Latest Off-Plan Property in Dubai

About Dubai Real Estate Market

The Dubai real estate market has shown robust growth, with October 2022 recording 8,816 total sales transactions. This figure marks a 66.6% year-on-year increase, reflecting Dubai's strong property demand. 

The increase in sales transactions can be attributed to several factors, including favorable government policies, low-interest rates, and an increasing number of off-plan projects. 

The most popular areas for property sales in October 2022 were Dubai Marina, Downtown Dubai, and Jumeirah Village Circle. Dubai Marina recorded 11.6% of sales transactions, an Average of AED 1502 properties sold. 

Off-plan properties offer a range of benefits to buyers, including lower prices, flexible payment plans, and the opportunity to customize the property to their liking. However, buyers should do their due diligence and ensure that the developer has a good track record and that the property is in a prime location.

The article will discover all about off-plan property in Dubai and 3 projects worth investing in. 

What Is Off-Plan Property In Dubai?

Off-plan property in Dubai refers to real estate that is sold before construction has been completed. Buyers purchase these properties based on plans and designs, often promising attractive payment plans and potential capital appreciation upon completion. 

Dubai's off-plan property market has continued to flourish in 2022, with impressive sales figures indicating a strong demand for properties yet to be completed. The emirate has achieved a remarkable 76% growth in sales compared to 2021, with a total value of AED 265bn ($72bn). 

The report highlights the success of the off-plan property market in particular, which saw a staggering 100% growth in sales compared to the previous year. More than 52,000 off-plan property transactions were registered in Dubai in 2022, with a total value of over AED124bn ($33.8bn). 

This surge in off-plan sales can be attributed to various factors, such as the attractive payment plans offered by developers and the increasing demand for new properties in desirable locations. One of the main reasons for the growth in demand for off-plan properties is the rising attractiveness of payment plans. 

Many developers are offering flexible payment plans, often spanning several years, which can make buying a property more accessible for many people. The strong growth in the Dubai real estate market is expected to continue in the coming years as the government continues to invest in infrastructure and new developments. Dubai's strategic location, favorable tax regime, and strong economy make it an attractive destination for property buyers and investors.

Benefits Of Buying off-Plan Property

Buying off-plan property is one of the best ways to invest in real estate, especially if you are looking for high capital gains. You don't have to worry about paying a deposit or other expensive fees, and you can still benefit from the excitement of owning a property before it is built.

Here are some of the benefits of buying off-plan property:

Fresh Property

Buying off-plan property allows you to purchase properties that have not yet been built. You can choose from many options, including apartments, townhouses, or even homes. You can customize it to your liking, choosing everything from the flooring to the fixtures. 

This gives you much more freedom when selecting the type of home that suits your needs and lifestyle. When you buy off the plan, you don't need to wait for years before you can move into your new home. You can start living in it immediately, which means you will have more time with your family and less time at work.

Low Prices

Developers offer discounts and payment plans to buyers to entice them to buy off-plan properties. The payment plans can be spread over a more extended period, making it easier for the buyer to purchase the property without straining financially. 

This means you will have access to more affordable accommodation options, which can help you save money on living expenses. If you are planning on moving into an apartment or house, this will also help you save money because you won't need to pay for new furniture or furnishings.

High Capital Gains

Dubai is a rapidly growing city with a robust real estate market. As a result, the value of properties is continually increasing, and buying off-plan property is a great way to secure a property that will appreciate over time. 

You also don't have to wait for years before building work starts, and you can start living in your home immediately after paying your deposit. This is especially important if you're looking for a place with good rental returns and easy resale value, as most people want to live somewhere that feels like home. 

Investors can benefit from high capital gains when they sell the property at a later date. This is particularly true for off-plan properties located in high-demand areas.

High Rental Yield

Dubai is a popular tourist destination, meaning there is a high demand for rental properties. This is because properties built off-plan tend to be more upscale than those made as per-order properties, which means that they command higher prices when they come up for sale later. 

In addition, most off-plan homes tend to be located close to new developments, which gives them an edge over other properties due to their location and amenities that come with proximity. As a result, investors can earn high rental income from their off-plan properties.

Moreover, many developers offer guaranteed rental returns to buyers for a certain period, making off-plan property investment more secure and predictable.

Customization

Buying off-plan property in Dubai allows buyers to customize the property to their taste and preference. You will also be able to customize your home by choosing from different finishes and design options, making it unique from other properties on the same block.

You can choose many fixtures, flooring, paint colors, and furniture options. With so many options available, there are endless possibilities for how you can customize your home! This is particularly advantageous for buyers who plan to live in the property as they can tailor the property to their specific needs.

Buyer Protection Law In Dubai

Dubai has strict laws that protect property buyers. The Dubai Land Department regulates the real estate sector in Dubai and ensures that developers comply with the regulations. 

Moreover, developers are required to submit bank guarantees that protect buyers' investments. This provides buyers with protection and reassurance when investing in off-plan property. 

The buyer protection law in Dubai is very important for buyers who want to purchase off-plan property. It allows the buyers to get their money back if they cannot complete their purchase. This law also protects real estate developers from lawsuits and court cases.

Wide Options Available

Dubai offers a wide range of off-plan properties, including apartments, villas, townhouses, and commercial properties. This gives buyers a wide range of options, depending on their investment goals and budget. 

The wide options available for buying off plan properties in Dubai make it even more attractive for people looking to buy such property. There are many different types of off plan property available in Dubai, so you will be able to find something that suits your needs as a buyer or an investor. 

