Off Plan vs Ready Property – How to Choose

Off plan vs ready property… Which one is best and why?  There are many decisions buyers have to make when buying a property in Dubai and one of the biggest is whether to buy an Off Plan or a Ready property? The truth of the matter is that there is no right or wrong answer to this question as it all depends on one’s own preferences, circumstances, and a variety of related factors.

In this post, we are going to have a look at some of the key differences between off plan and ready and hopefully provide you with some useful considerations.

Off Plan vs Ready Property – What is the difference?

Off-plan property is exactly as the name suggests, a property being purchased off the plan that has not yet been built. On the other hand, a ready property is one that is fully completed and is either already being used or is ready for use.

Benefits of buying a ready property

There are a number of benefits of buying a ready property however the value of those benefits will depend on the individual buyers and their wants.

Some of the more notable benefits of ready:

You know what you are buying – A ready property is fully completed and with that buyers know exactly what they are getting for their money. There is no guesswork or risk of not getting what you paid for whether that be good or bad.

Usability – A ready property can be used as soon as the settlement is complete. This means owner-occupiers can move in straight away and investors can utilize the property for rental income from day one.

Established community –  More often than not ready properties are located in established communities with existing infrastructure, amenities, and alike all already in place. This tends to be attractive to buyers looking for more settled everyday living with no disruptions of construction often seen in emerging communities.

Benefits of buying an off plan property

Just like a ready property, there are benefits of buying new and off plan. The more notable advantages are:

It’s a new property – People love new cars and the same can be said about a new property. Everything is shiny, exciting, and without any imperfections and there is something greatly attractive about that for most buyers.

Property Price – Whilst not always the case Off plan properties are often sold at lower prices compared to ready properties. In addition, the process of buying an off plan property is usually completed in a fancy developer’s office making the whole experience far less complex and time-consuming.

Payment Terms – Buying an off plan property involves a payment plan which means the property is paid for over a period usually equal to the length of construction. This lessens the burden on buyers and provides a far longer payment period.

When to buy ready over off plan and vice versa?

As already outlined in this article there are unique benefits to both buying off-plan and buying a ready property. With that said, however, there are curtains situations when buying one over the other is the better way to go. Here are some such examples:

Ready Before Off Plan:

• You need somewhere to move into immediately or within a short period of time after the purchase
• You want an immediate return on your investment i.e. you are a buy-to-let investor
• You wish to buy in an established community that’s fully or near fully completed

Off Plan over Ready

• You want a brand new, never lived in property
• You are happy not having the property for a few years
• You don’t qualify for a mortgage but don’t have 100% funds needed

Off Plan or Ready – What do most buyers go for in Dubai?

Traditionally speaking ready properties have always made up the larger percentage of properties sold in Dubai. However, this gap has been closing for some time and the opposite is now true. Since 2017 the number of off plan properties sold per year has overtaken the number of sold ready properties. There are numerous of reasons that could be behind this, however strong population growth and a record number of project releases are certainly the big two contributing factors.

Off Plan vs Ready Property In Summary