Buying Off Plan in Dubai – A Complete Guide

Looking to purchase off-plan properties in Dubai? Follow the guide provided below to make the right decision. As Dubai is being developed, the value of the real estate market is increasing rapidly. People are willing to invest in the real estate market to generate huge Return on Investments (ROI) or Gain on capitals. In this scenario, off-plan properties in Dubai are one of the best investment options as it generates greater ROI than that of already constructed projects. So, let’s have a look at the complete guide of buying off-plan properties of Dubai and let’s check out the dos and don’ts of purchasing off-plan properties in Dubai.

What are your reasons for buying off-plan properties in Dubai?

First of all, you need to identify and understand your reasons for purchasing off-plan properties in Dubai. Are you buying it solely for investment purposes or you are willing to make your home?

Different off-plan developments or projects are suitable for different reasons. Some are good for the investor while others are well-suited for the end-users. Being clear about your reasons will narrow down your list of off-plan property and will allow you to make a correct decision in terms of purchasing off-plan Dubai.

Decide on the type of property and area:

There is a huge list of off-plan projects in Dubai. In order to narrow down your options, make sure to decide on the area of your interest as well as the type of property i.e. off plan villas, apartments, etc. Doing this will short down your list to some specific properties which will help you in making your decision quicker.

Get to know who you are buying off plan Dubai from:

There are several property developers in Dubai, but not all are reliable. In order to find reliable property developers out of all of them is a tough task. This task can be made easier by doing proper research on each of the property developers to find out their reputation and their financial situation to depict the condition of the off-plan project after its completion. This is one of the most important steps in buying off-plan property in Dubai because a lot of people have gone through fraud or cancellation or delay in Dubai.

Know the Off Plan Dubai Development/Project:

Take some time to learn more about the project or development before making a final decision. It is necessary to be well-informed about the project you’re investing in before finalizing your choice. Look at the master plan as well as the floor plan of the project along with the completion time and payment plans. There are certain factors that you need to consider in order to know-how about the project:

•  Size of development—Number of units and floors.
• Features and amenities of the project.
• How it will look like after completion and the materials to be used in the construction process.
• Arrangements for parking.
• Out and in-car access points.
• Master plan and development and its effects on your project.
• Proximity to other locations and buildings.
• Retail outlets and other facilities nearby such as medical, entertainment, dining options, etc.
• Transport routes.

Some of the developers develop mock-up apartments to provide customers with an idea of how their apartments will look in the future. This answers all of the questions stated above. Look out for such options while making an investment in any project.

Know the exact specifications of what you are buying:

After deciding on the project or development, decide upon the exact unit you wish to buy. To do that, make sure to consider the following options:

• Floor height, unit size, and layout.
• Views from main areas of the apartment like bedrooms.
• Inclusions such as furniture, landscaping, white goods.
• The orientation of unit and position within development.

Read the contract for purchase carefully:

Make sure to read your contract at least thrice in order to understand it completely before signing it. Don’t sign it immediately. Read the contract and ask questions. Also, look out for ambiguities in the contract. We recommend you to get professional and legal advice to leave no stone unturned.

Buy according to your budget correctly:

In off-plan projects, you do not have to pay a lump sum amount; however, you get to make payments in installments as per the construction schedule. In order to avoid surprises, make sure that you are aware of the obligations of your payment plan to meet the requirements of the project.

Conclusion:

Now since you have read our guide, we assume that you might have got a clear idea of the things to consider before investing in an off-plan property. Make sure to consider all the above points before making any final decision.