Guide To Buy Off Plan Properties In Dubai

by Diksha Sharma Blogger and writer

From the past few years, Dubai’s landscape has witnessed an array of advancements and altercations. Although the charming culture and the gorgeous weather is still there, the city is now advancing in terms of business, infrastructure, and quality of life.

According to the data released by the Dubai Land Department (DLD), the value of real estate transactions in Dubai grew by 33% to reach AED34bn during the first five months of 2019. There has never been a better time to get your foot on Dubai’s real-estate ladder. It doesn’t matter whether you are a first-time buyer searching for a luxurious home, or an investor aiming to capitalize on a profitable market, Dubai’s real estate sector presents numerous lucrative and exciting opportunities.

Closing a deal in real estate in Dubai is one of the most significant investment decisions you are going to make. Many people would like to have this chance so they can enhance their lifestyles with such a valuable asset. Even so, there are many things that you have to evaluate and consider before buying an off-plan property in Dubai:

What are your reasons for purchasing an off-plan property?

Before you even start looking, you should know what is your purpose for buying an off-plan property. Will you be buying off-plan properties in Dubai for purely investment purposes or will this be somewhere you would like to live with your family? Certain off-plan developments are more suited for end-users while others to investors. Being clear on your buying purpose will help you to limit down your options and clear your approach.

Decide on the area and type of property you want

With a variety of off-plan options out there, searching for an off-plan property can be quiet overwhelming. To help avoid this, it is beneficial to prepare a shortlist of preferred areas as well an idea as to the type of property desired.

Know who you are buying from

Do your research and make sure you are familiar with the developer you’re buying from. Find out about their reputation and track record. Earlier projects are always a good indicator of what you can expect from the developer. Moreover, buying off-plan projects in Dubai is a challenging task. There are numerous developers to choose from and a more significant number of projects to pick from. To get unbiased advice, it is best to use an off-plan broker who specializes in off-plan properties like N7 Real Estate.

Know the Project/Development

Take time to know about the development you are buying. Some factors to consider when deciding if the project is right for you are:

Development size - No of units and floors
What materials will be used and what will it look like
What amenities and facilities will be available
Residents and visitors parking arrangements
Residents entry and exit car access points
Proximity to other structures and buildings. Will these affect the building? And how?
Retail outlets within the development or nearby it

Buy and Budget Accordingly

Buying an off-plan property does not require full payment upfront but somewhat staggered payments, which are usually according to the construction. To avoid surprises, make sure that you know your payment plan obligations and are in a position to meet these as required.

Now that you are familiar with the points to consider while buying an off-plan property, make sure that you follow all of them correctly.