The Dubai property market is flourishing. There are no second thoughts about that. The way it combatted the global pandemic and recovered is commendable, to say the least. So, if you have been looking for an investment opportunity, the real estate market in Dubai is certainly the best choice. Now, there are two major types of properties in this sector. You can either choose ready or off-plan properties. The major difference between the two is that the former is ready to be moved in while the latter is still under construction. It may even be in the planning stage. The other main factor that sets them apart is their price. Off-plan properties, due to the very fact that they are still in the development phase, are available at lower rates as compared to ready properties.
For example, waterfront properties in Dubai are extremely expensive. However, if the property is part of an under-construction project, you can get it at lower rates as compared to the market. However, earning ROI from an off-plan property isn’t that simple. You need to pick the right project and take into account several other factors that impact profitability.
Asking these questions before selecting an off-plan project can help you in making the right choice:
What is the completion date?
Needless to say, this is the first question you must ask before buying an off-plan property. This is important, whether you’re an investor or an end-user. Particularly in the latter case, as you will only be able to get the possession once the project is fully developed.
Bear in mind that delays are inevitable in some cases. Therefore, you need to take this factor into consideration as well.
What is the escrow account number?
Never develop the money in anyone’s account when buying an off-plan property in Dubai. It should always be delivered in the escrow account of the project. So, if the developer hasn’t shared it with you, enquire about this account.
Every development firm in Dubai is legally bound to open an escrow account for each project they develop. In case the project gets shelved, you will get your deposited amount back via this account only.
Is there a 3D tour facility?
There’s not much to see when buying off-plan properties since they are not yet developed or under development. For your assurance, you can ask the developer to give you a 3D tour of the property. Nowadays, all the major development firms use modern technology to give their potential customers a virtual tour of their projects. It may not be 100% accurate but can give you a clear idea about the layout and configuration of the property.
Can I customise the floorplans?
Usually, off-plan properties come with a fixed floor plan. However, you can ask the developer if there’s room for customising the floorplan in advance. In case there is, ask them to what degree the floorplan can be customised?
Who is the architect of the project?
Most people only bother knowing about the development firm of the project, and that’s it. They do not pay heed to other vital aspects, such as architecture and design.
It’s important that you ask about the architect firm before making the final call. Make sure it is a reputable name. Take a look at their past work and analyse the projects they have handled. This will give you a fair bit of an idea about their credibility.
What are the available amenities and facilities?
The lifestyle a residential project offers is majorly defined by the available amenities and facilities. So, it makes complete sense to inquire about the ones available for residents. Ensure the project you have selected comes with advanced amenities, such as a swimming pool, fitness centre, covered parking area, kids’ play area, kids’ pool, etc. Some developments also come with in-door theatre and spa rooms.
Are there any restrictions pertaining to the use of special amenities?
Amenities available in apartment buildings are not exclusively owned by any individual. They are to be shared by every resident of the building. For proper and fair use, some developments pose certain restrictions pertaining to the use of amenities. For example, the fitness centre, sauna and spa rooms may be available for a limited time only. Or there can be limitations related to the use of cinema and other special facilities.
It’s vital to know about these restrictions and limitations before booking your unit.
We hope that by getting answers to all these questions, you will be able to select the best off-plan project in Dubai. If you feel overwhelmed due to the abundant options available, you can select Stella Maris tower in Dubai Marina. It is a luxurious, high-rise building featuring apartments, villas and penthouses available in different configurations. This is the last waterfront property in Dubai Marina.