Dubai Off plan Developments are getting more Interest from Dubai Property Investors.
02/06/2014
A few years ago Dubai was given the title of ‘Crane City’ as it was officially reported that over 25% of the world construction cranes where currently in use in the small gulf state.
The time is slowing coming back in the past few months we have seen projects launched from Emaar and Nakheel the countries two government backed developers. Damac has launched a villa project and skyscraper just outside business bay.
That is expected from the big boys but what about the smaller players the ones who built the other 90% of Dubai. Well they are making a comeback of their own. After the success that Emaar has had of its development launches of Luxury Address hotel apartments and villas smaller developers are keen to get back in.
Speaking with a developer who does not wish to be named said “We bought land in Sports City, Dubai Investment Park and Dubai Land, we need to see the return on that investment we have to build and sell the units otherwise the investment will be stuck”.
This is the situation of most property developers who are launching new projects, they are not new players rather old ones trying to make a comeback.
There is plenty of land in Dubai and Emaar and Nakheel have already proven that they can relocate water and make parks and waterfront properties so the question is will investors bite? Will they invest in Dubai?
A question that the developers seem to think is a huge and positive Yes! As property prices increase or even hold at their current rates most individuals simply cannot afford to buy but off-plan property is the answer for people who have money to invest overtime.
The next issues is one of trust and law escrow accounts stop the developer from taking the money and running away or spending it on other projects but there is still little or no guarantee that projects will be completed on time.
Sandcastles.ae opinion, off plan is going to increase projects will open up in areas of Dubai that have been long forgotten like Dubai Land, IMPZ, DIP and areas that you have never heard off by Jebel Ali near the new Maktoum Airport and location of the Expo 2020 stadium.
Off plan is still something you should invest in carefully, check the developers’ licences and agreements, ask questions get answer or find someone else to invest with. Do not rely just on the word of the commission based real estate agent who gets 2% commission directly from your first payment.
Off plan property speculation is profitable but you need to be sure you can make the payments.
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