How to Make Your Off-Plan Investment in Dubai Profitable?
The primary market in Dubai has grown tremendously in recent years. More people, both locals and ex-pats, have shown interest in buying off-plan properties across Dubai. However, not all of them have been able to generate the maximum profit of this form of investment.
In this post, we have discussed how you can make your off-plan investment in Dubai more profitable. Read on to know more:
Opt for a Waterfront Property
In a city like Dubai that is full of sky-touching buildings, waterfront development is sure to grab everyone’s attention. Living close to a water body is also known to have a calming and soothing effect on the residents.
Since such properties are a tad bit expensive, they are considered a luxury in the real estate sector. This is why even when the market is experiencing turbulences, such properties rarely get impacted. Their demand tends to remain the same. This makes them a wise choice if you are looking for a property for investment purpose and want your off-plan investment to reap fruitful results.
There are numerous waterfront developments underway in Dubai. Make sure to pick the best out of the lot that has the maximum potential vis-à-vis ROI. An informed decision made here would guarantee profitable results.
Do a Lot of Research
First of all, it’s the area (neighbourhood or community) that you should do research on. The returns depend a lot on the area you have selected. Therefore, be very tactful when finalising it. The best approach would be to make a list of areas that have projects within your budget range. Once you have multiple options available at your disposal, the next step would be to check their prospects with regards to ROI.
Suffice it to say, every step of an off-plan real estate investment needs ample research. Thus, it’s best to hire the services of an expert before venturing into the Dubai property market. The market is so vast; one can easily get overwhelmed. With the services of an expert at your disposal, you will be able to make an informed decision.
Buy from a Reputed Developer
When buying an off-plan property, make sure to buy from a reputed developer. This aspect, too, requires a lot of research.
If you have liked a property, the first thing you need to do is to know about the developer. Check their credibility by analysing other projects they have completed. Know whether those projects were completed on time or not. And if there were any delays, what caused them.
You can also get in touch with the residents of their projects that have been completed. This will give you a better idea about the development firm and its credibility.
Although Dubai has strict laws for developers when it comes to maintaining the standard and quality of services, it’s still better to do your research in the early stages to avoid landing in a hassle-full situation in the later stages.
Sell at the Right Time
There have been cases of off-plan properties being sold even before they are completed. If you have purchased a unit in a well-reputed project that has gained immense popularity in the community, such as Stella Maris Dubai, chances are that you will start getting offers while you’re still making payments. Now whether you should consider these offers or not depends on a lot of things, such as the market condition, offer value, project completion time, etc.
In some cases, it’s better to wait for the project to be completed before selling it on profit. However, under certain circumstances, the best option would be to sell it off, provided the offer is worth it.
Of course, there’s a risk element associated with off-plan properties, but such an investment can prove to be extremely rewarding if you are tactful and diligent enough. Rest assured, you won’t lose your money as even if the project gets stalled or cancelled, you can get your amount back by filing a complaint with RERA.