Are you planning to purchase Off-plan properties in Dubai? You must have a proper understanding of it before you move forward. What exactly is it? Why invest in it? Is there any limitation? These are some of the questions that you must know about. If you are new to this market, worry not. Here we have discussed everything related to off-plan property. Just head over to the guide below and get ready to explore some of the important things that you need to know before investing in Off-plan Properties.
What is an Off-Plan Property?
An off-plan property is one that is still under construction. You can buy such properties before they are fully constructed. Such properties hold key interests of most of the investors across the globe. It is because they offer high ROI and are mostly designed in the beautiful locations of Dubai.
Benefits of Investing in Off-Plan Properties in Dubai
If you are not sure whether to invest in Off-plan properties or not, below are some of the reasons why you must invest in Off-Plan Apartments:
1. Lower Starting Prices
Such properties are under construction. Thus, they are more affordable when compared to ready-to-move-in homes. If you are planning to enter in Real Estate market, investing in such properties is one of the easiest ways to do so.
2. High ROI and Capital Appreciation
One of the key advantages of buying it is that they are generally of low price. Thus, when you sell it when the property is ready to develop, you will gain high ROI and Capital Appreciation. If you are not interested in selling the apartment, you can also rent it out.
3. Customization Options
In most cases, the developers of the property will let you select what type of things you want in the final apartment. You can tell them what kind of layout, interior, and other important details you want in the final product.
4. Modern Features & Smart Living
As they are still under construction, you can add modern features and amenities to your apartments. Smart technologies included in the apartments are the main attraction for most investors. You will get a blend of modern design with nature.
How to Purchase Off-Plan Property in Dubai?
Purchasing the off-plan property is as same as buying any property in Dubai. The only difference is to make the booking by paying some amount of the agreed amount. Here are the steps that will help you to purchase the off-plan property in Dubai:
- Start by setting up a budget. It will help you to decide whether you want to purchase the property through cash or a mortgage. Don’t forget to check the mortgage rates if you are planning to purchase through a mortgage option.
- Get a good real estate agent who can help you decide where to invest. They can guide you in selecting the location and the best developer in Dubai.
- Choose the right location and the apartment that suits your needs and preferences.
- When the property is finalized, get all the necessary documents and ask your agents to make an offer on your behalf.
- Once the offer is made and the deal is done between you and the developer, you will need to make a booking for it. Based on the payment plan, you will need to pay the specific amount of money to them.
- After that, you will need to sign the sale agreement between both of you.
- Just follow the payment plan and get the keys to the apartment once the property is completed, to move in.
Best Areas to Get Off-Plan Properties
Below is the table that shows the list of top areas where to buy off-plan apartments in Dubai, along with their rental yields and connectivity:
| Areas | Expected ROI | What are the connected Locations |
| Dubai Marina | 6% – 7% | Dubai Metro, Palm Jumeirah, and the Marina Mall |
| Business Bay | 6% – 7% | Downtown Dubai, Sheikh Zayed Road, and DIFC |
| Dubai South | 6% – 7% | Downtown, Dubai International Airport, EXPO 2020, and Dubai Mall |
| Dubai Hills Estate | 5% – 6% | Burj Khalifa, Downtown Dubai, and Dubai Marina |
| Dubai Creek Harbour | 5% – 6% | Dubai International Airport, Downtown Dubai, and Dubai Marina |
Conclusion
Off-plan properties in Dubai are properties that are still under construction, but you can purchase them. They are the investments that are more affordable when compared to ready-to-move-in property. Such properties hold a keen interest for most investors across the globe. It is because such properties are not only cheaper but also yield a high ROI. Having an experienced real agent can help you in finding the best property based on your needs and budget. Once the property is selected, you need to pay the booking price and wait for the completion of the property.
