Dubai, ‘the land of firsts’ is on top of the bucketlist of many around the world. Being one of the safest cities, Dubai is everyone’s dream destination for all good reasons. Luxury living and extravaganza are the key features that define this city. People dreaming of investing in Dubai are often confused about where to start as there are plenty of options to choose from. Be it opulent apartments, waterfront villas, penthouses or duplexes, the city has it all. An emerging trend here is the increasing demand for off-plan properties. If you are looking for an off-plan property for sale in Dubai, read on to understand the important things that you need to know before making that expensive decision.
What is an off-plan property?
For those hearing this term for the first time, here’s a simple explanation. Off-plan properties are developments under construction. Investors can purchase these properties before completion for a better price when compared to the completed units. This makes it a great choice for people aiming to enter the lucrative real estate market in Dubai with a lower capital. For prospective homeowners, these are beneficial due to affordable pricing, increased scope of customization and flexible payment plans.
Things to know while buying an off-plan property
Though there are many off-plan properties in Dubai, buying one needs careful consideration especially if you are a novice in the real estate market. So, it’s recommended to seek guidance from a reputed real estate agency in the city. The following are some of the steps that you should follow while buying an off-plan property:
Do market research
Before investing on an off-plan property, do proper market research to understand the current trends, property values and any applicable laws in the region. Try to gather information about the developers’ track record to know if they are completing projects on time. Government authorities like the Dubai Land Department can provide valuable information on the developer’s history.
Choose the right location
Choosing a location for your off-plan property in Dubai might not be easy, given the numerous wonderful neighbourhoods in the city. `Consider your goals, budget and preferences while choosing the right location. Accessibility, transportation facilities, and the potential for development are some of the key factors to consider at this stage.
Decide your budget
Establish a clear budget before starting your search for off-plan properties for sale in Dubai. Remember to account for additional costs such as registration fees, agent commissions, and potential upgrades or modifications to the property. Having a well-defined budget will help narrow down your options and prevent you from overspending.
Grab attractive offers
Property developers often provide attractive offers for off-plan properties to encourage investors to make that big decision. Waving registration fees and flexible payment plans are the main incentives that they use to attract investors.
Stay informed about market regulations
Dubai’s real estate market is dynamic and you can expect changes anytime. It’s better to stay updated about market regulations as some of them might have an impact on your investment.
Monitor construction process
Once you’ve secured your off-plan property, stay involved in the process by monitoring construction progress. Getting regular updates from the developer and site visits, when possible, can provide insights into the project’s timeline and quality of construction.
Find a trustable real estate agent
Choosing a trustable real estate agent can help you find the right property for sale in Dubai. They can simplify the whole process by ensuring step-by-step guidance throughout your journey. One Broker Group can help you find the best off-plan property in the city. With several years of expertise, they can guide you through the available off-plan properties for sale, provide insights into market trends, and assist with negotiations.