The real estate industry in Dubai has been suffering an economic slowdown of sorts, since the past few years. According to renowned global property company Savills, a further 10% drop of property market prices for the year 2019 is expected to impact the industry further. Will this affect the potential marketable gain for investors looking to make the trade in Dubai’s real estate industry? Evidently yes, although for the better!
In capitalizing on the decrease of market prices for properties in the city, you will be looking to purchase your preferred assets on the cheap, to be sold later at a premium! This is especially true, if you are looking towards reselling your Dubai property in the near future, to garner gains on your return on investment (ROI). With that in mind, one of the best ways to invest your wealth in property here would be to purchase off-plan properties in Dubai, currently in place!
There are plenty of potential perks to be gained, by investing your riches in popular upcoming residential and commercial projects currently being developed. With renowned developers like Emaar Properties and Dubai Holdings overseeing these endeavours such as the grand residential Arabian Ranches 3 project, you can look to benefit with flexible repayment plans, first right of refusal for the property, better lucrative investment returns and even the ability to choose the best one out of the lot!
In order to opt for an off-plan development purchase, these are some of the general steps required for you to get that residential unit of choice on a marketable low:
- Research on the best preferred location, based on your property needs.
- Consult Dubai’s real estate agencies for prior advice and better understanding, before engaging in any agreements.
- Discuss and come up with a mutual agreement with the developers of your property of choice.
- Prepare an extensive financial plan for the prospective commitment of purchasing the property.
- Book your ownership with the developer, usually via reservation fees.
- Source for mortgage lenders, with some local banks providing services which may benefit you in the long run than others.
- Pay the initial down payments, and proceed to complete legal documentations.
- Continuously keep track of your property’s development progress. Usually a short trip over to inspect the property itself would be beneficial, within the last month before the expected completion date.
- Hand-over keys to property owners, upon completion.
These are just some of the steps for you to be accustomed with, when it comes to buying off-plan properties in Dubai. Still, if you are a seasoned property investor, you are likely familiar with these processes and may even be able to leapfrog a few upon good contacts and connections. Nevertheless, the basics are still the same, especially if this will be your first time investing on an off-plan project altogether.