Chelsea International Properties is here to help you find an off-plan penthouse that works for you. Our team can show you the various off-plan penthouses available for sale and guide you through the transaction process. Let us know your plans for an investment, and we’ll find a solution that fits.
Prospective Demand Is High
Your prospective ROI on an off-plan penthouse will be great, as the demand for these properties is increasing. The reasons why off-plan units are growing in prominence in Dubai include these points:
- It’s easy for foreign nationals to purchase properties in Dubai. You can obtain a leasehold penthouse with a contract that can last for up to 99 years. You will not own the land that the property is on, but you will get the right to use it for a select timeframe. The leasehold option makes where properties can be less expensive to obtain.
- Taxes are minimal in Dubai. The UAE does not have a federal tax, plus there are no personal income taxes. Foreigners who hold residence visas also won’t have to spend taxes on income or capital gains. This benefit means investors in UAE can get more out of their assets. Some business operations have taxes, but the terms vary by industry and purpose.
- Changing demographics in Dubai have made it to where more people are interested in finding spaces here. The population of Dubai is continuing to rise, plus Dubai is appealing for many tourism or business purposes. You can find more people who might want to rent out penthouses in Dubai, thanks to this point.
- The cost of a new property in Dubai is lower than what you’d spend in other spots. Dubai has a lower cost of living, so it’s easier to find spaces that aren’t too expensive. Since the charge is lower, the rent demand will be higher, and the prospective ROI will also increase.
- Dubai has also been recovering from a down period in the economy. The housing market in Dubai saw some struggles in the 2010s, but the market has rebounded since and has seen substantial demand.
- Dubai has also done a better job recovering from the global pandemic than other places. The 2020 pandemic harmed much of the world, but the UAE and other places in the Middle East have been more resilient. The UAE region hasn’t been impacted by supply chain issues and other concerns as much as others, so it’s been easy for construction and new projects to resume in the area.
Dubai’s population has seen substantial increases over the years, and the 2002 decision to allow foreign nationals to invest in properties if they meet demands and rules has helped make Dubai even more appealing.
What Makes a Penthouse Special?
Penthouses in Dubai for sale are among the most intriguing properties you can find in the region. Here are a few of the reasons why a penthouse is different from other spaces:
- You’ll find more room for living in a penthouse.
Whereas an apartment in Dubai can have one or two bedrooms, a penthouse will feature four or more bedrooms and five or more bathrooms. You can also find about 10,000 square feet or more room in a penthouse. The design provides a luxurious site for living, plus it can be useful for groups.
- The views from a penthouse are often unique.
A penthouse typically appears on the top floors of a building with multiple units. Some buildings can include a couple of penthouses, with each taking over a single floor or two. The higher-up layout of the penthouse gives the renter more room for living.
Many penthouse listings say a space offers marina or skyline views. But penthouses that cover an entire floor may feature windows that cover both views. The higher ceilings in a typical penthouse also allow for taller windows, creating a more exciting view.
- Many penthouses are also near private beach spaces.
Having a private part of a beach to you is one of the most exciting parts of owning a penthouse. Dubai is home to various recreational spaces, including its beaches.
- Penthouses are often constructed with protective materials.
The intense heat and sunlight in the UAE can be rough on many properties, but these issues won’t be a problem for a penthouse. A penthouse can feature many protective construction materials like double-glazed windows with UV protection. Smart climate control systems can also adjust the air inside the room to keep it from being too hot or cold.
- Numerous specialty areas are available in these penthouses.
Penthouse buildings offer various amenities to residents. Work out in the fitness center, or handle your laundry in the dedicated laundry service room. You can also have your kids enjoy some time in the kids’ play area. Many spots might also have boutique stores where you can find many of the essentials you’ll need for daily life.
- Penthouses are often near many of the most prominent spaces around Dubai.
You can find penthouses near Downtown Dubai, the Dubai International Airport, Palm Jumeirah, and the Dubai Marina. Penthouses are often more likely to be near these prominent sites because they are seen as more valuable and luxurious. But you can still find penthouses a little further off from these sites.
- You’ll have multiple transit options at a penthouse.
