This article is a buying guide for the off plan properties in Dubai. It provides a road map that buyers have to consider while purchasing off plan properties in Dubai. This article presents the deep and real insight for the persons who are interested to Invest in Off Plan Properties in Dubai. First off all you must know the reason why you want to invest in off plan property.
The real estate sector of UAE is emerging and at a rapid pace, and there are numerous business opportunities in this sector. Dubai is considered real estate and property (sale/purchase) hub. It is an excellent time to invest in properties in Dubai, especially to Invest in off plan properties in Dubai. Such types of investments are fruitful if done with proper research. Track record of the developer and project future development must be checked. Verify the escrow details also to avoid any future turbulence
When and How to Buy Off Plan Properties in Dubai
Buying off plan property in Dubai means that you are going to buy an unconstructed property directly from a developer. Being well prepared and knowing your objective from the start to ensure your success in this field. The following information will help you immensely in answering the questions When and How to Buy Off Plan Properties in Dubai.
Why you want to Invest in Off Plan Properties in Dubai
You must know the reason and your objective of buying an off plan property in Dubai. You must realize what you are going to do this property in the future. Either this purchase is for the sake of investment only, or you reside over there. Being clear on your buying purpose will help in narrow down your preferences and approach. For example, if you are buying off plan property for residential use, then what you will prefer to access, for instance, a supermarket, metro, hospital schools, etc.
How to Buy Off Plan
You can search online and ask referrals from friends and family for buying off plan in Dubai. You can hire best real estate agent in Dubai too. You must know that from which developer you are going to buy. Either you are familiar with him or not. What kind of projects that particular developer has done in the past? Check the track record and market reputation of the developers in Dubai.
1. Must check to project future development
It’s imperative to be acquainted with the project you are considering buying as well as the overall master development of the project in the future. You must know the building size, no of floors, and what kind of material is going to be used. What facilities and niceties will be available after the completion of the project.
2. What are you buying actually?
You also must know what exactly you are buying, such as Unit size, flat height, and Unit orientation and position within the off plan properties in Dubai.
3. Cost and signing of a contract
You must know the full and exact payment plan of the property to avoid any future shock or tribulation. It does not require full payment at once. Payments can be staggered as per the progress of the construction. Read the contract twice carefully and make sure that you are well aware of all the terms and conditions.
4. Must Verify Escrow Details
It would be best if you also double checked that all payments are credited to the projects Escrow account and not directly credited to the developer or project owners account.
5. Completion date on the contract
Usually, there is a delay in handover as Developers don’t meet their deadlines. Your contract should have an explicit mention of the expected completion date along with the solution to the potential delay in hand over.