Off plan properties in Dubai are not just luxury villas that can be purchased for mere thousands of dollars. In fact, off plan property in Dubai is one of the fastest growing segments of the real estate industry. Off plan property refers to any property that is still under construction and development plans. Although there is some controversy surrounding off plan property in Dubai, especially in the commercial property market, there is no doubt that the demand for such properties is high and will only grow in the future. The reasons for the increase in demand include:
*The growing population of Dubai that is expected to reach over 20 million by the end of this decade makes it one of the biggest growing cities in the world. Because of the rapid population growth rate, there is a very high demand for more apartments, hotels, malls, etc. in the city. This is why real estate agents see an opportunity in Dubai. Because of the demand for more commercial spaces and residential properties, the demand for off plan properties is also on the rise. Off plan properties are those that have not been approved by the authorities and are in the process of being built.
*The foreign investors who are making Port de la Mer apartments Dubai through off plan property projects are also contributing to the increase in demand for the commercial property. There are several foreign investors who make off plan developments and purchase them for the purpose of using them as rental properties or for resale. Another major source of off plan property is the construction and renovation of buildings in Dubai.
* Development and progress of infrastructure in Dubai is a very big driving force behind the increase in demand for properties. Every major project such as the Linking Port (Bou Dhabi) and the Palm Islands Project has a significant impact on the demand for plots and apartments. When these projects are completed, it will bring much more commercialization and employment to the city. The Linking Port in particular will create a lot of employment opportunities for the locals of Dubai. One of the projects in the Palm Islands Project will result in the creation of a new city on Emirates Island.
* The expansion of the Palm Islands Project is going to result in the demand for apartments. The Palm Islands project will enable many luxury apartments to be built on the islands. Apartments will be made available for people who want to relocate to Dubai after the completion of the project. The properties will also be available for rental purposes. Dubai is a city that never sleeps and is always bustling with activity.
* Off plan properties in Dubai still offer the investor a lot of scope for investment. A person can buy an off-plan property in Dubai for a much cheaper price than what he would get in a planned development. This makes off plan property in Dubai very attractive for an investment.
* There are still a lot of opportunities to be found in Dubai. An investor can find a perfect location for his investment and purchase a piece of property that has a high rate of return. However, an investor cannot expect the same rate of return that he could get from a traditional investment plan. However, one can earn a substantial amount of money from the sale of an off plan piece of property in Dubai.
* Off plan developments in Dubai are still being developed. The developers are making every effort possible to complete the various projects on time. A major advantage of investing in Dubai is that the tax regime of the country is very friendly to foreign investors. This provides even more incentive for investors to invest in Dubai. Even though Dubai has been open for business for many years, it has not lost its enthusiasm for the business.