The options for off-plan properties in Dubai include spaces for all living needs. You’ll see small apartments and townhouses, vast penthouses that can take up an entire floor in a building, or villas with extensive floor plans and land plots. Each space comes with a different value based on features and amenities, plus the locations for these sites will vary. But whatever you choose, you’ll find some interesting things that you will enjoy, whether you plan on buying a property for yourself or you intend to rent it out to others.
You can talk with us at Chelsea International Properties if you’re interested in finding an off-plan property in Dubai. We are here to help prospective investors find off-plan spaces that interest them. We can review your current interests and find a plan for work that will fit whatever plans you hold for a property.
What Is an Off-Plan Property?
Off-plan property is a type of property that still needs to be completed. The property can be a building that is currently under construction, or it could be one that is planned and will be finished at some point soon.
An investor can buy an off-plan property with the agreement that the property in question will be complete at some point. There should be a realistic timeframe for when the property will be completely ready. This timeframe can go for about one to five years on average.
The property’s value is substantially lower than what you’d pay for one that was already complete. Since the property’s construction and development aren’t done, the price will be less than the market value. The value is anticipated to increase after the project is complete.
Development in the off-plan space is also subject to change. Since the building is still in production, there’s a chance that the property can include new features of other designs. When you acquire an off-plan property, you’ll have more control over what you want from the setup.
What Makes Investing in Off-Plan Properties Advantageous?
You can find many new off-plan projects in Dubai, and the advantages of acquiring one are plentiful:
- Capital appreciation can help increase the value of your property. Since the property you acquire is not complete, its value will not be as high as it would be when finished. The capital appreciation comes from how your space will be in high demand from various buyers once it is complete.
- You may have the option to customize different parts of your property. Since the building is still in development, you may have the option to provide your input into what you want out of the space. You could adjust the floor plan for different spaces, add different flooring and surface features, or anything else that you feel might make a spot more marketable.
- The maintenance cost of an off-plan property is low. Off-plan properties for sale are new constructions that won’t require as much maintenance. Since you’re getting new appliances, surfaces, and other fixtures ready, there’s no need to replace old items or try to repair or restore any older items.
- You could also lease the property out to others. You can rent out the off-plan property to other people by creating contracts where people will agree to rent the space after the property is complete. You could offer discounted rent to the first residents, as you can pass on the savings to other people.
- You may have more time to find possible renters. This benefit applies to people looking to rent out their spots to others. Since you’re investing in a space under construction or development, you’ll have time to find a renter before completion. You won’t be as likely to deal with a vacant property at this point, as you’ll promote your work to a renter and show how it may be viable soon.
You can get more out of an off-plan property in Dubai when you know what to expect. Your choices when looking to buy off-plan property in Dubai are plentiful, so looking around at assorted options will be worthwhile. You can ask us at Chelsea International Properties for help finding a space that fits your investment interest.
How Much of a Discount Is Involved With Off-Plan Properties For Sale?
The discount for an off-plan property in Dubai will vary, but expect to spend anywhere from 15 to 25 percent less than you would spend on an existing space. The savings can be dramatic when you consider how many millions you might spend on some properties.
The savings in getting an off-plan property is one of the most appealing benefits of finding an off-plan property. Since the value will rise as the project comes to completion, you’ll find a good deal on the investment. This point is particularly beneficial to investors looking for more extensive spaces for living.
Furnished or Unfurnished?
Off-plan projects can also be furnished properties. A furnished space has all the furniture, appliances, and other assets necessary for helping a person live a comfortable life in the building. When you run an off-plan property, you’ll have control over determining what assets will go into the building.
Furnished apartments and other properties tend to command higher rents. Depreciation will apply to all the furniture and other items in the building, so a higher rent will be necessary to offset those losses.
It’s also easier to find renters when you have a furnished space. Not all renters will have the furniture and appliances needed for living, plus some might not like the idea of moving heavy and bulky items out to their new spaces.
What Types of Properties Are Available?
The off-plan properties around Dubai include various choices that fit all living needs. You can find many exciting spaces for living purposes here, as there are choices for different budgets.
