Off-plan projects are apartments that are under construction. Many people and places benefit from off-plan apartments, including tenants, landlords, realtors, and neighborhoods. Here are the ways that they benefit from off-plan projects in Dubai.
Tenants
Tenants will benefit from off-plan projects since no one lived there before they did. Rent is more expensive than used apartments but is reasonable. Upper-middle-class tenants live in neighborhoods like Jumeirah Lake Towers (JLT), while the wealthiest tenants live in Palm Jumeirah or Jumeirah.
The wealthiesttenants get the best perks. For example, the off-plan apartments in Palm Jumeirah are in the Atlantis hotel. Those who can afford to live there will access the same hotel amenities that guests do, including concierge and valet services, a sauna, and a spa. In Jumeirah, tenants receive a marina berth and access to the private yacht club.
Those that are not as wealthy can still take advantage of other perks. These perks include a 24/7 room maintenance service and a laundry service. They can also cook in barbecue areas outside the apartment complex.
Landlords
Landlords benefit from off plan properties in Dubai because they start with a new apartment and will not need to spend money on repairs, saving them money. Since the apartments are unused,landlords can charge more expensive rent.They also choose the type of apartment they want, including studio, one-bedroom, two-bedroom, three-bedroom, and four-bedroom apartments.
Landlordscan choose apartments that come with a payment plan that works the best for them. When the landlord selects a payment plan, they should make sure they can pay the price of the apartment back according to the payment schedule.
Landlords also benefit from local entertainment. Opera houses, gyms, sports academies, sports facilities, and more will keep tenants busy. With so many entertainment options to choose from, the tenant turnover rate will be low.
Finally, the features of the apartments will attract and keep tenants happy. For instance, security systems and intercoms will keep tenants safe. Storage rooms, maid’s rooms, and built-in closets provide more space for their belongings. Laundry rooms eliminate the need for tenants to visit a laundromat. Central air and heating keep residents comfortable. A balcony and jacuzzi help residents relax. Finally, a fully fitted kitchen with appliances and white goods helps residents save money instead of dining out.
Realtors
Realtors benefit from off-plan apartments through their payment plans. These plans require a down payment up front, a percentage due at handover, and the rest paid over several years. The payment plans protect against default. If the landlord cannot repay the loan, the realtor still collects the existing payments. In some cases, realtors do not offer payment plans. Landlords will have to pay all the money at once. Some realtors are flexible if the landlord has difficulty paying the loan.
Here are some examples of typical payment plans:
- 10% down payment, 30% during construction, 60% over four years
- 60% down payment, 40% due over two years
- 50% on signing, 50% due over three years
- 40% down payment, 60% due over after handover
- 30% down payment, 70% due on completion
- 30% down payment, 70% due over three years
Neighborhoods
Finally, neighborhoods benefit from off-plan projects as they would any other apartment. Property value increases when tenants move in. New tenants provide additional cash to local businesses. These businesses keep tenant turnover low. Places that benefit from apartments projects include the Creek Promenade, the Dragon Mart, Dubai Hills Mall, Dubai Hills, the shopping Promenade in Dubai Marina, the Dubai Opera, and the golf course in Akoya (DAMAC Hills). Other local businesses that benefit from off-plan projects include banks, bars, beach clubs, gyms, health clubs, hotels, private yacht clubs, restaurants, saunas and steam rooms, shops and shopping malls, and spas.
Neighborhoods are where new residents can forge new friendships. Playgrounds, schools, nurseries, and daycare centers are all places for children to socialize. Adults can meet new friends in clubhouses, on private beaches, at the golf club, in the communal gardens, or on the walking trails. There are many ways to spend time with friends, including playing basketball, tennis, cycling, or swimming.
Conclusion
Neighborhoods, tenants, landlords, and realtors all benefit from off-plan projects. Locals benefit from a new influx of cash from tenants. Residents can find new friends. Tenants will benefit thanks to the perks they receive when they rent. Landlords will benefit from attracting tenants and limiting tenant turnover. Finally, realtors will profit through their payment plans.
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