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About Off The Plan
Off-plan property can be defined as an uncompleted project. This means, the property is either under construction or delayed for whatever reasons(finances, recession, and many more). The good thing is that buying an off-plan property is way cheaper and comes with higher returns on the market.
Off-plan property is a property or development that is fully planed, registered in the Dubai Land Department, and has an escrow bank account. It is sold with a payment plan which might involve post-handover payments to maximize the ROI. Off-plan property could be a villa, apartment, or townhouse sold by an investor (a.k.a secondary market) or a property developer such as Meraas, Damac, Dubai Holding, Ellington, and Sobha (a.k.a primary market) . You can buy an off-plan property during the planning or construction phase. Usually, investors prefer to buy off-plan projects due to the flexible payment plan and hoping for a capital appreciation and high ROI after the handover. You can click here to download a free e-book explaining the top tips for buying off-plan and avoid major pitfalls.
An off-plan investment is cheaper than purchasing a traditional property because the construction of the project has yet to begin. Major risks of off-plan investing are: that the project may not even be built, the construction date may be delayed or your expectations for the property are not met.