Why are ready-to-move-in properties better than off-plan?
For many years, the Dubai real estate market has remained one of the most preferred by investors, and today the industry is on the rise. Dubai was ranked as one of top 3 attractive destinations for relocation, according to Expat City Ranking 2022, as the city’s infrastructure is perfect for both work and leisure.
The UAE government aims to attract more expats and investors by introducing investment-friendly conditions, including simplified tax systems, the availability of long-term residence visas for 2–10 years upon real estate purchase from a minimum price of AED 750,000 (USD 204,000) and much more. Additionally, the average return on investment in the UAE is from 6% to 9% which is very high.
When it comes to investing in real estate, buyers are often facing a problem: whether to purchase an off-plan property or a ready-to-move-in property. It is not an obvious choice as each investor has his/her own goals and strategies. Before making a decision, it is important to understand clearly what type of investment you are interested in, the pros and cons, the benefits and the risks of each property type. This review will help you to understand the market and be more capable of making a smart choice when it comes to investing your money.
Off-plan properties are not yet completed and exist only in design documentation and advertising brochures, or they can be at the initial stage of construction. Hence the most important disadvantage of this type of option is that you cannot see the ultimate result and face the risk of not receiving exactly what was stated in the promotional materials. The situation may change and the project may be modified or timeframes and deadlines shifted, which means off-plan real estate investments are always associated with uncertainties. However, it can be compensated by financial benefits, as the cost of residential units under construction is significantly lower than of finished ones. The buyers also benefit in payment conditions, as commonly developers offer flexible payment schedules, installments and a low down payment. This means that off-plan is much more affordable, but you should keep in mind that even though you pay now, there is still a long way to go before you can move-in or lease your purchase.
In contrast, ready-to-move-in properties, as the name implies, are already commissioned and ready for residents to settle in. Unlike buildings that are under construction, finished properties are usually located in well-developed communities with good infrastructure, transport logistics, schools and hospitals nearby. In many cases, there is even no need to bother choosing finishes and furniture, or shopping around for the necessary materials, since most properties are sold fully equipped. You can start living your daily routine and enjoying your new home from the first day you move in.
If your goal is to invest in real estate with a view to profit from the leasing, then ready-to-move-in properties are also your best option. You can choose finished properties in the most popular locations and rent them out immediately, so that your investments pay off quicker.
Note! Off-plan and ready-to-move-in property purchase procedures are quite similar, however there are some differences. You can read about them and other additional costs involved throughout the process in this article.
Top 5 ready-to-move-in projects for sale in Dubai
For those who have explored all the pros and cons and have decided to invest in a ready-to-move-in property, we have prepared a list of the top 5 projects offered for sale in Dubai.
Ocean Heights
A residential skyscraper developed by Damac Properties, rises above the Arabian Gulf waters. The 83-story building features 1–4 bedroom apartments ranging in size, starting from 826 sq. ft, as well as spacious 5-bedroom penthouses with a floor plan area of 11,022 sq. ft with a private indoor pool. Residences are available in a variety of floor plans and come either fully equipped or unfurnished. The panoramic floor-to-ceiling windows and balconies provided in all types of properties boast stunning views of the vibrant Dubai Marina and Palm Jumeirah.
Ocean Heights is ideally located in a well-developed livable neighbourhood with close proximity to business hubs. Marina Walk, which is one of Dubai’s central attractions, which houses numerous restaurants, boutiques and recreational venues, is just a 10-minute walk away from the development. The feeling of resort style of living is achieved not only by the close proximity to the waterfront, but also by the outstanding services and amenities provided exclusively to the residents of the skyscraper, including swimming pools, lounges, a spa and gym, as well as a children’s play area.
The minimum price for a 2-bedroom apartment in Ocean Heights is AED 1,600,000 (USD 436,000).
Note! Dubai Marina is one of the most popular areas in terms of property investment in Dubai. It was the most requested neighbourhood according to the Property Finder Zeitgeist 2022 Report. However, the highest rental income here is normally generated by studios and 1-bedroom apartments (7% on average). Learn more about Dubai Marina in this article.
Act One | Act Two Towers
The complex that is formed by two towers, which was delivered at the end of 2022, is located in the heart of Downtown Dubai, surrounded by some of the emirate’s most renowned landmarks — the Burj Khalifa and the Dubai Fountain. Future owners will experience a seamless connection with the city, perfectly observed through their windows, with all the iconic sites literally right on the doorstep of their home. Needless to say, the complex is adjacent to plenty of infrastructure facilities, many popular restaurants, the huge Dubai Mall, and for art lovers — the Dubai Opera. You only need to take a step out of your residential building to dive into the convenient urban and cultural life nearby. Furthermore, just a 20-minute walk along Sheikh Mohammed bin Rashid Blvd to the nearest Metro Station makes it a short journey to travel around the entire emirate.
