Find your Off-Plan Properties in Dubai
Dubai is a city that is constantly developing. New buildings and developments begin every day, allowing property investors to literally get in on the ground floor. Off-plan projects in Dubai are often cheaper than completed real estate projects and allow for greater customization, meaning that you can tailor the property to your exact needs. With Constant Real Estate’s wide network of developers in Dubai, you can invest in the property you actually want rather than what is currently available.
What are Off-Plan Properties in Dubai?
Off-plan property refers to sites that are currently under development or construction, but still available to purchase. When a new apartment complex is under construction, the developers will often try to sell the property based on what the completed complex will look like. Because the property is unfinished, buying an incomplete apartment unit is often significantly cheaper than buying established real estate. Investors can put down a relatively small deposit, and when the property is complete, finalized the transaction to own a brand new, well-located, and modern home. Constant Real Estate only works with trusted developers who have a proven track record of meeting deadlines and delivering high quality work.
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Why Buy Off-Plan Property in Dubai?
There are advantages and disadvantages to buying apartments under construction or off-plan villas in Dubai. New off-plan projects in Dubai are almost always more affordable than buying units in a complete project, meaning there are lower initial investment costs and flexible payment options. As an investor, you also have more control in how the project proceeds, and can likely customize certain elements of your future property. There is also a much higher likelihood of capital appreciation as the project nears completion and more investors feel safe investing.
The major disadvantage is that investing in an incomplete project inherently means a delayed return on investment. You cannot immediately rent out the property and you have no way of predicting what market dynamics may arise. Investigating the developers is also important to anticipate delays, cancellations, or quality that is lower than what is promised.
The Contant Real Estate consultancy in Dubai offers a major advantage in knowing regional industry players and developers. We’ve already scouted the quality and reliability of new developments in Dubai and can guide you to trustworthy developments that finish on time and at the standards they claim. With the Dubai market booming and our developer’s vetted reputation, there has never been a better time to invest in off-plan properties in Dubai with Constant Real Estate.
Is it Safe to Buy Off-Plan Properties in Dubai?
It is safe to buy an Apartment in Dubai that is off-plan despite the risk of delays. Issues like low quality are handled by the Dubai Land Department and RERA, which protects buyers in the case that the developer does not deliver on their promises.
Delays are rare, but can occur due to unpredictable circumstances like unforeseen weather conditions. In the event of a delay, the most common reason is that the developer wants to keep the property at the quality level that was promised. Still, potential delays should be discussed with the developer when buying an off-plan property. Constant Real Estate works with trusted developers who have a proven track record of meeting deadlines and delivering high quality work.
Can I Fund Off-Plan Property with a Bank?
The short answer is yes. You can take out a construction loan to finance the project until it is finished. You can also get an off-plan property mortgage in Dubai once the property is at least 50 percent complete and you have paid off 50 percent of the total repayment. These limits are there to reduce risk for both the buyer and the lender.
What Happens if You Are Unable to Pay for Your Off-Plan Property?
If you are unable to pay for your off-plan property in Dubai, the developer has the right to terminate the purchase contract. If the buyer is unable to fulfill their contractual obligations in any way, they must follow the rules and procedures outlined in Law No (19) of 2017, Amending Law No (13) of 2008, Regulating the INterim Real Property Register in the Emirate of Dubai.
Can an Off-Plan Property be Sold Prior to Completion?
This varies from developer to developer, but usually an investor can sell their property prior to completion. This action will be covered in your contract with the developer, which might stipulate you pay for a certain amount of the property before resale. Some developers, including Emaar Properties, require you to pay for at least 40 percent of the unit before you sell your property. This number can change depending on which developer you work with though, so be sure to check when you are signing your contract.