For anyone stuck in the rental trap, it can be very discouraging for not being in the property ladder. Fortunately, many renowned developers in Dubai like Emaar properties, Damac Properties, Azizi Developments are now realizing that not everyone can afford multimillion-dollar home, and new wave of affordable off-plan properties development is required.
Danube properties that attracts thousands of buyers across the globe by including Bollywood endorsements and reasonably priced accomadations, launched Miraclz in 2016, which allows user to pay only 1% to book apartment conveniently that means investors need to pay only AED4,500 per month to own a apartment in Dubai easily.
Pay Over time
“The cost of acquisition of off-plan property is always lower than buying completed property in the same area, plus you have the convenience of paying over a period of time until completion of the project, thereby offering you a clear advantage in terms of investment,” says Rizwan Sajan, Founder and Chairman of Danube Group.
With flexible Payment Plan and affordable price now it’s very easy become investor and own your property.
“The new developments in affordable areas such as Miraclz and Dubai South aim to cater to the housing needs of the middle-income group,” says Damodhar Mata, financial blogger
“Houses in the affordable areas also help investors achieve higher degree of diversification, while earning a higher yield on their investment.
“Prices for affordable housing now start at Dh275,000 for a studio in Dubai South. Investors can comfortably achieve a yield of 8-10 per cent on affordable housing.”
However, when buying off-plan, there can be pitfalls. “A completed property, if available in a good location and at the right price, is always the best choice,” says Mata. “As such, properties can be immediately occupied or rented out, however the choice is limited. Off-plan properties offer a definite price advantage, providing capital appreciation and higher rental yields. However, they also come with an inherent risk that the project may get delayed, suspended or, worse, cancelled.”
Who is building it?
While the market has matured and these pitfalls are less likely, it always pay to invest with established developers.
“The newest communities can all be found in and around the Umm Suqeim and Hessa Roads and along the new Emirates Road,” says Thomas Bunker, Manager of Off-plan Sales at Better Homes. “Here the larger players such as Emaar, Dubai Properties, Nshama and Damac are all developing large residential projects. A bit further down the road you will find Dubai South apartments and villas for sale where MAG and Dubai World Central are developing their own low-cost products including MAG 5 Boulevard and The Pulse respectively.”