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Over the last few years, off-plan apartments have increased in popularity & demand in Dubai. There are various possible explanations. Both property speculators and residential buyers prefer Dubai off-plan properties because they offer lower rates and much more versatile payment choices than ready-to-move-in properties.
Off-plan properties can greatly raise an investor’s profile. When recommended by a knowledgeable consultant in Dubai, a well-chosen off-plan property can deliver a significant ROI. You may be probably wondering why you require the services of an investment advisor.
Why Are Off-Plan Properties So Popular in Dubai?
One of the strong pillars that sustain Dubai’s growing economy is real estate. Aside from domestic buyers, the city also attracts a large number of expats and international investors. Off-plan properties in Dubai have stayed in high demand since enormous development plans began all around the city, according to statistics. It is rare these days for a development to sell out of all its apartments before construction is completed. Off-the-plan residences are becoming increasingly popular for a variety of reasons.
Working with a reputable financial advisory firm in Dubai may provide you with some appealing benefits. New construction developments are an appealing investment option for buyers. With the help of your advisor, you can secure a highly advantageous bargain even if you ever do not even get to view the physical property at the point of purchase. You can get a better deal if you buy a house before construction starts. Furthermore, once construction begins, the cost of each unit may rise dramatically.
Another benefit of off-plan properties Dubai would be that the initial investment is usually low. Buyers may pay as little as a ten percent down payment to secure the deal. Additionally, hiring an investment advisory firm in Dubai may increase your chances of securing discounted rates on the property you want.
What are the Consequences?
You should be aware that off-plan residences in Dubai come with their own set of concerns. For example, if the work is not done within the agreed-upon time frame, your investment will be lost. Furthermore, in times of economic downturn, the costs of off-plan properties can fall. As a result, you must be cautious about the bargains you choose. When investing in off-plan properties in Dubai, it is best to seek expert guidance and recommendations to assist you avoid these hazards.
Dubai’s Buyer Protection Laws
The Dubai property market has a number of rules in place to protect off-plan property buyers. While off-plan properties are dangerous, the Real Estate Regulatory Authority (RERA) and the Dubai Land Department (DLD) in the Emirates have put in place a number of processes to protect buyers from delays, cancellations, and fraud. One law mandates that off-the-plan home payments be made at DLD-approved institutions. Unless the project has reached a certain point of completion will developers be eligible for funding. A project consultant will confirm this.
In contrast to the contractor’s 10% assurance performance bond, another newly adopted law requires developers to provide a letter of guarantee of 20% of building costs. Such measures increase buyer confidence in the off-plan housing industry, creating a secure environment in which to invest with the knowledge that homes would be delivered in normal circumstances.
Conclusion
The demand for off-plan property in Dubai is expected to rise gradually over the next few years, with protection and security against setbacks, cancellations, and scams playing a key role. Off-plan Dubai residences will likely be in limited supply for the foreseeable future, with the UAE’s economy rising and the property market already booming.
Binayah Real Estate has been the leading property company in Dubai since 2007, specializing in the sale and rental of luxury properties. Our excellent services are guided by a single goal: to make our clients’ commercial dealings as simple as possible. Please feel free to visit our Dubai real estate team right away!
