Buying off-plan property, that is, a property purchased directly from a developer or in some cases a first owner, is quite common among investors due to the multiple benefits it brings.
Although there are many benefits to buying off-plan property in Dubai, there are a number of Apartments for sale in dubai and keep in mind when taking this step. Dubai Properties has compiled a comprehensive and comprehensive guide to investing in off-plan properties in Dubai, including why you can choose an off-plan unit and some important points to keep in mind.
Why invest in a property outside the plan?
To maximize return on investment
Buying a property outside the plan means that investors get the lowest and earliest possible price for a particular unit. It also means that the investor has the freedom to choose the best units under development, which significantly increases the chances of obtaining the maximum return on investment.
Sell before transferring for profit
With popular projects and since the market has performed well, investors can sell their shares even before development is complete at a significant profit, making their short-term investment worthwhile.
Lower amortizations
While advance payments for completed properties are 25 percent of the property’s value for expats (and 20 percent for Emiratis), buying property without planning will save investors a great deal, as payments Up-front for off-plan properties are only 10%.
Important Considerations When Buying Off-Plan Property In Dubai
If you decide that investing in property without planning is the right thing to do for you, there are a few considerations to keep in mind to make the process as smooth as possible.
Make sure the property is registered with RERA
When buying new property, be it a family home or as an investment, it is important to ensure that the property is registered with the Real Estate Regulatory Agency (RERA). In short, this ensures that the property follows certain guidelines in a way that protects the interest of the home buyer.
Know the escrow account number and agent information
An escrow account is where the investor’s money is kept through the real estate negotiation process. It is important to have your account number and agent information on hand to use for all transactions.
Know some details about the property you are buying
When buying a property without a plan, it is important to know how much of the property has been completed and the expected date of transfer. The property managers at Dubai Properties will always make this information available to you when you decide to invest in one of their off-plan properties in Dubai.
More records with RERA
According to Dubai law, the property developer and the land on which the property is built must be registered with RERA.
DLD and RERA approvals
To sell a property, the developer must have permits and approvals from the Dubai Land Department (DLD) and RERA. Before you start buying off-plan properties, be sure to request all relevant documents and approvals to avoid future challenges.
It is easier to buy a luxury property in Dubai
Another reason why Dubai is the best place to buy luxury apartments for sale in dubai marina is the ease with which transactions are carried out. Dubai has very investor friendly laws and tax systems. Foreign buyers benefit from the tax-free system on income in Dubai, as well as the fact that there are no additional fees when buying properties.
It doesn’t matter if you are buying a luxury property in Dubai for business or private use, make sure the transaction processes are simple and hassle-free.
This is an advantage that the city of Dubai has over other major cities such as London and Paris, given the significant property tax reforms these cities have undergone, including imposing additional taxes on foreigners when purchasing first-class properties.
Affordable luxury ratio
You may not know it, but Dubai offers the best value for money in luxury properties compared to other major cities in the world. Keep in mind that foreign ownership in Dubai started in 2002, which means that Dubai is very much a powerhouse in the world of global luxury real estate destinations.
The lifestyle in Dubai may be luxurious, but the property is still affordable. According to the latest wealth report, Luxury homes in Dubai are significantly less expensive than in other major cities in the world.
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