Guide to Buying Off-Plan Property in Dubai
See our comprehensive guide to buying off-plan property in Dubai. Being prepared and knowing your objective from the outset will ensure you buy exactly the right off-plan property.
What are your reasons for buying?
Will you be buying an off plan property for purely investment purposes or will this be somewhere you would like to make your home?
Certain off-plan developments are more suited to investors whilst others are more fitting for end users. Being clear on your buying purpose will help narrow down your options and tailer your approach.
Decide on the on the area and type of property you want
With a host of off plan options out there its searching for your off plan property can be quiet overwhelming. To help avoid this its beneficial to have a shortlist of preferred areas as well an idea as to the type of property desired i.e. apartment, villa etc.
Know who you are buying from
Do your research and ensure you are familiar with the developer you’re buying from. Find out about their track record and reputation. Past projects are always a good indicator of what you can expect.
Know the Project/Development
Take time to learn about and know about the development you are buying in. It’s important to be familiar with the project you are considering as well as the overall master development. Important factors to take into account when deciding if a development is right for you are:
- Development size – No of floors and units
- What will it look like and what materials will be used
- What facilities and amenities will be available
- Residents and visitor parking arrangements
- Residents in and out car access points
- Proximity to other buildings and structures. Will these affect the building and how?
- Planned retail outlets within the development or at least the provision for these
- Master development and how it will affect your project
Most developers these days will provide mock-up apartments along with extensive marketing material. These go a long way to answer most of these questions and also mean buyer have a very good sense of what they are buying.
Know exactly what you are buying
Once you have decided which development you wish to buy in the next step is to decide on which unit you wish to buy. Pay close attention to:
- Unit size, floor height and layout
- Unit orientation and position within the development
- Likely views from main living areas as well as bedrooms
- What is included? i.e. white goods, furniture, landscaping.
Understanding these factors will ensure you get what you paid for as well as the view you paid for.
Read your contract carefully
Make sure you understand what you are signing before signing. Its is important you are fully aware of your obligations as well as the obligations of the developer. We recommend getting professional advice and leaving no stone unturned.
Buy and Budget Correctly
Buying off-plan property does not require full payment up front but rather staggered payments which are usually linked to construction. To avoid surprises ensure you are aware of your payment plan obligations and in a position to meet these as required.
Know the area and its potential
When buying off-plan property it’s crucial to consider more than just the unit and the actual development you are buying in. Research the area you are considering in and ensure its somewhere you should buy. This is even more important for projects for new and developing communities. Factors to take into consideration are:
- Nature of projects planned for the area and completion estimates
- Availability of community centers and shopping outlets
- Proximity to schools, medical centers and places of interest
- Road access and public transport links
- Area demographics and housing demand
All of the above-mentioned factors need be taken into equation and will play a huge part in the value of your property upon completion.
Have an exit strategy and a contingency plan
Whether your off plan purchase is purely and investment or somewhere you will live in its important you have a contingency plan and an exit strategy. Should you need to sell it is crucial to know when doing so is permitted as well as the associated costs.
Now that you are familiar with our guide to Buying Off-Plan Property check out our Investing in Dubai page.