Undoubtedly, buying a villa in Dubai is a dream for many! But at the same time, investing in property in Dubai is expensive. This is exactly why investors are showing interest in buying off-plan property in Dubai. Off-plan property refers to a property type that is still in the developmental phase.
Off-plan property purchases are gaining prominence across the world. Buying off-plan property is advantageous to first-time investors. This is because you will have additional time to save between paying your deposit and repayments.
You can always buy a cheap villa in Dubai with the help of a real estate agent.
Off-plan villas or apartments can often take up to three years to finish. In these three years, the overall price of the property will appreciate, which augurs well for the investors. Here are some top strategies to buy off-plan property in Dubai.
What should you know about buying Off-Plan Property?
Off-plan properties are buildings that are in the completion stage. In simple words, the builder is yet to complete it. Therefore, one should always buy off-plan property in agreement that it will be completed in the next five years.
It is advantageous to purchase off-plan properties as they are available below the market price. Moreover, the value of off-plan properties will increase after their completion. Therefore, in areas like Dubai, it is always advisable to buy off-plan properties.
You can buy an off-plan property at a lower rate when compared to finished residential or commercial real estate projects. Here are some benefits associated with buying an off-plan property.
- Higher initial rates of return
- Off-plan properties are usually located in upcoming neighbourhoods
- You can buy an off-plan property at the bargain rate
Strategies to buy Off-Plan Property in Dubai
Here are some top strategies you should consider while buying an off-plan property in Dubai.
Understand the Prices of Off-Plan Properties Properly
It is usual for first-time buyers to negotiate the property price based on the payment plan and asking price. This is a mistake that you should always avoid while investing in off-plan properties in Dubai. It is important to know the per square foot price of the off-plan property before choosing it!
The square foot price is the actual price on which the affordability of the off-plan property depends. And if you fail to inquire about the square foot price, you may end up purchasing the property at a higher cost.
It is vital to know whether you’re paying for the internal area or the external area. Furthermore, if the off-plan property has a balcony, ensure that the square feet price is lesser than the internal area.
Naturally, while buying an off-plan property in Dubai, you’ll want to research the developer and its projects thoroughly. Therefore, it is crucial to analyse their previous developments and check whether or not they possess experience.
One of the best ways to assess the reputation of the developer is by researching online. You can even go through the online reviews to buy a cheap villa in Dubai. You can even check the credibility of the developer in the RERA portal.
To get an unfiltered viewpoint, social media platforms are your best bet. Investing in an off-plan property in Dubai is the ultimate decision of your life. Hence, you should research thoroughly to determine the reputation of the developer.
Check the Legitimacy of the Real Estate Project
It is vital to check the legitimacy of the real estate project before finalising it. Even if you are buying an off-plan property in Dubai, always check its legitimacy. Note that in Dubai, developers can only advertise registered real estate projects.
However, you should always visit the RERA portal to find the legitimacy of the real estate project. Moreover, don’t pay in any other account than the account mentioned in the RERA portal. In this manner, your payment will be safe even if the project gets shelved!
You should consider these strategies while buying an off-plan property in Dubai for the first time. Following these strategies will help you to buy off-plan properties at affordable rates.
If you want to invest in property in Dubai, Everhomes is your best solution. At the Everhomes portal, you’ll come across a wide variety of apartments and villas for sale in Dubai.