It’s a known fact that property investment in Dubai reaps fruitful results. This is the main reason why globally renowned development firms choose this emirate for their high-end development projects. You can find some of the most beautiful waterfront development projects here in Dubai that exude luxury and come with an added element of tranquillity and freshness.
Having said that, investors and property buyers often find themselves at loggerheads when it comes to selecting the right property. They have to choose from off-plan and ready properties. Both these options have their own set of advantages and drawbacks.
Let’s take a look at them:
Pros of Ready Properties
Quick Possession
These properties are absolutely ready to move in. So, as soon as you have completed all the legal proceedings, you are free to move to the selected home. There’s no waiting period, as is the case with off-plan properties.
You Get What You See
There’s no disparity when it comes to ready properties. You get what you see, provided you have inspected the property thoroughly.
Quick ROI Generation
Ready properties come with an additional perk that they can be sold quickly. There’s no waiting period for this as well. Such properties have high demand in the market. Therefore, you can sell your home at higher rates.
You can also rent out the property and earn a handsome ROI. This option is not available for off-plan property owners since a housing unit that hasn’t been completed yet cannot be rented out.
Cons of Ready Properties
Expensive
In a city like Dubai where property rates remain on the higher side, it can be hard to find a ready property for a salaried person. At best, they can find a studio in an area located away from the city centre. Such living spaces do not offer a high ROI, and residents living here face commutation hassles as well.
No Flexibility
Payment plans for ready properties aren’t very flexible in nature. In most cases, the buyer has to pay a hefty amount before they could get possession of the property. In the case of post-handover plans, they have to deposit a fixed amount to the developer’s account.
Pros of Off-Plan Properties
Inexpensive
The most prominent perk of buying off-plan properties is that they are inexpensive as compared to ready properties. It is due to the fact that they are still in the development phase. The buyer will have to wait for a couple of years, depending on the completion status of the project and various other factors, before they could move into the said property.
Can Generate High ROI
It’s true that, in most cases, you can’t sell off-plan properties immediately. However, once they are completed, they can be sold at much better rates, yielding a significant profit for you. If the project is a popular one, you may start getting offers for the property during the development phase as well.
Flexible Payment Plans
Off-plan properties come with convenient and flexible payment plans. Many developers have started to offer 10/90 plans, which means the buyer has to pay only 10% of the total cost at the start. The rest is paid in regular instalments.
Abundant Options
There are abundant options available for off-plan properties in Dubai. Almost every area in the emirate has under-development residential projects where you can find offers for off-plan properties. However, it’s important that you can choose the right one if you want to earn maximum ROI. For example, Stella Maris Tower in Dubai Marina can be a perfect choice. It has already gained prominence in the Dubai property market.
Cons of Off-Plan Properties
Can Take a Long Time to Complete
There are several factors that can inevitably delay the development work. Resultantly, the project may not be completed on time. In some cases, it may get cancelled as well. Having said that, this rarely happens. RERA Dubai plays an active role in ensuring that projects complete within the given time.
There Can Be Disparity
Again, this is a very rare case. But, it may happen that the floorplan or other details of the project may not be the same as what you were shown at the beginning of the development. Likewise, some of the promised amenities and facilities may not also be there.
Final Verdict
In conclusion, it all boils down to your choice and budget. Take into account various factors when making the final call so that you can make an informed decision.
