An off-plan penthouse is a type of luxury apartment that is sold before it is fully constructed or even before the construction begins. Buying an off-plan penthouse in Dubai can be a great investment opportunity, as you can benefit from lower prices, flexible payment plans, and high returns in the future.
However, there are also some risks and challenges involved in buying an off-plan property, such as delays, quality issues, and market fluctuations. In this guide, we will provide you with all the information you need to know about off-plan penthouses for sale in Dubai, including the best areas, the most popular developers, the prices, and the payment plans.
What Are The Advantages Of Buying Off-Plan Penthouses?
Buying an off-plan penthouse in Dubai has many advantages, such as:
- You can buy a penthouse at a lower price than a ready one, as developers usually offer discounts and incentives to attract buyers in the early stages of the project.
- You can choose from a variety of layouts, designs, and finishes, and customize your penthouse according to your preferences and needs.
- You can benefit from flexible payment plans that allow you to pay in installments over a period of time, instead of paying the full amount upfront.
- You can enjoy high capital appreciation and rental income, as the value of your penthouse is likely to increase once the project is completed and the demand rises.
- You can take advantage of the latest technologies and amenities that are incorporated in the new developments, such as smart home systems, energy-efficient features, and premium facilities.
What Are The Risks Of Buying Off Plan Penthouses?
Buying an off-plan penthouse in Dubai also involves some risks, such as:
- You may face delays in the completion and handover of your penthouse, due to unforeseen circumstances or issues with the developer or the contractor.
- You may not get exactly what you expected, as the final product may differ from the initial plan or the show apartment.
- You may lose your money or face legal disputes, if the developer goes bankrupt or fails to deliver the project according to the contract.
- You may face market fluctuations that affect the value and demand of your penthouse, especially if there is an oversupply or a downturn in the economy.
- You may have difficulty in securing a mortgage or a loan for your penthouse, as some banks and lenders may have stricter criteria and higher interest rates for off-plan properties.
What Is The Difference Between Off-Plan And Ready Penthouses?
The main difference between off-plan and ready penthouses is that off-plan penthouses are sold before they are fully constructed or even before the construction begins, while ready penthouses are sold after they are completed and handed over to the buyers.
Off-plan penthouses usually have lower prices, more customization options, and longer payment plans than ready penthouses. However, off-plan penthouses also have more risks, uncertainties, and waiting time than ready penthouses. Therefore, buyers should weigh the pros and cons of both types of properties before making a decision.
What Are The Best Areas For Buying A Off Plan Penthouse In Dubai?
Dubai has many areas that offer off-plan penthouses for sale, each with its own unique features and attractions. Some of the best areas for buying an off-plan penthouse in Dubai are:
1. Dubai Creek Harbour
Dubai Creek Harbour is a mega-development by Emaar Properties that aims to create a waterfront city of the future. It is located along the banks of the historic Dubai Creek, offering stunning views of the creek, the wildlife sanctuary, and the Downtown skyline.
It is also home to some of the most iconic landmarks in Dubai, such as The Tower (the world’s tallest tower), Dubai Square (the world’s largest retail destination), and Creek Marina (a world-class waterfront lifestyle hub).
Dubai Creek Harbour offers a range of off-plan penthouses for sale in various projects, such as The Cove, Creek Gate, Creekside 18, Creek Beach, Creek Rise, The Cove II, Address Harbour Point, and more.
These projects offer luxurious penthouses with spacious layouts, modern designs, and premium amenities. The prices for off-plan penthouses in Dubai Creek Harbour start from AED 8.1M for a 3-bedroom unit with an area of 2,640 sq.ft.
2. Dubai Hills Estate
Dubai Hills Estate is a joint venture between Emaar Properties and Meraas Holding, that aims to create a green and sustainable community in the heart of Dubai. It is located between Al Khail Road and Umm Suqeim Road, offering easy access to the city’s main attractions and destinations.
It is also home to some of the most prestigious projects in Dubai, such as Dubai Hills Mall (a regional shopping destination), Dubai Hills Park (a central park with recreational facilities), Dubai Hills Golf Club (an 18-hole championship golf course), and King’s College Hospital (a world-class medical center).
