Despite the COVID-19 setback, Dubai’s off plan property investment market continues to surge. Due to its relaxing policies, the government is positive the real estate industry will bounce back. Here are the compelling reasons why you should take advantage of the crisis to purchase more residential and commercial flats in Dubai.
Awesome Benefits of Off Plan Property Investment Flats in Dubai
Cheaper Off-plan Flats
Compared to other off plan property investment, flats' prices are considerably cheaper. Aside from that, it has a lower upfront cost. This makes it more appealing for investors to invest in flats without spending more capital. You can start building your properties today by investing in residential flats while the price is still cheap.
Off Plan Property Investment Flats Are Still Under Constructions
Another reason why Dubai flats are cheaper is that it’s still under construction. This means you’re still availing the pre-selling price. Moreover, it's easier for you to sort out the contract; making the buying and selling process easier.
It’s so easy to the point where a property is already considered sold once the seller, developer, and the buyer meets for a property check and arrives at a written agreement.
No Renovation Needed
Unlike second-hand properties, flats are brand-new. So you’re assured the properties are all brand new and in excellent condition. And since the property is still under construction, it’s easier for you to ask for additional features.
You can just contact the developer to add a specific feature and they’ll do it for you. Sometimes it’s already covered in the pre-selling price, or you only have to pay a small fee for it.
It already has a property insurance
Since you're buying new flats, this already comes with new insurance policies. The off plan property investment insurance coverage includes a 10-year warranty for construction defects. This helps you save more costs for future renovation or repair.
Favourable Market Conditions
It might not be obvious right now due to the COVID-19 pandemic, real estate experts believe the demand still increases. When the pandemic is already over, Dubai’s business and tourism sector will boom exponentially.
As the influx of people around the world will go back to Dubai, the demand for properties also surges. You can prepare your flats to be available for sale or rental by then.
Higher Selling Price
Since the property is still under construction, you get to buy it on its pre-selling price. Not only is it affordable and it helps you save money, but its value increases over time. Take, for example, you bought an off plan property investment this year.
The prices are still affordable due to the health crisis. But after it’s over in a year or two, the demand for real estate will increase. This also prompts the prices to increase tremendously. You can then sell or have your property rented to gain profit quickly.
Flexible Payment Terms
Aside from the lower upfront or deposit costs, you can also enjoy its flexible payment terms. You can pay the flats in installment for years. This helps you purchase more properties to invest without draining your pockets.
You’re also protected since your payment dues remain the same even if selling prices will increase over time. Of course, you’re also free to double your payments to complete it as soon as possible.
Ability to Sell Off Plan Property Investment Before Completion
Since the construction of property normally takes years, you can already sell it to the market. You can take advantage of the price inflation to gain more profit in the process.