At Fortune 5 after dealing with both off – plan and ready properties from premium developers in the UAE, we have witnessed market trends swing in favour of both.
An Off – Plan property refers to a building that is not completed yet. Once you decide to purchase it, you can make staggered payments until your unit is fully built and available. On the other hand, the ready property is a house that is ready for occupancy. Since it is already established, you may have to pay it in full.
To help you find the right property in Dubai, here are some crucial considerations to keep in mind before making a decision.
Off – Plan Properties
Price is the most important factor in any buying decision, and when it comes to off-plan and there is often an advantage.
Buying an off-plan property gives the advantage to choose the best low rates compared to market rates. It also provides a heightened capital growth potential, benefits from handpicking the most attractive units to invest and secure the purchase. There will be zero maintenance fee and everything is brand new from your fixtures, fittings, kitchen appliances, bathroom items, etc. which makes a huge saving and saves your time.
You only need to pay 10% deposit (minimum) upfront which makes it so much easier for you to get on the property ladder in the first place. You then have plenty of time to get the rest of your financing together with your bank or loan provider.
The main advantage of buying ready property is that you can physically see the property and get the right feeling before your potential purchase.
Ready property in Dubai is often in prime locations with completed surrounding infrastructure giving them an advantage over off-plan.
Banks offer very attractive rates and benefits, not only for UAE residents but for non-residents as well, which open up the opportunity to have your ready property refinanced should you decide to return to your home country. If you are an end-user and an expatriate living and working in Dubai, purchasing ready property is something to consider.
There is an equal amount of opportunity for either option that needs to be analyzed to make the right decision. Doing due diligence with the help of experienced brokers is key, keeping in mind the current market trends.
Expo 2020 is just around the corner and we expect the market to recover as we get closer to Dubai’s mega event. Whether it’s off-plan or ready property, buying when the market is at the bottom will ensure prolific returns very soon.
Get in touch with us at Fortune 5 today to discuss potential options that will suit your needs.