Waegook Tom

A Blog About A Globetrotting English Teacher

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Things to note when investing in an off plan project

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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.

Investing in Dubai? Here are the top 3 offplan projects to invest in

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The off plan market has taken Dubai’s real estate industry by storm. A lot of investors are showing interest in the market, making it grow at a rapid speed. At the same time, developers have been constantly launching new projects in Dubai in different parts of the city. One of the biggest reason people are attracted to the off plan market is flexible payment terms. If you are looking forward to investing in the off-plan market, here are the top three projects you should consider.

1. Damac Towers by Paramount Hotels and Resorts

Damac Towers by Paramount Hotels and Resorts is one of the biggest projects under construction in Dubai. This development is 270-meter-tall (886ft) with 68 storeys and consists of residential and hotel tower.

The complex is developed by Paramount Hotels & Resorts in partnership with Damac Properties. There are 1200 luxury serviced suites that will offer luxury living with a twist of Hollywood lifestyle. These suites are housed in three towers. The fourth tower comprises of Paramount Hotel and a collection of Residences.

There will be a multi-level plaza that connects the towers and is themed with restaurants and bars, events facilities, a screening room, fitness centers, swimming pool and more.

2. Emaar Beachfront

Emaar Beachfront apartments are an exclusive residential development in the new maritime epicenter of Dubai Harbor. This development will provide a unique blend of cosmopolitan living in one of the most sought after locations.

This development is developed by Emaar Properties which is one of the biggest developers in the UAE. Some of the most prominent projects include Beach Vista, Sunrise Bay, Marina Vista, and Emaar Beachfront Apartments. The whole development will comprise of 27 towers which will have an exclusive view of the beach.

3. Dubai Creek Towers

 

The Dubai Creek Tower at Dubai Creek Harbour is one of the biggest mix development projects in the Middle East region. It is dubbed as ‘The Future of Living’ and is where the city meets the beach. The development is a pioneer of integrated living that features a combination of dynamic experiences, innovation, and unique design.

One of the most prominent features of the development is the Dubai Creek Tower. This will be the tallest structure in the world at 928 meters upstaging the Burj Khalifa by 100 meters. Some of the residential projects in the development include the Creek Gate, Harbor Gate, The Cove, Emaar Beachfront apartments.

Residences and visitors are promised a peaceful life close to the sea and remarkable surroundings. It will feature world-class residences, spectacular cultural offerings, shopping and a wide range of essential amenities.