Buying Off Plan Property Guidelines
Buying off-plan property, which means purchasing a property before it has been constructed or while it’s still under development, can be a profitable investment but requires careful consideration. Here’s a detailed off plan guide to help you navigate the process:
Understand the Dubai Real Estate Market.
Dubai’s off-plan property market is booming in 2024, making itself as a prime destination for global real estate investment. With a surge of new developments, including luxury residential towers and cutting-edge commercial complexes, Dubai continues to captivate investors worldwide. In the first quarter of 2024, off plan property sales reached AED 37.4 billion (USD 10.2 billion), making up 32% of total sales, highlighting the city’s growing appeal and dynamic real estate landscape.
Significant Capital Appreciation
If you’re seeking capital appreciation, off plan properties are an excellent option, particularly when you invest during the early stages of development.
As construction progresses, the value of the entire project increases, allowing you to witness your investment grow in real-time. By the time the development is completed, you’ll have a high-value asset ready to perform strongly in the market.
Flexible Payment Terms
One of the key advantages of off plan properties is the flexible payment structure. The cost of the property is spread out over several months or even years, depending on the completion timeline, making it more manageable to pay. Many developments also offer post-handover payment plans, allowing you to complete the remaining payments even after the property is finished. Casabella Property Broker can offer expert guidance to help you choose a property that best fits your investment objectives.
Frequently Asked Questions
Is it worth buying off plan property in Dubai?
Buying off plan property in Dubai offers benefits like lower initial costs and potential capital appreciation, but comes with risks as well. It’s important to research thoroughly and consult with Casabella Property Broker to ensure it fits your investment goals and risk tolerance.
What is the payment plan for Off plan Property?
In Dubai’s off-plan property market, buyers generally pay between 70% to 80% of the total price during the construction phase, with the remaining 20% to 30% due upon handover.
Since each off-plan property has a unique payment plan, Casabella Property Broker can offer expert guidance to help you choose a property that best fits your financial situation and investment objectives, ensuring a seamless and informed purchasing experience
Can you sell an off plan property in Dubai?
Selling off-plan property in Dubai is legal but comes with developer restrictions. Resale is usually allowed after paying 30-40% of the property’s value, and the payment plan can be transferred. With developer approval, you can find a buyer through a broker. The new owner assumes outstanding payments and pays the 4% DLD Transfer Fee, even if previously covered by the initial buyer.
Can you own 100% property in Dubai?
Yes, you can own 100% property in Dubai. In freehold areas, which allow full foreign ownership, both expatriates and non-residents can own the entire property without restrictions. Ownership rights can extend up to 99 years, depending on the property’s terms.
Want to know more about Off Plan?
Connect with our team at Casabella Property Broker for personalized advice.
