Off plan property in Dubai is increasingly becoming a popular option for expatriates to invest in. Dubai is a bustling city with a lot to offer to international investors. Many foreigners are attracted by the numerous benefits offered by off plan properties in Dubai. Below are some of them:
The cost of off plan property in Dubai is comparatively lower than that of an on-plan property. The price of off plan property may even be cheaper than an ordinary property. Off plan property can be bought for a price far less than its market price. The properties which are not under development are offered at reduced prices. The construction costs of off plan property are also lower than that of on-plan properties.
Off plan properties have more flexibility when it comes to regulations pertaining to foreigners and their right of property ownership. The laws on the right of foreigners to buy property in Dubai are different from those applied in other countries. It is therefore advisable to learn about the local laws before purchasing off plan property. In fact, you will be required to register your property with the concerned customs department. This will help you during any transactions pertaining to your Dubai real estate.
Off plan properties in Dubai have a legal age of 21 years. Before you purchase an off plan property in Dubai, ensure that the legal age of the resident has passed. You may wish to look into a retirement plan if you do not yet have one. Otherwise, you should opt for an appropriate retirement plan to fund your future goals.
One important consideration when purchasing an off plan property in Dubai is to make sure that you are purchasing property that is located in an area that is secure and free from terrorist activities. High security guard presence around the planned property is mandatory. Any property in the area must be registered with the Dubai Land Registration Department. This can be done through a title search after purchase. It is advisable to consult an attorney or real estate lawyer who specializes in this type of law to help you obtain the necessary legal documents and to guide you in making important decisions related to the purchase and documentation.
Another detail that you should consider before you purchase an off-plan house in Dubai is to check out the zoning laws in the area where you intend to build. This is because some areas are zoned for higher density while some areas are zoned for lower density. Zoning laws can restrict how many people can live in an off-plan building and sometimes prohibit the building of certain structures. Check the local laws before purchasing an off plan property. There are websites available that can assist you in determining the most suitable zoning classification for your planned property. This will help you avoid any problems during the planning process.
You may wish to hire an attorney to assist you in the planning process, especially if you have not previously owned off plan property. A real estate attorney familiar with the ins and outs of the laws on off plan properties in Dubai can advise you of important matters such as which developer you wish to deal with, whether or not you need a Development Certificate and so forth. If you purchase an off-plan house in Dubai, you must make sure that you live in the property for six months out of the year and that you obey the local laws and regulations of the area in which you are planning to reside. Any property purchased in Dubai that is located outside of the emirate’s limits is not considered to be taxable income.
If you plan to purchase an off plan property in Dubai, there are a number of things that you should keep in mind. First of all, if you are planning to work on the property yourself, you will have to obtain the appropriate planning permission from the relevant authorities. Second, off plan properties require more construction expertise than most other types of property in Dubai. If you are planning to hire a contractor to construct your property, the charges involved will also be higher. Finally, it is important to bear in mind that a well-planned off plan property in Dubai may require a high deposit from you, as well as possible customs duties when importing the property into the country. Port de la mer apartments in Dubai are also a good option.