Dubai Hills Estate offers a range of off-plan penthouses for sale in various projects, such as Park Heights, Golf Suites, Golf Place, Golf Grove, Maple, Sidra, and more. These projects offer elegant penthouses with contemporary designs, high-end finishes, and panoramic views. The prices for off-plan penthouses in Dubai Hills Estate start from AED 4.2M for a 3-bedroom unit with an area of 3,274 sq.ft.
3. Downtown Dubai
Downtown Dubai is the flagship development by Emaar Properties that showcases the best of Dubai’s urban lifestyle. It is located along Sheikh Zayed Road, offering prime location and connectivity to the rest of the city.
It is also home to some of the most iconic landmarks in Dubai, such as Burj Khalifa (the world’s tallest building), The Dubai Mall (the world’s largest shopping mall), The Dubai Fountain (the world’s largest choreographed fountain), and Dubai Opera (a cultural and entertainment hub).
Downtown Dubai offers a range of off-plan penthouses for sale in various projects, such as IL Primo, Opera Grand, Burj Vista, BLVD Heights, Vida Residences Downtown, and more.
These projects offer luxurious penthouses with sophisticated designs, premium amenities, and breathtaking views. The prices for off-plan penthouses in Downtown Dubai start from AED 25.5M for a 4-bedroom unit with an area of 5,321 sq.ft.
4. Business Bay
Business Bay is a mixed-use development by Dubai Properties that aims to create a vibrant and dynamic business and residential hub in Dubai. It is located along the extension of the Dubai Creek, offering scenic views of the water and the city.
It is also home to some of the most prominent commercial and residential towers in Dubai, such as The Opus (a futuristic building designed by Zaha Hadid), The Atria (a twin-tower complex with serviced apartments and hotel rooms), DAMAC Maison Canal Views (a luxury hotel apartment tower), and Marasi Business Bay (a waterfront destination with floating homes and restaurants).
Business Bay offers a range of off-plan penthouses for sale in various projects, such as Bugatti Residences, Binghatti Avenue, Binghatti Mirage, Binghatti Stars, Binghatti Platinum, and more. These projects offer stylish penthouses with innovative designs, quality finishes, and state-of-the-art facilities. The prices for off-plan penthouses in Business Bay start from AED 19.09M for a 4-bedroom unit with an area of 6,101 sq.ft.
5. Arjan
Arjan is a master-planned community by Dubai Holding that aims to create a harmonious and sustainable living environment in Dubai. It is located within Dubailand, offering proximity to some of the most popular attractions and destinations in the city, such as Miracle Garden, Global Village, Motor City, and Expo 2020 site.
It is also home to some of the most affordable and diverse residential projects in Dubai, such as Resortz (a resort-style development with landscaped gardens and swimming pools), Jewelz (a contemporary development with smart home features and rooftop amenities), Samana Hills (a luxury development with wellness facilities and rental pool program), and more.
Arjan offers a range of off-plan penthouses for sale in various projects, such as Arbor View, Ellington House III, Ellington House II, Marriott Executive Residences, Vincitore Benessere, Vincitore Boulevard, Vincitore Palacio, Park Views, Q Garden, Miraclz Tower, Elz Residence, 2020 Marquis, Gardenia Livings, SKYZ Residences, Joya Dorado Apartments, Prime
What Are The New Off-Plan Penthouse Projects In Dubai?
Dubai is constantly developing new and exciting projects that offer off-plan penthouses for sale to discerning buyers. Some of the new off-plan penthouse projects in Dubai are:
1. Bugatti Residences by Binghatti
Bugatti Residences by Binghatti is a luxury development in Business Bay that features 4-bedroom penthouses inspired by the iconic Bugatti sports car. These penthouses offer spacious living areas, smart home systems, private elevators, and stunning views of the Dubai Water Canal and the Burj Khalifa.
The project also offers world-class amenities such as a rooftop infinity pool, a gym, a spa, a lounge, and a concierge service. The prices for off-plan penthouses in Bugatti Residences start from AED 19.09M for a unit with an area of 6,101 sq.ft.
