Do you recognise the opportunities of buying off-plan property in Dubai?

Buying off-plan is not the only way to buy Dubai freehold property anymore, these days you can see what you are buying first.  With a large number of projects either completed or well under construction, buyers no longer have to limit their investment to something that is only on paper.  However, buying off-plan worked out really well for early freehold property buyers so can it still work really well?  Here are just a few reasons why you should keep your investment options towards off-plan property.

Escrow law on new Dubai freehold developments

Thanks to the creation of escrow or trust law, buying off-plan just became more secure.  The new law, introduced this summer, means that any new developments are required to set up an escrow account with one of the selected banks chosen by the Government and all deposits made by property investors will be paid into these accounts.  Developers will not have access to the money until certain stages of construction are complete, and this rule is set to extend to projects being constructed within the next few months. 

Most off-plan developments are bought direct from the developer

This is sure to save you money if you are looking for your dream Dubai property!  Off-plan properties are released from the developer, and although they sell out very quickly, if you are fortunate to buy from the developer directly, you save massively by avoiding real estate broker fees, and premiums.  That way, you have more to spend on the property itself.  While there are fees to be paid to the developer, you don’t have the added extras that are created by the property entering the market.  Most properties are obviously released and moving around the secondary market on the Dubai real estate market, but if you want to buy one of these, make sure you use a real estate agent that can find the lowest premiums.

Lower prices on Dubai property

Buying Dubai property direct from the developer might also net you a property at a lower price than you can find on the secondary market.  Once the property is changing hands at a rapid pace, which is usually the case; this causes the prices to really increase.  This has driven the inflation of property prices on the Dubai real estate market, so buying from a developer will offer you a better initial price and possibly a better future-selling price.

If you are a serious property investor, be sure to keep listening for news of any new developments that are going on release.  If you like the idea of saving money, and are willing to sacrifice seeing the finished product, then maybe off-plan buying is ideal for you.  Please  for more information.

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