Each of the towers feature 1–4 bedroom apartments and luxurious 4-bedroom townhouses and penthouses with thoughtfully designed layouts, modern interiors and furnishings and private balconies. Some units even come with their own terraces to enjoy the unobstructed views of the Burj Khalifa. A pool with sun loungers and a fitness center, as well as concierge services and parking will all enhance the pleasant experience of the residents who stay here.
Two-bedroom apartments can be purchased from AED 2,083,000 (USD 567,000).
FIVE Palm Jumeirah
By purchasing real estate in FIVE Palm Jumeirah you can definitely soak up the resort atmosphere, as this major project includes not only 221 private residences, but also a hotel with 477 guest rooms. The complex is located on the well-known man-made Palm Jumeirah Island, which is in the shape of a palm tree. The resort overlooks the seafront with its private beach and landscaped tropical territory. Residents can have unlimited access to all hotel services, which includes several pools with a jacuzzi, sun loungers and cabanas, water sports, a kids playground, a gym and a spa, numerous bars, restaurants and nightclubs with ongoing parties and entertainment. The list really does go on!
Studios, 2–4 bedroom apartments and penthouses with spacious terraces, as well as stand-alone villas with 3 and 4 bedrooms that come with private pools are available for purchase. All properties are fully furnished, including well-equipped kitchens that are ready for guests to move into. FIVE Palm Jumeirah could be an excellent investment option, as due to its prime location and good connectivity to all parts of Dubai, this complex is very popular with tourists for short and long term rentals.
Luxurious fully equipped 2-bedroom apartments are on sale at a minimum price of AED 4,250,000 (USD 1,157,000).
Jumeirah Gate Towers
It is almost impossible to pass by Jumeirah Gate Towers without stopping to admire the unusual architecture of this ellipse-shaped building. The two towers, each 74-storey high, are joined by a podium at the base and a skybridge at the top, creating a large gap between them, allowing more natural light to flow through. At the top there is one of the highest rooftop infinity pools, a bar and a panoramic view restaurant. The lower levels also have a pool, a children’s area, a fitness center, as well as a spa and beauty salon, and several dining options.
The multifunctional building accommodates the five-star Address Residences Jumeirah Resort + Spa hotel, covering 14 floors, 443 serviced apartments and 478 residential apartments — all of various sizes with 1–5 bedrooms. Residents will have the privilege of living in exclusive, cutting edge interiors within the unique property, with spectacular sea views, excellent services and facilities, and will have direct access to Jumeirah Beach and all the opportunities that JBR has to offer. Right next to the complex, the famous promenade called The Walk, offers plenty of shopping and food and beverage venues, as well as events and shows on the weekends. The community is suitable for both families and single business professionals because it is well-developed and easily accessible by all means of transport, including by car, as the main highway; the Sheikh Zayed Road is just a 2 minute drive away.
Balqis Residence
Balqis Residence is another complex of residences and serviced apartments that is located on the outer ring of Palm Jumeirah, and is developed by IFA Hotels & Resorts. The building, which is designed in an Arabic style and named after the Queen of Sheba (in Islamic – Balqis), includes studios, 2-5 bedroom apartments, 3-7 bedroom penthouses with elegant interiors, and stunning sea views. The complex also offers townhouses and independent villas with 4-6 bedrooms, surrounded by a leafy landscape with swimming pools and on-site garages.
Residents can enjoy community swimming pools and a private beach club, as well as taste delicious cuisine in the resort’s restaurants and nearby venues. Palm Jumeirah is an area that houses premium properties and five-star hotels, therefore plenty of amenities supporting a pleasant, luxurious and secure living are located here. Within walking distance there are retail stores, F&B facilities, children’s and sports grounds, and medical centers. The island is connected to the mainland by a car tunnel and a monorail, making it easy to get around the rest of the emirate.
You can join this premium lifestyle by purchasing a 2-bedroom apartment at a minimum price of AED 2,850,000 (USD 775,900).
Why buy with Golden Prime Property?
You can find an appropriate property independently, but it is wiser to consult an experienced agent for assistance. The professionals at Metropolitan Premium Properties have long-term expertise in the UAE real estate market and are able to find a suitable neighbourhood and an appealing property that will satisfy you in all aspects. Our company cooperates with all of the leading developers in the country, and can offer the best rates and conditions. In addition, our qualified agents all have RERA licenses, are familiar with the country legislation, and can offer you consultations, as well as handling all the paperwork and transactions.
We can step in at any stage of the process, make all the elements clear and transparent for you, accompany you throughout the deal, and even be there for you at the key handover stage. Once the transaction is complete and you intend to rent out your property, we can take care of all the details, including evaluating and fine-tuning the property, run advertising campaigns, select the appropriate tenants and sign all the agreements required. We will manage your property while you earn the income.
