Why invest in Dubai
off plan
Nowadays, we
happen to hear the words ‘off plan property’ a lot, but what does it actually
mean? How is it different from a normal real estate development and why should
investors and first-time buyers take an interest in it?
Off-plan
property means a property that can be purchased before the construction has
even been completed. After the announcement of the World Expo, Dubai developers
released several off plan projects that are expected to be completed by the
year 2020. Buying a property that hasn’t been developed sounds like a risky
investment, but the advantages outweigh the cons. Here are some reasons why you
should invest in Dubai off plan.
The Price
Difference:
Cost-vs-Price
With
attractive offers and feasible payment plans, the overall price of a Dubai off
plan property becomes a lot lower than a constructed development. Investors,
and especially first-time buyers can take advantage of such ambitious projects
being offered at lower prices. With the abundance of ambitious projects being
announced every month, property developers provide competitive payment plans
that even go beyond 40% post-handover, which is a major advantage to the
investors of these properties.
RERA Laws
RERA or the Real
Estate Regulation Authority and the Dubai Land Department (DLD) have
implemented strict laws to safeguard the rights of the investors from scam and
fraudulent cases. According to latest laws, no developer can advertise any
project without owning 100% of the land. Any payments made to the developer
will be protected under an ESCROW account held by Dubai Land Department (DLD),
of which only 5% can be used by the developer for marketing purposes. The
developers will only get further payments after the DLD certifies that the
development has reached the required construction percentage. If a developer
fails to follow any of the above requirements then the investor can file an
arbitration case against the developers and get a full refund with interest.
Click here to know more about property
for sale in dubai
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