New Construction Projects in Dubai
Dubai is a hub for real estate investment in the region and for good reasons. Its avant-garde architecture and unique projects never fail to amaze. Add to that a large portfolio of world-class developers, stable economy, and supportive government policies, and it’s easy to see why investors flock to Dubai from all over the globe.
Not only that, but the wide variety of properties is astounding. Whether you’re looking for a spacious off-plan villa or townhouse in Dubai, or a luxurious penthouse or apartment, you will find it.
Because of the high demand for properties for sale in Dubai, new projects are constantly springing up. Many new developments are off-plan or sold on a primary basis.
What is an Off-Plan Property?
An off-plan property is one that is still under construction or yet to be built. To buy an off-plan property in Dubai, the buyer signs a contract with the builders prior to the completion of the project.
This form of buying real estate is quite popular in different parts of the world and is gaining traction in Dubai. This is because the city is transparent in its transactions and strictly adheres to rules, which inspires trust in buyers.
Why Should You Buy an Off-Plan Property in Dubai?
Here are some top reasons people buy off-plan properties in Dubai:
Perhaps the most attractive aspect of buying off-plan developments in Dubai is the lack of taxes, which attracts investors from all over the world.
A major reason people gravitate towards buying off-plan properties in Dubai is their competitive prices. These are usually cheaper than secondary properties since they’re still not completed, and developers try to attract investors with discounted prices to secure financing for constructing their projects.
Off-plan developments in Dubai are usually built with cutting-edge technology and features, making it more attractive to potential buyers.
With Dubai’s continuous growth, property values tend to increase over time, increasing your capital gains in the long run.
Primary Properties:
These are new properties directly sold by the developer and have not been previously owned, so you would be the first buyer. Primary properties include new launches and on-going projects.
They can be:
Off-plan: off-plan primary properties are still under construction, with a promised delivery date by the developer.
Ready properties: fully constructed properties that are ready to be occupied.
What’s the Difference Between Primary and Secondary Properties?
Unlike primary, a secondary property is one that was previously owned and is sold by the owner (not the developer) for profit.
Secondary properties are already rented out or occupied by the owner, and they’re on the market for rental or sub-sale purposes.
Furthermore, these properties are usually found in well-established neighbourhoods, while primary properties are often in newer neighbourhoods. But sometimes an owner of an off-plan property decides to sell it, which is why there are some secondary off-plan properties in communities that have yet to flourish.
Perks of Buying a Primary Property:
One of the biggest advantages of buying a primary project is that the price might be much cheaper than the market price. This is because developers often provide discounts and deals that let you get a lot more bang for your buck.
Some developers propose handling some legal costs like the 4% Dubai Land Department fee, making a primary project even more financially attractive. Plus, you can get flexible payment plans for many primary projects.
The lower purchase price and developer promotions drive a healthy capital appreciation on primary projects even before they’re fully constructed.
Since these units are brand new, they need little to no renovation costs.
Top Developers with Upcoming Projects in Dubai
The abundance of world-class developers in Dubai is part of what attracts investors to the emirate. Working with reputable names inspires trust in the quality and timely delivery of projects. Some of the best developers with off-plan developments in Dubai include:
Emaar Properties
Emaar is a real estate giant in Dubai known for its innovative projects and iconic developments like Burj Khalifa, Dubai Marina, and Arabian Ranches. Some of Emaar’s off-plan projects in Dubai as of 2023 include Bayview and Seapoint in Emaar Beachfront, Palmiera in The Oasis, and Parkside Views in Dubai Hills Estate.
Nakheel
Nakheel is one of the most reputed developers in Dubai. They’re the mastermind behind Palm Jumeirah and many other communities like Jumeirah Village Circle and Jumeirah Lake Towers (JLT). Nakheel’s new projects include Palm Beach Towers 3 in Palm Jumeirah, Jebel Ali Village, and Tilal Al Furjan.
DAMAC Properties
DAMAC is a key player in Dubai’s real estate market and is known for popular projects like DAMAC Hills and DAMAC Hills 2. Some of DAMAC’s new projects include Volta in Downtown Dubai, Skycrest Collection in Dubai Harbour, and DAMAC Bay 2.
Meraas
Meraas is renowned for its prestigious developments like Bluewaters Island, City Walk, and Bulgari Resort & Residences. Upcoming projects in Dubai by Meraas include Bluewaters Residences, Design Quarter in D3, and Lamaa in Madinat Jumeirah.
Sobha Realty
Sobha Realty is an international luxury real estate developer primarily working on residential properties. They are known for the upscale community Sobha Hartland. New projects in Dubai by Sobha Realty include Sobha Verde in JLT, Sobha One and Waves Opulence in Sobha Hartland.