An off-plan property is an unconstructed property purchased directly from a developer. It’s a property that is yet to be built or in some cases is in the early stages of being built.
In order to purchase this type of property buyers relay on brochures and other marketing material to learn about the project and the exact property they are buying. Purchase is usually made with a 10-20% down payment and the signing of the SPA (Sales Purchase Agreement). Depending on which developer the rest of payments made can and do vary but are usually linked to construction.
Advantages of buying an off-plan property in Dubai
· Save Money – Buying an Off plan property allows investors to get a purchase price at the earliest and lowest possible price. It also allows buyers to choose the very best apartments in a particular development. This plays a big part in increasing the chances of gaining the maximum return on their investment.
· Sell Before Completion – Quite often investors can sell off their off-plan property contracts prior to a projects completion. Assuming the market has performed well and project proved popular owners can often sell at a considerable profit.
· Lower up Front Costs – Payment plans for off plan property can and do vary from developer to developer. With some developers only requiring a 5% down payment and the rest linked to constructions the outlay required is relatively low.
· You Buy Brand New – As much as most of us hate to admit it, we all love something new. Whether its a new car or a brand new property there is something rather special and satisfying about having something that never been used before. This is exactly what you get with an off plan property which is not only new but if done right will feature the latest design, technology and lifestyle features and amenities.