Things to note when investing in an off plan project

Over the recent past, the real estate market in Dubai has been growing at a steady rate. According to experts, the market has also been experiencing a drop in prices making it attractive to potential investors. Due to rapid development, most developers are selling their properties off-plan.

Here are some of the things you should consider before buying any off-plan property

1. Amenities around

When you are shortlisting for a property you should think about the future. Make sure the project is placed in a location with the entire necessary infrastructure. Some of the basic amenities to consider include schools, grocery stores, fitness centre, banks, etc. It is advisable to ask for the development plan to ensure all these amenities are in place.

2. The reputation of the developer

Since there are a lot of companies purporting to provide off plan properties in Dubai, it is good to conduct thorough research. The best way to verify the authenticity of the developer is by checking whether they are registered with the relevant authorities such as the Real Estate Regulatory Agency (RERA) and Dubai Land Department (DLD).

Alternatively, you can check their completed projects to see if they deliver quality. In fact, most developers have ‘show homes’ where they take interested buyers. Make sure that all the deliverables promised are included in the contract.

3. Payment method

One of the biggest advantages of buying off-plan is the payment plan. This means that you will be able to stagger the payments over the construction period.

Most developers offer a wide range of payment plans. It is important to choose a plan that suits your needs without putting pressure on your finances. Some developers allow buyers to pay a certain amount as a down payment while the balance is spread over a number of instalments.

4. Completion date and handover

The most common issue faced by most buyers when purchasing off-plan projects is the delay in the handover. To cushion buyers, real estate authorities in Dubai introduced strict regulations that must be met by the developer before putting properties on sale. For instance, the construction stage must be over 20%. Also, the developer must provide a bank guarantee for the project.

Emaar Arabian Ranches 3 is one of the biggest off-plan properties in Dubai. It comprises of villas and townhouses developed by Emaar Properties. Apart from affordable prices, the payment options offered are also very friendly. Also, these houses are placed in an ideal location guaranteeing investors a high return on investment.