Dubai is one of the fastest-growing markets in the world, be it in terms of the automobile, or real estate. It serves as the hub for entrepreneurs who are bringing in ideas from across the globe. And to house these genius minds, the real-estate developers are coming up with astonishing and rewarding projects.
If you are looking forward to owning your own space in Dubai, investing in an off-plan property can be a great option. Although you will have to wait for the possession of the property, here is why it can turn out to be the best decision of your life.
- Greater Flexibility to Choose
When you are looking for a property for residential purpose, visiting the developer when the property is still under-construction will profit you amazingly well. Not only will you be able to be select the apartment that pleases you the most, but you will also be paying lesser than others because the farther the property is from completion, the lower is its cost.
However, if you visit the site when the property is about to get completed, the apartments you like are likely to be sold-out, or too expensive.
- Flexible Payment Options
When you invest in a property that is ready to be handed over to you, the developer is more likely to ask you for the entire payment at one go. However, because there is still a lot of time involved in the completion of off-plan projects in Dubai, your developer will try to lure you with flexible payment options.
The payment options can vary from the payment of one half now and the other half in future, payment of a deposit in advance followed by frequent instalments, to payment of 1 per cent of the total every month. All of these options will allow you to plan your finances and take a loan if you have to.
- Financial Benefits
There is no denying the fact that off plan properties Dubai is available for much lower prices as compared to those which are complete. The father you are from completion date, the lower you will have to pay.
Also, along with the 10-30 per cent lesser than the market value that you are paying, the value of the property is going to increase in the future, making the deal all the more profitable for you.
- Build a Property Portfolio
When the property is still under construction, you can consult a private real estate investment company that will help you study the current and the future market. With this knowledge, you can lock in a price for the property.
Once you are paying a fixed price for the apartment, you will benefit from the increasing market value when you get the possession. Now, you can use the difference to expand your property portfolio.
When you have decided upon which property you are going to buy well-in-advance, you can have a say in the personalization, too. Whether it is the colour that goes on the walls or the storage you want to add in the balcony, you can talk to the builder into making these modifications for you. In this way, you can build a home out of the off-plan property.
- Earn from Rents
Even if you are not going to live in the apartment you’ve invested in, you do not have to sell it to earn the promised return on investments. Yes, you can simply rent it.
The influx of expats in Dubai has encouraged a number of property owners to rent their properties and earn secure income out of it. Rents ensure that even if the property market is at a standstill, your investments are giving you enough returns to survive in the expensive city.
In the end, it might not be a complete win-win situation for the buyers of off-plan properties because of a lack of immediate possession; then again, they have little to lose. Plus, if everything goes in favour of the buyers, this decision can grow their finances substantially.