Dubai is one of the fastest growing countries in terms of the real estate market. The properties already being standing erect on the country’s land and the properties which are being planned to get constructed- both are attracting residents to invest in them.
Real estate market has become one of the most crucial investment sources. Perhaps that’s the reason why the debate between the on plan and the off plan properties Dubai seems to be non-negotiable, and confusing.
Investors are always on the tiff, arguing about the cons and pros of both the property types. However, over the recent years, the majority has voted for the off plan projects in Dubai. This has entirely changed the scenario of the market and has put a big question mark on the benefits of both.
So, let’s study the essential few comparative points between the off plan and the on plan projects in Dubai.
Purchasing Price of the Properties:
While considering the facts about the purchase price, you need to ensure that you are familiar with the changing market conditions. A considerable tax is levied at the time of purchase, and the percent of this tax changes with time.
So, if you plan to buy off plan properties Dubai, you will be able to pay the tax based on the current rate. But, for the built-in properties, the tax will be issued based on the time when you are buying.
As far negotiations are considered, built-in properties are better than the off plan ones. You can somehow negotiate with the builder regarding the price of the already constructed properties because they are mostly sold at a value lower than the market price.
Time Scale of Moving in the Property:
It is natural that in built-in properties, you can move-in immediately, after the decoration of the interiors. But, the same cannot be said about the plan projects in Dubai.
Off plan projects Dubai always demand the investors to wait till the constructed is completed. But, even when the builders give an estimate about the time frame, unexpected delays are bound to occur due to mishaps during the construction.
So, when you are choosing the property, make sure that you are assessing your need.
Resale Price of the Property:
As far the resale prices are considered, planning the investments accurately is imperative.
A typical private real estate investment company usually chooses the off plan projects because the resale price of the same will increase in the future. But in case of a built-in property, the resale price is at par with the present market status. So, make sure that you are planning your investment.
Genuineness of the Neighborhood:
It is challenging to assess the authenticity of the surrounding localities of an off plan property as compared to the on plan ones. This is because as the off plan projects are not yet constructed entirely, you cannot say whether the ambiance is perfect for your living.
On the other hand, for the built-in properties, you can certainly determine whether the surrounding is comfortable for your living or not.
Another issue which affects the decision of choosing between the two properties is the renovation factor. For the built-in properties, you might have to renovate certain places as per your wish. But in an off plan property, there is no need to spend some extra for maintenance and renovation.