Off-plan property refers to a property that is being sold before it is built or completed. The buyer purchases the property during the construction phase and typically pays in instalments until the completion of the property. Off-plan property can be a good investment option for several reasons:
Potential for capital appreciation: Off-plan properties are usually sold at a lower price than completed properties, which means that there is potential for capital appreciation when the property is completed and the market value increases.
Flexibility in payment: Off-plan properties are typically paid for in instalments over time, which can be more manageable for investors who may not have the funds to pay for the property in full upfront.
Choice of finishes: With off-plan properties, the buyers have more choices and flexibility in selecting the finishes and fittings of the property such as flooring, lighting, and kitchen appliances.
New developments: Off-plan properties are often in new developments and have a high-quality finish and the latest technology.
Visa opportunities: In Dubai, buying off-plan property can provide an opportunity to obtain a residence visa, which can be beneficial for those who plan to spend significant time in Dubai.
However, it is important to note that buying off-plan property carries some risks, such as delays in construction, changes in the market conditions, or the developer not completing the project. Therefore, it is essential for investors to conduct thorough research and due diligence before making a purchase.