2. Como Residences by Dar Al Arkan
Como Residences by Dar Al Arkan is a prestigious development on Palm Jumeirah that features 2, 3, 4, 5 and 7-bedroom penthouses with private pools and terraces. These penthouses offer contemporary designs, high-end finishes, and panoramic views of the Arabian Gulf and the Dubai skyline.
The project also offers exclusive amenities such as a private beach, a marina, a spa, a gym, and a restaurant. The prices for off-plan penthouses in Como Residences start from AED 21M for a unit with an area of 1,500 sq.ft.
3. Anwa by Omniyat
Anwa by Omniyat is a spectacular development in Dubai Maritime City that features 1, 2, 3 and 4-bedroom penthouses with innovative designs and quality finishes. These penthouses offer spacious layouts, smart home features, and breathtaking views of the sea and the city.
The project also offers premium amenities such as a rooftop pool, a gym, a cinema, a library, and a retail area. The prices for off-plan penthouses in Anwa start from AED 1.45M for a unit with an area of 765 sq.ft.
What Does An Off-Plan Penthouse In Dubai Cost?
The cost of an off-plan penthouse in Dubai depends on various factors, such as the location, the size, the design, the amenities, and the developer of the project.
The prices for off-plan penthouses in Dubai range from AED 1.45M to AED 59M, depending on the project and the unit type. However, these prices are subject to change and may vary depending on the market conditions and the availability of the units.
Is A Off Plan Penthouse In Dubai Expensive?
Compared to other types of properties, such as apartments, villas, or townhouses, off-plan penthouses in Dubai are generally more expensive, as they offer more space, privacy, luxury, and exclusivity.
However, compared to other global cities, such as London, New York, or Hong Kong, off-plan penthouses in Dubai are relatively more affordable, as they offer lower prices per square foot and higher returns on investment.
The average price per square foot for off-plan penthouses in Dubai is around AED 2,000, while in London it is around AED 10,000, in New York it is around AED 15,000, and in Hong Kong it is around AED 25,000.
What Is The Most Expensive Off-Plan Penthouse in Dubai?
The most expensive off-plan penthouse in Dubai is currently the 6-bedroom penthouse in Five Luxe JBR, which is priced at AED 59M. This penthouse offers a total area of 13,820 sq.ft., with a private pool on the terrace and panoramic views of the Arabian Gulf and the Dubai skyline. The project also offers exclusive amenities such as a private beach, a spa, a gym, and a restaurant.
What Is The Average Price Of Off Plan Penthouses In Dubai?
The average price of off-plan penthouses in Dubai is around AED 10M, based on the current listings on Bayut.com. However, this price may vary depending on the location, size, design, amenities, and developer of the project.
Some of the most affordable off-plan penthouses in Dubai are located in areas such as Arjan, Jumeirah Village Circle, and Dubai Creek Harbour, while some of the most expensive ones are located in areas such as Palm Jumeirah, Downtown Dubai, and Jumeirah Beach Residence.
How Can I Buy An Off-Plan Penthouse In Dubai?
Buying an off-plan penthouse in Dubai can be a rewarding investment, but it also requires careful planning and research. Here are some steps you can follow to buy an off-plan penthouse in Dubai:
1. Decide about the property type, location, and budget
The first step is to decide what kind of penthouse you want to buy, where you want it to be located, and how much you can afford to spend. You can browse through various online platforms, such as Bayut.com, to find the latest off-plan projects in Dubai and compare their features, prices, and locations. You can also consult with a professional real estate agent, such as Engel & Völkers, to get expert advice and guidance on the best options for your needs and preferences.
2. Register with a reputable developer or a real estate company
The next step is to register your interest with a reputable developer or a real estate company that specializes in off-plan properties. You can visit their websites or offices to get more information about their projects, payment plans, floor plans, amenities, and delivery dates.
You can also check their credentials, track record, and reputation in the market to ensure that they are trustworthy and reliable. Some of the most popular developers that sell off-plan penthouses in Dubai are Emaar Properties, DAMAC Properties, Binghatti Developers, Dar Al Arkan, and Omniyat.
