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The UAE stands tall in presenting worthwhile off-plan investment schemes. Initially, investing in a non-existent property might seem to possess a lot of risks, but with regulations in place, especially in Dubai, and by ensuring that you invest in a well-established brand after a detailed research, you can be sure to get maximum returns of your investment.
Purchasing an off-plan unit requires a deposit, some as low as 10% depending on the developer. The buyer can pay the balance in installment as the project attains completion. Here are other things to look into when buying an off-plan investment:
Investment potential – Investors are now looking to buy affordable but quality off-plan projects that promise huge investment opportunities. Though off-plan units are sold at lower prices, investors can sell them at market value in the future. While at it, enquire about the terms and conditions for resale.
Right price – Most developers are building budget projects to attract more investors. Go for developers that offer flexible payment methods at reasonable pricing. Some developers even allow buyers to customise their units according to their taste and lifestyle.
Due diligence – Before investing, conduct a market research about the benefits of buying an off-plan project. Consider the current and future market situations. This will help you understand whether there are chances for a change in the value of the property in the future once it is completed. Check the background of the developer as well.
Ownership – New laws related to the ownership of off-plan property have given investors more flexibility in negotiating deals. The current law also has specific provisions protecting investors, thus buying an off-plan property has become a popular option.
Professional assistance – There are many RERA-certified real estate agents who can give you advice and get you the right project according to your budget. You may also seek the help of a mortgage advisor or lawyer before signing any contract.
Financial support – Banks provide up to 50 per cent financing on off-plan projects with competitive interest rates.
* Invest in an off-plan property after market research is done thoroughly
* Consider location, market fluctuations and their impact on property value
* Get professional advice from experienced and licenced real estate agents
Source: Asha Das, Special to Properties
The writer is a freelancer