Off-plan property refers to a property before a structure has been constructed upon it. These constructions are marketed to real-estate developers so that the purchaser can secure more favorable financial terms from their lenders.
Investors buy off-plan property to make substantial capital gains. It is typically deemed attractive if there is a high level of infrastructure in the immediate area, such as a new university or express roads, either already built or due to be built within the next few years. Off-plan property is available all around the world, but Dubai is one of the few places which is known for off plan properties. People all over the world always keep searching for off-plan apartments for sale in Dubai.
Advantages of buying off plan Apartments Dubai
- It helps home buyers buy property at a lower price as compared to readymade properties.
- It also helps in buying property in a specific location, as the choice may be limited once construction starts or finishes.
Risks of buying off-plan properties
Buying a property off-plan, whether to use it as a place to live or as an investment, incurs more risks than buying a property that has already been built.
- There are chances of a huge loss if the property value starts to fall before the construction is completed.
- The constructor may go out of business before the construction of the property is completed, and the buyer may not be able to recover the money in advance.
- In off-plan property, the finished property may not meet the buyer’s original expectations, either because of subjective reasons or because of material defects.
Whenever someone is looking for a property to invest in, one of the first places that come to their mind is Dubai, and the reason behind that is quite obvious. It is one of the world’s largest real estate markets as compared to the other markets throughout the world.
Some of the off plan apartments for sale in Dubai
Here are apartments for sale dubai that you can consider which are in off-plan stage:
- Damac Bay is among those exclusive off-plan properties for sale in Dubai that are created to take your life beyond luxury. The special features of these flats in Dubai are reasons for such perfection, exclusivity, and ideality.
- Creek Edge Apartments at Dubai Creek Harbour are ultra-chic waterfront flats in Dubai to enjoy waterfront beauty, calming sunsets, and also huge amounts of capital appreciation. This project is going to be ready in the year 2024.
- Al Furjan is a vibrant residential district offering the true spirit of community life. Located close to the metro, Ibn Battuta, Jebel Ali, Dubai Marina, etc. It’s no surprise people choose to call this popular neighborhood their perfect home. Azizi has developed and completed a huge number of residential buildings in Al Furjan. You can consider investing in al furjan properties if you are looking for a reputed developer to invest in property.
Conclusion
There are several other off plan projects in Dubai, but one thing we need to keep in mind before investing in any of them is our budget, security, convenience, transportation, and some more factors which will help us not regret this investment.
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