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Off-plan property is a property or development that is fully planed, registered in the Dubai Land Department, and has an escrow bank account. It is sold with a payment plan which might involve post-handover payments to maximize the ROI. Off-plan property could be a villa, apartment, or townhouse sold by an investor (a.k.a secondary market) or a property developer such as Meraas, Damac, Dubai Holding, Ellington, and Sobha (a.k.a primary market) . You can buy an off-plan property during the planning or construction phase. Usually, investors prefer to buy off-plan projects due to the flexible payment plan and hoping for a capital appreciation and high ROI after the handover. You can click here to download a free e-book explaining the top tips for buying off-plan and avoid major pitfalls.
In 2021, sales of off-plan properties in Dubai hit all-time highs. Is now still the right time to invest in off-plan projects, given that the sector's strong output is expected to wane this year? Here are some of the reasons why purchasing off-plan properties in Dubai is still a good idea:
Take advantage of generous payment plans while they are still available
The spike in off-plan property sales was primarily due to developers' appealing deals on post-handover payment plans. Buyers with limited financial resources do not need to wait for market rates to better comply with their finances because payments for these assets are phased over a few years.
Affordability is set to become the newest trend
The luxury market's strong success last year was largely fueled by off-plan sales. However, developers' strategies have recently shifted away from high-end luxury and toward affordable and mid-class off-plan developments. In the near future, as multi-cultural transplants and economic migrants continue to migrate to Dubai, there will be a consistent and steady demand for affordable housing. The rising demand from this burgeoning, underserved consumer segment is expected to be met by the evolving trend of affordability. It can be a potentially lucrative investment for savvy property investors looking to dip their toes into the rental sector, particularly if the area is projected to be a prime rental market with high rental yield. The secret to making confident decisions with this investment opportunity, as with any other, is to equip yourself with facts. Of course, you can speak with our off-plan specialists who have the knowledge and experience to help you navigate the nuances of property investment.
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