Dubai is an excellent destination to invest. People are particularly interested in off-plan properties in Dubai. If you’re wondering what they are and how to get one, we’ve put together a QuickStart guide.
What Exactly Is an Off-Plan Property?
Off-plan property is one that is being developed on land but has not yet had the civil works finished at the time of selling.
The potential buyer will not be given ownership of the property at the time of purchase, and the civil works will be completed after the sale.
Most of the time, the building work is done within 10 to 12 months following the sale, and they are given ownership of the property.
In certain situations, the site is available but work on the structure has not yet begun. In this instance, the buyer takes control of the land and has the authority to select the builder and oversee the development process.
They will take control of the land after the building construction is done within the timeframe provided.
What Are the Advantages of Buying an Off-Plan Property in Dubai?
Off-plan properties are becoming increasingly popular in Dubai, owing to the numerous advantages they provide. So, whether you’re considering of buying a property in Dubai or have picked an off-plan property, great. The following are the advantages of purchasing an off-plan house in Dubai:
1. Off-Plan Property Is Affordably Priced
Dubai is, certainly, one of the most expensive cities in the world. The cost of an off-plan property is often far lower than the cost of a completed property in the same region. And it is for this reason that many individuals prefer off-plan property.
2. It Is Simple to Buy Off-Plan Property
Off-plan properties are typically easy to acquire. In most cases, all the buyer needs to do is pay a deposit, after which they will be given ownership of the property within the time frame specified.
In other circumstances, the off-plan property is acquired via a mortgage, with the bank providing the necessary finances. However, the borrower must pay the remainder of the loan in installments until the civil works are completed and control of the property is obtained.
3. Off-Plan Property Provides a High Return on Investment
If you desire a house with a poor rate of return on investment, consider buying off-plan.
Off-plan property in Dubai is an excellent investment opportunity, particularly for those seeking for a long-term investment. Because an off-plan property in Dubai is accessible at a cheap cost, it may simply be sold at a greater market value after construction is done.
Last Thoughts
If you’re searching for a great investment opportunity in Dubai, don’t overlook off-plan properties. Whether you’re seeking to invest in an apartment for personal use or a new way to generate money, you can always buy an off-plan property in Dubai and you won’t be disappointed.
