Top 10 Benefits Of Buying Off-plan Property In Dubai
Buying off-plan property is a good idea because such kind of property is associated with certain benefits so when the buyer opts for an off-plan home automatically will get all the advantages.
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What is off-plan property?
An off-plan property means a development yet to be built or still in an under-construction phase. Buying off-plan property refers to purchasing a property by signing a contract between builders and buyers in its under-construction state.
Such type of trend is quite famous in many countries and specifically gaining popularity in Dubai, as the city is quite strict in following rules and everything is quite transparent so the possibility of scams is zero.
The key benefit of investing in Dubai Real Estate is, you need not pay any taxes for the same. Yes, once you buy a property over here you would not pay extra taxes.
Isn’t it appealing? It is, and that’s the reason many people show their interest in Dubai’s Property. So, if you have already made up your mind to buy property on this luxury island then you must go for off-plan property. Also, there are many benefits that come with it.
Here are 10 advantages of buying off-plan property in Dubai, UAE
Other Exclusive Projects In Dubai For You to Pick:
Brand New Property:
We all love something new and that’s doubles our happiness too especially a home. When you choose an off-plan property, it is definite that you will get a fresh property that has never been used before and carry updated features and the latest design plus technology, lifestyle features and amenities. In a new property, you can choose floor number or suppose if you want a corner unit then also you can express your interest before builder.
Lower Price:
This is the most initial stage where the chances are a buyer can get the property at lower price. Off-plan property is in the under-construction phase where the buyer can buy a property at a lower price because the demand of that property is not so competitive in its initial phase. Starting Price of an off-plan project is AED 640,000. Property prices generally rise after completion. So this is another advantage of buying an off-plan property.
Flexible Payment Plans:
Another advantage is an off-plan project provides down payments that surely match the home buyers' budget. Many projects in Dubai offer payment plans for off-plan developments which means the buyer need not pay the entire cost upfront but in smaller instalments. Many off-plan projects in Dubai have a booking fee of only 5% to 10% and in some cases, the DLD fee is completely waived off. That means buyer will pay 50% at the under construction phase and 50% after the completion.
Save Money:
Buying off-plan property means you can get the property at best price at its initial stage. That means buyers can choose the best apartment which they like in a particular development. And this plays a big part while property buying saves a lot of your money.
Buyer Protection Laws In Dubai:
If you are going for a big shopping like home then always keep yourself aware of the buyer protection law regulated by the Department of Economic Development Abu Dhabi. The department has mentioned several rules, guidelines, laws and regulations related to consumer rights to prevent them from falling from scams.
Wide Variety of Off-plan Projects In Dubai:
Dubai offers myriads of properties for the purpose of future investment. You will get Villas, condominiums, apartment buildings and single-family homes. Before investing in Dubai property always make a search about the current trend plus availability. At present some top-notch ultra-luxury projects such as Dubai Creek Harbour Surf & Harbour views by Emaar Properties, Sobha Hartland Waves & One Park Avenue by Sobha Properties, Damac Lagoons Nice & Costa Brava by DAMC Properties are catching the end-user glimpse.
Safety And Regulations:
While purchasing an off-plan property is quite risk in Dubai as such kind of property is involved with many fraud activities. And to stop that scam Dubai Land Department has introduced many rules as well as protections. To strengthen this, Dubai RERA has imposed a law where the developer must provides 20% construction fund for bank gurantee and 10% performance bond by contractor for the work of guarantee.
Customization of The Property:
Another advantage of purchasing an under-construction property is you can get the chance to customize your home. Or if you want to see some changes then you can express your wishes during the construction period while they are customizing the property.
Off-plan investment offers higher rental yields:
If you are an investor and planning or investing in Dubai then there are many property options in Dubai. The rental income rate is quite high in Dubai and according to reports in 2017 Dubai Real Estate Market Report higher ROI. Investing in an off-plan property can give you the best decent rental income.