3. Choose your ideal off-plan penthouse and make a reservation
The third step is to choose your ideal off-plan penthouse from the available options and make a reservation by paying a booking fee, which is usually 10% to 20% of the total price.
You will also need to sign a reservation form and a sales purchase agreement (SPA), which will outline the terms and conditions of the sale, such as the payment schedule, the completion date, the penalties for delays or cancellations, and the dispute resolution mechanism. You should read the SPA carefully and seek legal advice if necessary before signing it.
4. Make the payments according to the payment plan
The fourth step is to make the payments according to the payment plan agreed upon in the SPA. The payment plan will vary depending on the developer and the project, but it usually involves paying installments during the construction phase and a final payment at handover. You should keep track of your payments and receipts and follow up with the developer regularly to get updates on the progress of the project.
5. Receive your off-plan penthouse at handover
The final step is to receive your off-plan penthouse at handover, which is when the developer delivers the completed unit to you and transfers the title deed to your name. You will need to pay any remaining balance, fees, or charges at this stage.
You will also need to inspect your penthouse thoroughly and report any defects or issues to the developer within a specified period. Once you receive your keys, you can enjoy living in your brand-new penthouse or rent it out for income.
Are There Off Plan Penthouses For Sale In Dubai With Payment Plan?
Yes, there are many off-plan penthouses for sale in Dubai with payment plan options that allow buyers to pay in installments over a period of time, instead of paying the full amount upfront.
The available payment plans are one of the main advantages of buying off-plan properties, as they offer flexibility and affordability to buyers. Some of the off-plan penthouse projects in Dubai that offer payment plan options are:
- Bugatti Residences by Binghatti: This project offers 4-bedroom penthouses in Business Bay with a 70/30 payment plan, which means that buyers pay 70% of the price during the construction phase and 30% at handover.
- Como Residences by Dar Al Arkan: This project offers 2, 3, 4, 5 and 7-bedroom penthouses on Palm Jumeirah with a 50/50 payment plan, which means that buyers pay 50% of the price at booking and 50% at handover.
- Anwa by Omniyat: This project offers 1, 2, 3 and 4-bedroom penthouses in Dubai Maritime City with a 60/40 payment plan, which means that buyers pay 60% of the price during the construction phase and 40% at handover.
Are There Luxury Off-Plan Penthouses For Sale In Dubai With Payment Plan?
Yes, there are also luxury off-plan penthouses for sale in Dubai with payment plan options that cater to the high-end segment of the market. These penthouses offer exquisite designs, lavish amenities, and spectacular views of the city and the sea. Some of the luxury off-plan penthouse projects in Dubai that offer payment plan options are:
- Opera Grand by Emaar: This project offers 4 and 5-bedroom penthouses in Downtown Dubai with a 25/75 payment plan, which means that buyers pay 25% of the price during the construction phase and 75% at handover.
- Volante by Xtreme Vision: This project offers 2 and 5-bedroom penthouses in Business Bay with a flexible payment plan, which means that buyers can negotiate the terms and conditions with the developer.
- Five Luxe JBR by Five Holdings: This project offers 4 and 6-bedroom penthouses in Jumeirah Beach Residence with a post-handover payment plan, which means that buyers pay a portion of the price after receiving the unit.
Is There A Cheap Off-Plan Penthouse For Sale In Dubai With Payment Plan?
Yes, there is also a cheap off-plan penthouse for sale in Dubai with payment plan option that suits the budget-conscious segment of the market. This penthouse offers a modern design, a spacious layout, and a convenient location. One of the most cheap penthouses for sale is for example:
- Pearl House by Imtiaz: This project offers a 2-bedroom penthouse in Jumeirah Village Circle with a 60/40 payment plan, which means that buyers pay 60% of the price during the construction phase and 40% at handover. The price for this penthouse is AED 1.65M for a unit with an area of 1,527 sq.ft.
What Are The Most Popular Developers That Sell Off-Plan Penthouses In Dubai?
