An off-plan apartment is a unit in a building currently in development or under construction. The property will see a rise in value as the building opens.
An apartment in Dubai price will be lower when you get it while in the off-plan stage. The cost will increase after the building opens, so finding a suitable property for investment now is the best idea.
Demand for properties in Dubai is increasing, so there will be many new off-plan units available in the region. But the timing for when these places will open will vary by site. You’ll have to review what will go into an apartment. The general location of that apartment can also influence your investment plans, so looking for a suitable plan will be necessary for your work plans.
Our team at Chelsea International Properties is there to help you find the best off-plan apartments in the Dubai area. Our years of expertise can help you search for a spot that fits your investment demands.
Who Can Buy Apartments For Sale In Dubai?
While UAE nationals can buy off-plan apartments and other real estate anywhere in the country, foreigners can also buy apartments in Dubai. But there are a few rules to follow:
- A foreigner can only buy an apartment in a space called a freehold zone. Dubai has dozens of freehold zones where you can find off-plan apartments.
- While an apartment owner can own the physical property, that person will not actually own the land that it is built on. The owner can still do various things with the apartment property based on the terms of the sale.
- An investor can also participate in the UAE Golden Visa program. This visa can last for up to ten years and will allow a foreign investor to open a bank account for international transactions. The Gold Visa also makes it so that the investor doesn’t have to live in the UAE to benefit.
The demand for apartments for sale in Dubai has increased since 2002 when foreign nationals first became eligible to own properties in the area. The increased demand for housing in Dubai and the added tourism around the region also make this place more interesting for investment purposes, so finding an off-plan apartment space will be worthwhile.
Property Holders Visa
Anyone from outside the UAE who wants to visit the area to review off-plan units in-person can apply for a Property Holders Visa. The UAE offers this six-month visa for foreign investors to stay in Dubai for up to six months.
You can qualify for a Property Holders Visa if you plan on buying an apartment worth at least 1 million dirhams, which is equal to slightly more than $270,000. You must also be buying the property as an individual and not as part of a company.
The rules for qualifying to get a property in Dubai are in place to ensure the safety of all transactions. Dubai is aiming to ensure the people who look for apartments and other properties are legitimate investors who have the funds necessary. Investors in the area will have various demands for people to follow, so make sure when finding a spot you know what to expect from an investment.
What Are the Prices of Off-Plan Apartments?
The apartment in Dubai price you’ll spend will vary over where you go, but you can expect to spend less on an off-plan space.
Some of the more expensive apartments in Dubai are near high-end areas like Palm Jumeirah and the Dubai Marina. You could spend $6,000 or more per square meter for a space in these areas. There are also cheaper choices around the area, including spots in the Arjan, Al Furjan, and Jumeirah Village Circle regions where the rent is half as much.
The cost to buy apartments in Dubai Marina and other sites will be less when you look for off-plan spaces. An off-plan property will cost about 10 to 20 percent less on average because it is still under construction. Entering the market during construction will be ideal, as you’re showing your investment in a space in progress. Your support can also make the area more interesting to prospective renters, giving you a wider pool of candidates to rent a property to.
What About Payments?
The payment plan for an off-plan apartment will vary over where you go for a space. You could spend about a third of the total cost on a down payment and then provide further payments during construction and again on handover.
You could also consider providing a complete payment at the start as well. Many foreign investors will provide straight cash payments for their off-plan units, making it so they won’t require any loans where someone might have to pay interest charges.
You can talk with our team at Chelsea International Properties for further details on what to expect when finding a space to live.
What Will You Find In An Off-Plan Apartment?
The features you’ll find in today’s apartments in Dubai will vary, but you can expect to find a diverse array of choices. You can even have input in what will happen with an apartment’s floor plan if you obtain it during the off-plan period.