Off-Plan Apartments
You can find many off-plan apartments for sale throughout Dubai, with the number of bedrooms and bathrooms for each apartment varying by space. There’s a vast assortment of apartments under development, including studio apartments and one or two-bedroom spots with multiple bathrooms.
The average size of off-plan apartments in Dubai will vary, with studio apartments being the smallest. A studio apartment will have about 400 to 500 square feet of room in most cases. A more massive apartment with a bedroom or two will have about 1,200 to 1,500 square feet of space.
The diverse array of apartments makes these useful for many people in the Dubai area. Single renters might benefit from studio apartments, while couples could find a single-bedroom spot for living. Families can also find two or three-bedroom apartments.
The number of apartments in a single building will vary, especially since many buildings will include apartments with varying floor plans. The designs of each site will vary, and you’ll have the option to invest in one or multiple apartments in a building. You could also invest in the entire building, although that would require more funds and additional support in maintaining the entire land mass around the property.
Off-Plan Penthouses
Penthouses are different from traditional apartments in that they feature more luxuries and extra room for living. You can find many off-plan penthouses in the same buildings where you’d find off-plan apartments. These penthouses are typically on the higher floors of a building and will include separate access features to keep them apart from the regular apartments in the area.
A penthouse has enough room to make it comparable with a traditional standalone home, but the fact that the penthouse is inside an existing building means the renter’s upkeep won’t be as high. Some of these penthouses can even cover an entire floor within the building.
You can find off-plan penthouses in Dubai with three to five bedrooms and four or more bathrooms. You can find more than 5,000 square feet of room in one penthouse.
Some penthouses are also duplexes that have two floors of space for living. You can even find private patios or terraces in some penthouses.
With Dubai becoming an attractive place among many high-income people, you’ll find many renters interested in off-plan penthouses. Investing in these spaces could become a worthwhile opportunity.
Off-Plan Villas
Off-plan villas are some of the most exciting off-plan properties for sale in Dubai, as the cost for many of these villas might be extremely high when finished. Villas can go for millions of dirhams, but an off-plan space can be more affordable for investors.
For example, an off-plan villa with about 15,000 square feet and six or seven bedrooms can go for around 20 million dirhams. The total would dramatically increase after the project is finished, as the value will increase from the space being immediately ready for rent.
You don’t have to spend tens of millions of dirhams on some off-plan villas in Dubai, as there are units of varying sizes available. You could find a three-bedroom villa with about 2,000 square feet for 2 million dirhams, for example.
No matter how big the off-plan villa is, you’ll find an investment that is exciting for renters looking for permanent homes. Villas feature brilliant detached designs and are situated in luxurious parts of Dubai. The private and spacious living areas in a villa are appealing, plus many villas will be near prominent business sites or recreational areas like golf courses.
Off-Plan Townhouses
Townhouses are different from traditional houses, as a townhouse is a property attached to a building that includes many more townhouses in that same body. A townhouse can also be called a terraced house.
The most appealing part of a townhouse is how the property won’t require much maintenance on the renter’s part. Since the property is in the middle of a more massive space, the townhouse will utilize simplified maintenance plans.
You can find off-plan townhouses at various prices, including units that are about 2 to 3 million dirhams each. A townhouse can feature about three or four bedrooms and around 2,500 square feet of space, making this property consistent with what a traditional single-family house includes.
A Final Note on Investing In New Off-Plan Projects In Dubai
You can buy off-plan property in Dubai in many forms, including smaller apartments and more massive villas or penthouses. The choices you’ve got for off-plan properties for sale are varied, and the costs for these spots will also vary by size and layout.
You’ll find many more off-plan properties for sale in Dubai, as the area continues to grow in prominence. The listings available will vary over whatever is under development, but you will find it easier to afford one of these investments than if you found a finished space. Your ability to control the development process after becoming an owner will also help.
The excitement of off-plan projects in Dubai is something all investors should explore. You can consult us at Chelsea International Properties if you ever require assistance finding an off-plan project that interests you.
