Why Investing in Dubai Properties is A Good Idea?
Over the past 30 years, Dubai has grown enormously at unprecedented rates and changed from an oil-driven economy to an innovation-led business hub taking full advantage of the diversity and geographical location of the nation. This growth has earned Dubai a spot on the list of internationally recognized leading commercial sectors. Whilst being a great business destination, Dubai has something for everyone. With thriving educational institutes to an ever-growing real estate industry in Dubai, there are numerous opportunities for everyone. The country has especially attracted foreign investors with its flexible visa regulations as well as its centrality on the world map.
In Dubai, there are plenty of attractive and budget friendly options such as Dubailand, International City, Jumeirah Lake Towers, Jebel Ali, JVC, IMPZ, Discovery Gardens, etc. Hence, instead of paying a significant percentage of monthly income on rent, it is often considered best to invest and purchase property to allow for savings in the long run.
In the global world that we live today, there are plenty of opportunities to participate in the growth of a country/region by investing in property sector. You too can be a part of this fast-growing economy, just by purchasing a property in Dubai. With the World Expo 2020 slated to be hosted in Dubai, 25 million people are expected to come to the UAE creating around 300,000 new jobs. While the benefits listed are by no means conclusive, it is important to understand how they pan out and affect long-term decisions. Good return on property investments allows investors to consider investing in property and in addition to the investment, the chance to avail residency and full ownership, the same way centrality would attract several investors for a variety of reasons with the added benefit of flexible policies and safety. The real estate market of Dubai is bound to experience a huge surge during this period. So, if you are contemplating investing in real estate in Dubai, this is the best time to buy property in Dubai!
Why is off-plan property better than ready property?
For many, the prospect of buying a ready property is an exhilarating process in itself with far too many beautiful homes to choose from, with scenic beach view homes on Palm Jumeirah to apartments in a more urban setting like City Walk, with a home for every lifestyle and budget.
Off-plan property however, is when you agree to purchase an area of land where construction is yet to take place for the planned property. This way, it is considered a more affordable option as compared to buying a ready home. Buyers can hope to even gain bargaining prices and are actually purchasing the land at a much lower cost since the property has not yet been structured physically. Should buyers choose to occupy that home later on, they can design every aspect of it themselves, from fittings and fixtures to landscaping their lawns.
However it all really comes down to the individual’s budget and lifestyle.
Buying Off-Plan property may be cheaper initially but the total cost of setting up a property from the ground upwards can be expensive as compared to moving in a ready property where everything is already in place, including additional facilities and amenities to ease everyday tasks related to maintenance and general needs. However off plan allows you to pick everything according to what you want, increasing the personalisation touch to your home.
Developing a home this way is usually a family bonding process for several clients and is a lasting memory for a home built together.
A benefit of purchasing an otherwise risky off-plan property in Dubai is that the process here is becoming more and more regularized as well as monitored by authorities. Developers’ financial backgrounds are checked to the absolute tiniest detail to ensure they have the required funds to complete their projects. Regulatory authorities in Dubai, namely Real Estate Regulatory authority (RERA) and Dubai Land Department (DLD) even require developers to deposit 20% of the project’s cost as an added guarantee, easing any anxious concerns buyers may have before investing their money into beach front properties. Therefore if the benefits of the two types of properties were to be laid out, buying off-plan would definitely be a better choice allowing you the benefit of creating your own home, a dream come true for many.