Off plan property sales have increased to AED 4.95 Billion, or USD 1.3 billion across 2599 sales deals. During the pandemic in 2019, off plan property sales decreased significantly. The highest since 2013. According to data released by Property Finder, sales of off plan real estate in Dubai have grown significantly this year. According to a corporate statement, 2,599 sales deals for off plan properties totalled AED 4.95 billion, or USD 1.3 billion, in August of this year. Dubai has been a constant spot of attraction for investors for a quite long time because Dubai has a bundle of opportunities in real estate. Off plan properties have grabbed the attention of local and international investors because of a number of reasons. Dubai has many tourist points for example Burj Khalifa, an 800m tall sky-rocketed building.
Following are the Reasons to Consider Investing in off plan properties:
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Lower prices and various payment options:
It is the most prominent benefit of buying an off plan property in Dubai. The off plan property provides beginner or experienced investors with the opportunity to benefit from flexible prices. Builders compete on price and payment plans, which gives off plan property buyers a noticeable advantage.
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More capital gains:
Due to the exemption from tariffs and dynamism, Investing in real estate has proven to be a good investment and if this investment is made in UAE, then it will be an added excellence. As you know Dubai is a crime-free city and very well known for this aspect that’s why investors want to invest at a place where they are sure that their investment will be returned in one way or the other. Another added benefit is that Dubai offers visas for those who have invested AED 1 million in the property. The residence you buy, should not be mortgaged or off plan. After being permitted by Dubai’s land department, you will be given a trade license on the property. After that, the immigration service can offer you a 2-year residency visa.
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Political Strength:
Dubai and the United Arab Emirates have remained politically efficient and reliable to a strategic vision that works toward progress in the economic sector and political domains. This may be due to their founding father’s belief in justice and equality.
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High living standards
Dubai’s living standards are desired all across the world. Everyone wants to live in Dubai because of the mesmerization effect caused by social media. The connectivity and living quality of Dubai is exceptional. The administration of Dubai is working so hard to make life easier for people moving there. Every year, a member is added to the cabinet for this purpose. The purpose of the ministry is to assess the level of satisfaction and contentment among inhabitants of Dubai.
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Enforcement of Property Laws in Dubai:
The real estate regulatory authority (RERA) and Dubai Land Department (DLD) are working to protect buyers, builders, and investors from delays and deceits. Buyers should make investment payments to DLD-approved banks in order to prevent fraud and treacheries. Builders will not be able to access those funds until the project is finished.
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An extensive range of off plan projects:
There are many options available for an off plan property on the market and investors are allowed to choose from those options freely according to their affordability and suitability. Some of them are Downtown Dubai, Business Bay, JVC, and many more new communities. If you want to invest in any of these areas, our team will definitely help you out in taking the right decision.
Following are some tips to buy off plan properties in Dubai:
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Deal with a certified real estate broker:
A real estate broker is one who is certified and manages the relationship between buyer and investor.
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Verify the Real Estate Developer’s reputation or previous record
We can validate the Real Estate Developer’s identity by looking at their portfolio, their commitment to deadlines in the project, and the quality of finishes.
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· Don’t forget to give a read to the purchase agreement
Buyers need to verify all the terms and conditions of the agreement in order to prevent any sort of fraud.
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Escrow account
Payments should be made into the escrow account, in which the sums are collected from buyers and developers. It aims to regulate the progress of the construction of units sold off plan, and thus to guarantee the rights of investors.
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Take a receipt
Don’t forget to take a receipt for every penny you paid in order to preserve their right. By doing so, they will have all the records of all the payments so there will be no chance for the dealer to violate the terms of the contract.
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Fast the registration process
Dubai Real Estate Registration Department provides many options to facilitate the real estate Registration Department provides many options to facilitate the real estate registration process.
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Aware of being fooled by catchy ads
One should be wise enough to handle those tempting and promotional ads because sometimes, it hides all the truth.
Conclusion:
Off Plan Projects of Dubai is a really big hit for the metropolis in terms of sales. As investors are continuously investing in the Off Plan properties because of their increased demand and high return rates. Next Level Real Estate will guide you in a much better way than how you can invest in high investment off Plan projects of Dubai.