Many off-plan apartments can be analyzed based on these points:
- The distance of the apartment to Downtown Dubai, the Dubai International Airport, Palm Jumeirah, Dubai Marina, and other prominent spaces
- The number of bedrooms and bathrooms in the apartment
- How many square feet are in the apartment
- The approximate completion time for the building
- Unique amenities, including any leisure areas or private beach features
- The diversity of floor plans
All apartments are different, so looking for a space that fits well and offers many things of value to renters will be worthwhile.
How Can You Choose an Apartment For Sale?
You’ll have many options when finding a great apartment for sale in Dubai, but the diverse assortment of options makes it tough to find something that works for you.
You can use a few points to help you find the best choice for you among apartments for sale in Dubai:
- Look for the number of bedrooms and bathrooms in a spot. The number of square feet in an apartment will dramatically vary over how many of these rooms are present.
The smallest apartments in Dubai will have one bedroom and bathroom. These studio apartments are suitable for single renters and can feature about 300 to 500 square feet of room.
Other apartments can come with two or three bedrooms and two bathrooms. These spaces will have about 1,200 to 1,800 square feet of room.
- Look at the view available in the apartment.
The view from an apartment for sale can influence the value of the apartment. You can find skyline-view or marina-view apartments that cost more because they offer more picturesque features.
On a related note, some apartments may also have private patios or terraces. These features give residents a unique space where they can relax and enjoy the view from their unit.
- The floor that the apartment is on can also make an impact.
High-floor apartments tend to cost more for two reasons. First, a high-floor unit is considered safer because it is harder to access without having the necessary key for entry. Second, many high-floor spaces tend to be more massive and extensive than lower-floor ones. The height of the apartment above everything else in the building adds to the prestige of the unit.
- See if the apartment will be furnished or not.
A furnished apartment will have all the appliances, fixtures, and other items necessary for general living purposes. An apartment with the necessary furnishings will often cost more in rent because the owner will want to reduce the impact of depreciation on the value of all the assets inside the apartment. You could afford to charge more rent to people if you own a furnished apartment, plus you might not have to spend as much time trying to find the assets necessary for furnishing an apartment.
- Many apartment buildings will include various amenities. Look at what amenities are available here.
The amenities you can find in an apartment building will include things like a private pool, business center, fitness room, laundry service area, and other conveniences. Renters in a building will have access to these things, making their lives more enjoyable.
- Review how far your apartment is from various public services and other locations.
Many apartments are near essential work sites, shopping areas, schools, parks, and other spaces of value. Check your property’s location and see if it is near enough features that might interest you or your possible renters.
How Long Will It Take For An Off-Plan Unit To Be Ready?
One reason why an off-plan apartment unit costs less is that the space is still under construction. The timeframe for when a property will be finished and open for rent will vary by space. You could find some sites opening in about one to three years.
Your off-plan purchase should come with a contract stating that the property will be delivered in full around a particular timeframe. This contract is also called a reservation form.
The developer should provide an approximate handover date, which the developer usually lists as a specific quarter of a year. The developer can also keep a copy of your passport ready to confirm your identity and save your info surrounding your investment plans.
The delivery time will be subject to some potential changes, including supply chain issues and climate-related concerns. Your off-plan purchase contract should include terms over how the time may change and what you should do when establishing a suitable plan.
Ask Us About How Off-Plan Apartments In Dubai Can Work
The apartment in Dubai price you’ll spend on an off-plan apartment in the city is a great reason to consider investing in these residences, but that’s not the only reason you should explore off-plan units. Off-plan properties are also newer spaces that can include more features and will be set up in many prime places in Dubai. You could even buy apartments in the Dubai Marina area.
But make sure when finding off-plan apartments in Dubai that you have a plan for what you want to get. The apartments for sale in Dubai are all different in size, location, features, and other qualities. The increased demand for apartments in Dubai will make this area a viable space for living, so make sure you look well when finding off-plan units that will interest you.
You can contact us at Chelsea International Properties for help finding off-plan apartments for sale in Dubai. We will assist you in finding a quality apartment that will interest you and fit your investment needs. We’ll also help you find a unit that you can afford. The odds of finding an off-plan investment you can afford will be greater than if you went with an already-finished space.
