, Sheikh Mohammed Bin Rashid Al Maktoum, has brought to life and glorified what he has ever announced, and his Dubai 2040 plan is sure to trigger the impressive growth and maintain the momentum exceptionally well. With a visionary leader like him, there is no sun setting on Dubai's golden era. 

Dubai as a destination for owning properties and settlement also is grabbing attention from one and all globally due to His Highness's mission on making and maintaining Dubai as a No Tax, No Crime, No Violence destination for all. Legislations here protect the buyers and sellers alike. Fraudulent practices are never entertained. 

The Dubai Government loves to surprise and keep its people happy with announcements of constructing new cities, new communities, new infrastructures, new exhibition centers, extensions of coastline for more waterfront living scopes, new projects and new wonders of man-made excellence. Which other nations do so commonly like Dubai is doing? 

All this abundance of positivity and prosperity that actually are materialising in Dubai make it a golden hub of property investment, supporting luxury living across generations. And, off-plan projects are the crowning jewel amongst the other treasures here. 

Off-plan units are in-progress properties or yet-to-start properties that you invest in for personal staying or renting, with a minimal payment initially and paying the rest in installments over the period of its construction and then move-in once it is handed over later on. 

While off-plan investments seem highly lucrative they are not always, by default, served on a silver platter. It features several risks, including project delays, market volatility, project cancellation, and possible unknown regulatory add-ons. 

Prior to investing, property buyers and investors must thoroughly look into the real estate developers’ track records, contact a reliable real estate company for assistance, carefully read contract conditions, and seek the opinion of an experienced legal consultant.

APIL Properties is a registered and renowned local real estate agency, offering a comprehensive range of real estate services. Being professionals, we stay acquainted with the most recent rules and guarantee APIL Properties is a registered and renowned local real estate agency, offering a comprehensive range of real estate services. Being professionals, we stay acquainted with the most recent rules and guarantee adherence to UAE laws and foreign adherences on property ownership. You can speak with our team of experts to know what to do if you ever face unwanted situations in your dealings.  

Also, check our handpicked off-plan property listings to be safe than being sorry at a later stage. We trust in the timely deliverance of our enlisted properties.