Many penthouses come with private garage spaces at the bottom of the building. The number of cars you can secure in a penthouse will vary by listing. Some spots also have assigned parking spaces to keep your vehicle secure. Meanwhile, some penthouses are near mass transit stations, including Dubai Metro, Dubai Tram, and Palm Jumeirah Monorail stations.
Chelsea International Properties can help you find different penthouses in various parts of Dubai. We can help you compare options based on what features they hold and what you can expect from all these sites. Our support will help you find spaces that fit your interests.
Can You Adjust What’s In Your Off-Plan Penthouse?
You might have the right to make adjustments to your planned penthouse when you buy it in the off-plan stage. Since the space is incomplete, you can provide information on any changes you might request to a spot. You can ask to include certain appliances or flooring features, or you could shift the flooring plan around a bit.
The adjustments you can make to the penthouse will vary over whatever a construction team recommends. Some groups may be open to whatever ideas you hold. Others might not let you make changes due to them being too hard to complete, or the team might be too ahead into construction to make last-minute changes. Be sure when finding a space that you consult the construction team for details on what you can change and what is set in stone.
How Much Can You Expect to Spend?
The cost to buy a penthouse in Dubai, UAE will vary over where you go. The penthouse price can be dramatic due to the extensive size and layout of the property.
It can cost millions for you to acquire a penthouse. An off-plan penthouse could cost 30 million dirhams or about $8.2 million, for example.
The cost will especially be higher in some prominent regions like Dubai Marina. The penthouse price in Dubai Marina could go for at least $10 million.
But the cost of an off-plan penthouse will be lower than if you purchased one already open. Some off-plan units can cost less than $5 million each. The value will increase after the property opens.
Since you’re showing support for the construction process, the cost to acquire a property in the off-plan stage will be less. You are obtaining the property for later use and will start renting it out when it is ready, so you’ll have the potential to get a higher return on your investment.
How Does a Payment Plan Work?
A payment plan for an off-site penthouse will often entail three steps:
- Down Payment
The down payment can be worth about 10 to 20 percent of the value of the penthouse. You’ll spend this amount when you first obtain the penthouse.
- During Construction
An additional payment will be necessary during the construction process. You’ll spend more of the cost of the penthouse during this stage. A builder might charge from 50 to 60 percent of the property’s value here.
- Upon Completion
The builders should have a target completion date for when the penthouse will be open for living or rent. You’ll spend the remainder of the cost of the penthouse at this point. The pricing should be fixed based on what you spent when you first obtained the property.
You also have the option to pay for the entire penthouse cost in full when you first obtain the space. But this is optional, as the high cost of a penthouse might make it tough for some investors to cover it all at once.
An interesting part of investing in real estate in Dubai entails how many property buyers offer straight cash payments for their spaces. Since they are covering the entire cost of a property, they don’t have to pay interest on any loans. This point assures developers a property is under control.
This point benefits other buyers because the average costs of units will be kept down. Since there’s more certainty over how property builders can get their spots filled, they don’t have to charge as much to offset any potential concerns that might develop. This advantage is a positive that makes investing in Dubai penthouses more viable, as you could spend less on those units here than in other spaces.
Will Taxes Eat Into Your Profits?
The rents you can charge when you own a penthouse in Dubai can be very high, giving you the potential for a higher ROI. But you might be worried about whether taxes will interfere with your profits.
The good news is that residential property owners in Dubai don’t have to pay taxes on their properties. You won’t be taxed for rental income, plus there are no federal taxes. You’ll receive all the profits from your rents, thus boosting your prospective ROI.
Ask Us About Penthouses Today
You can find many choices when searching to buy a penthouse in Dubai, UAE. The penthouses in Dubai for sale are extensive and include great choices that include enough room for living and many luxurious amenities.
But be sure when finding penthouses in Dubai that you’re finding spaces that are suitable to your investment plan. While the cost of an off-plan penthouse will be less than if you purchased a finished one, the price is still dramatic. Check your plans for how you’re going to get a penthouse, and look carefully at what you can find.
Contact us at Chelsea International Properties if you need assistance finding a penthouse that works for your living or investment plans. Our listing of off-plan penthouses for sale in Dubai is always growing, so take note of what we have for your needs today.
