Dubai Property Off Plan
Posted Feb 25, 2008 @ 1:48 am, Viewed by 367 Visitors, Read 397 Times.
So what's all the fuss over this off plan property in Dubai you may be asking? Well there are many reasons for this and here I will explain a few of them to you. Firstly a lot of people are seeing the kind of returns investors made in the early days from buying properties in the Greens, Springs and Dubai International City as an example the studios in the Greens were first launched by Emaar for just under Dhs 200,000 they are now on the market some 4 years later for around Dhs 1,000,000 now you don't have to be an expert in maths to work out the returns on this kind off plan investment. So, basically a lot of investors who thought they had "missed the boat" are now hopping on the band wagon for some of the action. Apart from that these same investors who made such premiums in the early days of the Dubai property market are back for some more of the action in new launch projects such as Dubai Sports City, Jumeirah Lake Towers, Jumeirah Village and Dubai International City CBD. Although the starting prices are higher than they were these few years ago there is now a big difference FINANCE! Again going back to the early days when there was only Emaar and Nakheel on the market place there were no such options available you either had cash or you had to move to the back of the queue, oh sorry there was one option for buyers who did not have all the funds and that was rent to own by Emaar and this soon came to an abrupt halt when the freehold law came into effect and investors could actually own the title deeds rather than the initial 99 year lease hold that made a big impact on the market.
Moving on to another reason why off plan is so popular and that is the astronomical rents in Dubai, people have come to learn quickly that paying 25% of your monthly salary (recent survey figures) on something you don't actually own is not a very wise move when the majority of the people in Dubai are here to save money while sacrificing being away from their home Country. As there are more and more banks now offering finance it can be very easy to own your own piece of the action now with banks offering up to 90% finance on some projects and the developers then offering low down payments of approx 10%, when you consider these two major factors the majority of People in Dubai find this very manageable to cover the monthly payments for the remaining 2 years until construction is complete and they get the keys.
As an example the typical payment plans are as follows:
10% On Booking
10% After 60 Days
70% 14 instalments of 5% (after every 30 days)
10% On Possession
We currently are launching off plan developments from AED 529,000 in Dubai Sports City, Jumeirah Lake Towers, Jumeirah Village and Dubai International City CBD for more information contact us below.
Thank you.
We provide expert advice if you are looking to buy or sell in the Dubai Property market please contact us for more information. If you are looking to sell Dubai Property you can submit your details on the link directly.
Thank you.
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