Choosing Between Off-plan and Secondary Market Properties

Real estate buyers and investors face a lot of decisions that they have to make and questions they need to answer before choosing the studio flat in Dubai or house they want to buy, Whether their aim was to buy the house for their residency or as an investment. 

Whether you intend to buy a studio flat in Dubai as an investment that will give you a good return on your investment, or you are looking for a house to build a new life or a place for your family to grow, there are many things that should be taken into account. Starting from the budget required in order to own the house, to the type, area and location you picture for your home, to taking the decision as to whether it is more suitable for you to purchase an off-plan property with a future hand-over date or a ready to move in. 

When it comes to ready to move in properties rises another aspect to be considered, will you buy your property from the secondary market which represents properties that are being resold by their owners or you prefer to look for a ready project where you can buy your house directly from the developer. 

The Dubai real estate market is considered to be one of the most growing and prosperous markets in the world, which means you will find lots of different new real estate projects that offer a lot of off-plan units that buyers can purchase. they vary between:

Small-sized apartments such as studio flats and one-bedroom apartments, which are the most demanded property types especially for investment purposes as they are easy to sell and rent. Spacious luxury apartments and penthouses with amazing views in various areas in the city. Villas and townhouses that are most requested by families because of the comfort and independence they provide for the family.

Buying off plan properties can represent a great option for many due to several factors:

One of the things that may affect the buyer's decision to buy a property from real estate companies in Dubai or what’s called off-plan properties, is the availability of many options that the buyer can choose from in terms of the type and the location of property. the person may select a specific area in which he wants to live, which may be an area close to his work place or where there are high-level schools and universities, or even an area that gives him a sense of comfort and belonging where they can picture their home. Although the availability of many options offered by off-plan properties is one of the factors affecting the buyers’ to lean towards buying this kind of property, the most important factor is the competitive prices and payment plans with comfortable installments that real estate companies in Dubai offer. Real estate developers often provide the opportunity for buyers to have the property once the construction work is done after paying a certain percentage of the unit price, provided that the installments are paid in accordance with the agreed plan after settling in the house.

While off-plan properties can offer many advantages that buyers consider when purchasing a new property, many people find in the secondary market what meets their needs better than off-plan properties.
When owning a ready-to-move-in studio flat in Dubai or villa is essential for the buyer or investor, then the best option may be to consider the options offered by the secondary market. Although there are some projects offered by real estate companies in Dubai that offer ready apartments and villas, they are limited in comparison to the options offered by the secondary market.

But the main aspect that can decide the buyer would buy a property from real estate companies in Dubai or from the secondary market remains the budget. Whereas, the buyer from the secondary market must provide the full price of the property upon signing the purchase contract, whether by cash payment or a mortgage, to know more about buying a property from the secondary market with a mortgage click here
While real estate companies in Dubai or as known as the primary market offer payment plans in multiple installments that most people can easily follow, meaning they will be able to own the property without the need to provide its full price all at once, in the secondary market they will be required to pay the full price of the property upon signing the sale and purchase agreement.

Additionally, buyers from the secondary market are required to pay the real estate consultant commission along with the property price upon signing the purchase agreement which is not required in off-plan purchases. 

Each buyer can take the decision that suits their situation and needs. we can sum up the affective factors by the budget the buyer can afford whether it is cash money, fixed monthly savings, or a mortgage, the goal of buying the property and whether the option of buying an off-plan property with a future hand-over date is on the table, and taking in consideration the offers that both real estate companies in Dubai and the secondary market.

 

For more related topics click on the links below: 

Choosing The Suitable Type For Your Property

How To Know If You Qualify For A Mortgage Loan In Dubai

Buying An Off-Plan Property With A Mortgage In Dubai