The most popular developers that sell off-plan penthouses in Dubai are those that have a proven track record, a strong reputation, and a diverse portfolio of projects. According to a web search, some of the most popular developers that sell off-plan penthouses in Dubai are:
1. Emaar Properties
Emaar Properties is one of the leading and most trusted developers in Dubai and the region. It has delivered some of the most iconic and prestigious projects in Dubai, such as Burj Khalifa, The Dubai Mall, Dubai Marina, and Downtown Dubai.
It also offers a range of off-plan penthouses for sale in various projects, such as Opera Grand, IL Primo, Golf Place Terraces, Bayview, and Sunridge.
2. DAMAC Properties
DAMAC Properties is one of the largest and most innovative developers in Dubai and the region. It has delivered some of the most luxurious and distinctive projects in Dubai, such as DAMAC Hills, AKOYA Oxygen, Paramount Towers, and Aykon City.
It also offers a range of off-plan penthouses for sale in various projects, such as Harbour Lights, Golf Greens, Golf Suites, Golf Grove, and Golf Place.
3. Binghatti Developers
Binghatti Developers is one of the most dynamic and creative developers in Dubai and the region. It has delivered some of the most stylish and affordable projects in Dubai, such as Binghatti Avenue, Binghatti Mirage, Binghatti Stars, Binghatti Platinum, and Binghatti Crystals.
It also offers a range of off-plan penthouses for sale in various projects, such as Bugatti Residences, Binghatti Gateway, Binghatti Horizon, Binghatti Vista, and Binghatti Point.
Frequently Asked Questions
Is It Safe To Buy Off-Plan Penthouses In Dubai?
Buying off-plan penthouses in Dubai is generally safe, as long as you do your due diligence and follow some precautions. Some of the things you should do before buying an off-plan penthouse in Dubai are:
1. Check the credentials, track record, and reputation of the developer and the contractor.
2. Read the sales purchase agreement (SPA) carefully and seek legal advice if necessary.
3. Verify the escrow account details and the registration status of the project with RERA (Real Estate Regulatory Agency).
4. Keep track of your payments and receipts and follow up with the developer regularly.
5. Inspect your penthouse thoroughly at handover and report any defects or issues to the developer within a specified period.
What Is The Average ROI For Off-Plan Penthouses for Sale in Dubai?
The average ROI (return on investment) for off-plan penthouses for sale in Dubai depends on various factors, such as the location, the size, the design, the amenities, and the market conditions of the project.
The average ROI for off-plan penthouses for sale in Dubai is around 6% to 8%, which is higher than the average ROI for ready penthouses or other types of properties. However, this ROI may vary depending on the project and the unit type.
Is It Good To Buy A Off-Plan Penthouse In Dubai?
Buying an off-plan penthouse in Dubai can be a good decision, as it offers many benefits, such as:
1. You can buy a penthouse at a lower price than a ready one.
2. You can choose from a variety of layouts, designs, and finishes.
3. You can benefit from flexible payment plans that suit your budget.
4. You can enjoy high capital appreciation and rental income in the future.
5. You can take advantage of the latest technologies and amenities in the new developments.
Why Are Dubai Penthouses So Cheap Sometimes?
Dubai penthouses are sometimes cheap because of various reasons, such as:
1. The supply and demand dynamics of the market: When there is an oversupply or a low demand for penthouses in Dubai, the prices tend to drop or become more affordable for buyers and investors.
2. The location and quality of the project: When the penthouse is located in a less desirable or less developed area, or when the project has lower quality standards or fewer amenities, the price of the penthouse is usually lower than the average.
3. The stage and status of the project: When the penthouse is sold off-plan, meaning before it is fully constructed or even before the construction begins, the price of the penthouse is usually lower than a ready one, as the developer offers discounts and incentives to attract buyers in the early stages of the project.
4. The negotiation and bargaining power of the buyer: When the buyer has a strong negotiation and bargaining power, such as having cash or a pre-approved mortgage, having a good relationship with the developer or the agent, or having a good market knowledge and research, the buyer can get a better deal and a lower price for the penthouse.
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