Real estate terms can get stramineous, especially for non-realty practitioners. The simplest terms may alienate a new entrant, especially when you want to buy a landed property and have tons of lingua to interpret and understand. Many people take the easy route, which is employing the help of a real estate agent to handle the details. However, if you are curious, you should get familiar with these terms. This blog post is here to help you.
What are Off-Plan Projects?
Off-Plan projects are properties in their pre-construction state. That is purchasing a property or taking rights over a landed property while it is yet to be completed. Many companies in Dubai offer off-plan packages to prospective buyers, both nationals and non-nationals alike.
Properties purchased under off-plan projects are often at different stages of completion. Some are offered on bare land but with a vivid description of the plan and the proposed community areas. A typical example would be the Port De La Mer project which has stolen the hearts of many for its completion prospects. As an intending buyer, you may have to pay in part and sign an MOU in pursuance of the agreement. Once the contract is completed, the company’s role is to complete the project and that of the buyer to carry out any remainder obligations.
Why consider Off-Plan Option?
Off-Plan Properties are often more affordable than completed projects. There are various reasons for this; however, at its bare stage, the buyer’s bargaining power is higher, seeing that the company will need funds to commence, complete and sell all or a significant part of the estate area to have a successful project. Once a property is completed with all facilities incorporated, its value increases. More so, it may take a year or more to complete a property, and an off-plan package allows you to buy at the current value regardless of an appreciation by the end of the project. Moreso, some plans allow mortgage arrangement and installment payment options.
What are the most popular Off-Plan Options in 2023
You can find Off-Plan projects in Port De La Mer and buy properties in Emaar Beachfront, UAE, under off-plan options. There is a range of options in Dubai currently; please read more on the official website https://www.axcapital.ae/.
What complications do off-plan projects have?
Some foreigners have reservations about the enforceability of off-plan projects and the remedies for any complications which may come up. To navigate this fear, beware of fake unrooted companies offering off-plan arrangements. Go for the more reputable and renowned developers. In the event of a breach of contract, there are alternative resolution methods – you may renegotiate the terms and make concessions where favorable; otherwise, you have a valid ground to pursue enforcement or sue for damages before the Dubai Courts.
