During the property crash in 2008, a lot of investors in Dubai were left in the cold counting losses. After the crash, the real estate market has been experiencing significant growth and now it is a preferred investment destination.
One of the most significant trends in the real estate market is the off plan projects in Dubai. A lot of developers are now offering generous payment plans to attract investors. However, in a bid to avoid another market crash, the government has put restrictions that prevent developers from hiking prices uncontrollably.
Off-plan properties have gained popularity in the recent past because of the high return on investment. Here are the reasons why.
i. Risks are mitigated by developers
If you purchase a property that offers an on-completion payment scheme, the developer accrues all the risks involved during the construction period. Also, due to the strict regulations put in place by the Dubai government, the developer must deliver the property to the buyer.
As a result, developers are more dedicated to complete projects diligently and within the promised time frame.
Even though some people are sceptic about investing in off-plan properties such as Madinat Jumeirah living, Meraas Port de La Mer, or Creek Beach at Dubai Creek Harbour real estate experts are branding it as the next big thing in property investment.
ii. Low purchase price
Typically, off-plan properties are offered at a lower cost than completed projects. Therefore, if you invest in an off-plan property, you are likely to sell it at a higher price after the handover.
iii. Price appreciation
The value of some properties increases significantly even before completion. Price appreciation is even better if the property is placed in an ideal location surrounded by essential amenities and infrastructure.
iv. Legitimate developers
In a bid to cushion buyers from illegitimate deals, the government of Dubai requires developers and brokers to get approval from the Real Estate Regulatory Authority (RERA) before they advertise their properties.
v. Flexible payment plan
One of the biggest advantages of the off-plan market is the flexible payment plan. Since a lot of projects are underway, most developers and brokers are competing on financial flexibility. As a result, there are very friendly payment plans available.
While some developers offer a 50% upfront payment, others have gone down to up to 10%. The balance is spread over the whole construction period.
The Arabian Ranches is one prime example of offplan property investment. Arabian Ranches Emaar is among the biggest off-plan properties in Dubai. It comprises of villas and townhouses that are conveniently located. There are many off plan projects by Emaar Properties, with a wide range of payment options to accommodate various financial needs.
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