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EWmums

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Off Plan Properties

10

Posts

EW NEWBIE

Latest post on 15 December 2016 - 18:03

Hi, Has anyone here ever bough an off plan property?
Me and my partner are looking into it but have heard some horror stories bout late completion so are abit scared off.
There is also sooooo many options and the developers are useless at calling back.
Any advice??

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10

Posts

EW NEWBIE

Latest post on 18 December 2016 - 13:22

I am also looking - I have an appointment to see a development called Ellington. (the developers that broke off from the Emaar group to form their own company). I would like to buy as well - off plan and so any advice is gratefully received. Hi there! I am also interested in Ellington they seem to be very good quality, I was doing a lot of googling of the different developers and found a very helpful website that had all developments on there. It is an independent website and they have connections with all the developers in UAE so have been advising me which projects to look at, prices and reputation of developers etc. Deffo good for a first timer like myself as i am totally clueless! The person i am in contact with is called Charlie . this is the website - http://off-planproperties.ae/ Will keep you updated on how it goes, i have some meeting with developers this week.. Maybe i will see you at Ellington as i am also going to check them out aswell :) Best of luck x

10

Posts

EW NEWBIE

Latest post on 18 December 2016 - 13:18

Hi are you referring to local houses? If so please share any information should you find out anything as we are also exploring options. As far as I know we can only buy Freehold properties. Out of experience there are almost double the price though and local homes are so much nicer! If you are interested in Freehold, RAKP has georgeous properties but they are located in Ras Al Khaimah. I agree, i would love something in Jumeirah but i know for a fact expats cant buy there, we are now looking mainly in Downtown Dubai + 10/15km radius I found a useful website whilst i was searching on google and it has been super helpful so far.. They are independent and have connections with all the developers in UAE so have been advising me which projects to look at, price and reputation of developers etc. Deffo good for a first timer like myself as i am totally clueless! The person i am in contact with is called Charlie this is the website - http://off-planproperties.ae/ I only asked them about Dubai properties but i am sure they will do RAK aswell. Will keep you updated on how it goes, i have some meeting with developers this week :) Best of luck x

39

Posts

EW NEWBIE

Latest post on 18 December 2016 - 12:29

I am also looking - I have an appointment to see a development called Ellington. (the developers that broke off from the Emaar group to form their own company). I would like to buy as well - off plan and so any advice is gratefully received.

77

Posts

EW NEWBIE

Latest post on 18 December 2016 - 12:05

Hi, Has anyone here ever bough an off plan property? Me and my partner are looking into it but have heard some horror stories bout late completion so are abit scared off. There is also sooooo many options and the developers are useless at calling back. Any advice?? The main benefit of buying an off plan property is capital growth. Developers are selling the property at much lower price than when it is finished in the future. This is why most investors are attracted in buying off plan properties cuz they can sell it later at higher prices. Risk will always be there. Depends on your chosen developer, I would say you need to do extensive research. Check how the developers perform especially during the crisis back in 2007. Know their payment plans/terms and conditions especially regarding Area Variation, delayed in payments (do they impose penalties or not) and Defect Liability Period (usually it's good for 1 year but some developers only handles it for 6 months). Location is also very important. Is the area fully developed or just started? Will it still be in the middle of the desert by the time of the project completion? Delayed in completion is always there. There is no developer who delivers their project on time. But according to Dubai Lands Department a developer has a grace period of 12 months from the anticipated completion date. This is what most investors don't know. They think they are entitled for compensation when the developer delays within the period of 1 year. With regards to the Freehold and Leasehold - anyone can buy either of the two. The only difference is that with Leasehold you are only buying the right to live in the unit for 99 years while with Freehold you are the unit owner including it's structure and the plot the building is built on.

193

Posts

EW NEWBIE

Latest post on 16 December 2016 - 14:07

Hi are you referring to local houses? If so please share any information should you find out anything as we are also exploring options. As far as I know we can only buy Freehold properties. Out of experience there are almost double the price though and local homes are so much nicer! If you are interested in Freehold, RAKP has georgeous properties but they are located in Ras Al Khaimah.

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