Some of these properties include villas, apartments and commercial properties. Moreover, developers offer various payment plans and incentives to attract buyers, making it easier for investors to purchase off-plan properties.

Things To Consider While Investing In Off Plan Property

Off-plan property investment in Dubai is a popular option for many investors, offering the opportunity to purchase property at a discounted rate and make a profit upon completion. However, as with any investment, there are important things to consider before purchasing.

Here are some tips on how to invest in off-plan property in Dubai:

Check the Final Contract

The contract will specify the details of the project, such as the type of finance available, who will pay for it, and whether there is any contingency fee or transfer fee involved. 

It will also include details about how long it will take for construction to finish, how much profit you can expect from this investment, and what your expectations are for your money return. It is essential to carefully review the final contract to ensure that it accurately reflects the terms and conditions of the agreement. 

This includes the property's specifications, completion date, payment schedule, and any penalties for late payments or contract breaches. It is important to ensure that all clauses in the contract comply with Dubai's relevant laws and regulations.

Know Your Rights

Investors should be aware of their rights when investing in off-plan property in Dubai. For instance, if the developer delays the completion date or fails to deliver the property according to the agreed-upon specifications, the investor may be entitled to compensation. 

Additionally, investors should be aware of their rights regarding canceling or terminating the contract and any penalties or fees associated with doing so. 

If there is a problem with the construction work, make sure that they inform their clients about it so that they can decide whether their money should be refunded or not. If they do not educate their clients properly, they could violate consumer protection laws and may even face legal action against them.

Hire a Professional Realtor

Working with a professional realtor with experience in the Dubai property market can be invaluable when investing in off-plan property. They can guide market trends, help investors identify suitable properties, and negotiate with developers. 

A good realtor can also advise on the investment's legal aspects and assist investors in navigating the purchasing process. Investors should research the developer's reputation before investing in off-plan property. 

This includes looking at their track record for completing projects on time and to a high standard. Additionally, investors should consider the developer's financial stability, as this can impact their ability to complete the project as promised.

The Top 3 Off Plan Projects In Dubai

Dubai is known for its opulent lifestyle and world-class architecture. With a booming real estate industry, the city offers a plethora of off-plan projects for investors and homeowners alike. Here are the top three off-plan projects in Dubai:

Levanto ORO24, Jumeirah Village Circle

Levanto ORO24 is a luxurious residential project by Deyaar in the heart of Jumeirah Village Circle. The project features two towers of 29 and 24 stories, respectively. The towers comprise one, two, three-bedroom and four-bedroom duplex apartments. 

The apartments are designed with high-quality finishes and feature open-plan layouts, floor-to-ceiling windows, and spacious balconies. The project's highlight is an exclusive ORO club, offering world-class amenities, including:

• Fitness center
• swimming pool
• private cinema
• 24/7 security and concierge services

The building amenities include:

• Fully-equipped gymnasium
• Rooftop infinity pool
• Children's pool
• Play area, and 
• Barbecue area

Binghatti Onyx, Jumeirah Village Circle

Binghatti Onyx is a stunning residential development located in the vibrant community of Jumeirah Village Circle in Dubai. The product features 13 floors of elegant apartments, each designed with a modern and contemporary aesthetic that offers a comfortable and luxurious living experience. 

Binghatti Onyx features 162 spacious units, including studios, one-bedroom, and two-bedroom apartments. The development offers an array of amenities, including

• Fitness center
• Swimming pool
• 24-hour security
• Covered parking
• Terrace with panoramic views of the city. 

Jumeirah Village Circle is a popular residential destination in Dubai, and for a good reason. The community offers a family-friendly environment with numerous parks, playgrounds, and sports facilities. The development is a testament to the success of Binghatti Developers, a leading real estate developer in the UAE. The company has completed over 40 projects in Dubai, with a portfolio that includes residential, commercial, and mixed-use developments.

Danube Viewz, Jumeirah Lake Towers

Danube Viewz is a luxurious residential tower located in Dubai's heart of Jumeirah Lake Towers. The building offers stunning views of the magnificent Dubai Marina and the sparkling waters of the Arabian Gulf. The development boasts beautifully designed apartments crafted with modern and elegant features, providing residents with a comfortable and peaceful living experience. 

In addition to the exceptional living spaces, the tower provides an array of world-class amenities, including

• State-of-the-art gymnasium
• Stunning swimming pool
• Luxurious spa

The development is close to numerous shopping centers, restaurants, and entertainment venues, making it an ideal location for those seeking a vibrant lifestyle in Dubai. With its exceptional architecture, breathtaking views, and luxurious amenities, Danube Viewz is the perfect place to call home for those seeking the ultimate living experience in Dubai.

The Bottom Line

Levanto ORO24, Binghatti Onyx, and Danube Viewz are the three worth investing in off-plan projects in Dubai. These projects offer luxurious apartments with world-class amenities, attractive payment plans, and high returns on investment. 

With Dubai's booming real estate industry, these projects are an excellent investment opportunity for investors and homeowners looking to own a piece of Dubai's opulent lifestyle. It is an attractive investment option for investors looking to secure a property that will appreciate over time while generating a high rental income. 

However, investors should do their due diligence and thoroughly research the developers and property before making investment decisions.  The increasing demand for properties in Dubai has also led to a rise in off-plan sales, with developers announcing new projects every other day to meet the demand of buyers looking for the city's latest and most luxurious properties. 

You must choose the right real estate agent who works with great ethics. Dubai Housing is an excellent team of professionals who will help you find the most sought-after off-plan properties in Dubai. For more information, reach out today!