What Are Ready Properties In Dubai?

Ready properties in Dubai are properties that are completed and ready to move in. They are also known as secondary or resale properties, as they are usually sold by the previous owners or investors who bought them from the developers. Ready properties in Dubai can be apartments, villas, townhouses, penthouses, or land plots that are located in various areas and communities across the city.

Buying a off plan property in Dubai can be a convenient and rewarding option for homebuyers and investors who want to enjoy the benefits of living in a fully developed and established property with a range of amenities and facilities.

What Are The Advantages Of Ready Properties In Dubai?

Buying a ready property in Dubai can offer several advantages, such as:

• Immediate possession: Ready properties in Dubai are available for immediate possession, as they are already completed and handed over to the owners. This can save the buyer time and hassle of waiting for the construction and delivery of the property. The buyer can also avoid any delays or uncertainties that may arise due to various factors such as weather conditions, technical issues, legal disputes, market conditions, or developer insolvency.
• Clear title: Ready properties in Dubai have clear titles and ownership documents that are registered with the Dubai Land Department (DLD). This can ensure the buyer’s legal rights and security over the property and protect them from any fraud or disputes. The buyer can also obtain a mortgage from a bank or a lender easily and quickly, as they can use the title deed as collateral.
• Actual inspection: Ready properties in Dubai can be inspected by the buyer before making a decision. The buyer can visit the property and check its condition, quality, features, facilities, amenities, and surroundings. The buyer can also compare different options and evaluate their value and suitability for their needs and preferences.
• Negotiation power: Ready properties in Dubai can give the buyer more negotiation power and flexibility over the price and terms of the deal. The buyer can bargain with the seller or the agent based on the market value and demand of the property, as well as its condition, age, location, and features. The buyer can also benefit from any discounts or incentives offered by the seller or the agent to close the deal quickly.
• Rental income: Ready properties in Dubai can generate rental income for the buyer immediately after purchase. The buyer can rent out their property to tenants and earn a steady income that can cover their expenses and mortgage payments. The buyer can also benefit from the high demand and occupancy rates for ready properties in Dubai, especially in prime areas and communities.

What Are The Disadvantages Of Ready Properties In Dubai?

Buying a ready property in Dubai can also have some disadvantages, such as:

• Higher price: Ready properties in Dubai are usually more expensive than off-plan ones, as they reflect the current market value and demand of the property. The buyer may also have to pay higher fees and charges for the registration, transfer, and mortgage of the property. The buyer may also have to pay higher maintenance costs and service charges for the property, especially if it is older or has defects or faults.
• Limited options: Ready properties in Dubai have limited options and availability for the buyer, as they depend on the existing supply and inventory of the market. The buyer may not find their desired property type, size, layout, design, or location in the market, or they may have to compromise on some of their preferences or expectations. The buyer may also have to compete with other buyers or investors for the same property, which can increase the price and reduce the negotiation power of the buyer.
• No customization: Ready properties in Dubai have no or limited customization options for the buyer, as they are already built and finished according to the previous owner’s or developer’s standards. The buyer may not be able to make any changes or modifications to their property according to their taste and needs, or they may have to incur additional costs and hassle for doing so.
• Depreciation: Ready properties in Dubai may depreciate in value over time due to various factors such as wear and tear, aging, obsolescence, market conditions, etc. The buyer may face a situation where their property value drops below their purchase price or where they cannot sell or rent their property at a profitable rate.

What Is The Difference Between Ready Property And Off-Plan Property?

There are quite some differences between ready property and off-plan property and the two different types of properties that have their own advantages and disadvantages.

The main difference between them is the stage of construction and the time of delivery. Ready property is a property that is completed and ready to move in, while off-plan property is a property that is sold by a developer before it is fully constructed. Here are some of the other differences between ready property and off-plan property:

• Price: Ready property is usually more expensive than off-plan property, as it reflects the current market value and demand of the property. Off-plan property is usually cheaper than ready property, as developers offer discounts and incentives to attract buyers and secure funding for their projects.
• Payment plan: Ready property requires the buyer to pay the full amount upfront or obtain a mortgage from a bank or a lender. Off-plan property comes with flexible payment plans that allow the buyer to pay in instalments over a period of time, usually until the handover or even after.
• Customization options: Ready property has limited or no customization options, as it is already built and finished according to the previous owner’s or developer’s standards. Off-plan property gives the buyer the opportunity to choose their preferred unit type, size, layout, design, and finishing. Some developers also allow the buyer to make changes or modifications to their unit according to their taste and needs.
• Risk: Ready property has less risk than off-plan property, as it is already completed and handed over to the buyer. Off-plan property involves more risk than ready property, as it is subject to construction delays, quality issues, market fluctuations, and legal issues. The buyer should do their due diligence and research before buying an off-plan property and check the credibility and reputation of the developer and the project.
• Return: Ready property has lower returns than off-plan property, as it has already reached its market value and has less room for appreciation. Off-plan property can offer higher returns than ready property, as it can appreciate in value over time and generate high rental income and capital appreciation in the long term. The buyer can also sell their off-plan contract before the handover and make a profit from the difference between the original price and the current market price.

When Should You Invest In A Ready Property?

Investing in a ready property in Dubai can be a smart and profitable decision for investors who want to enjoy the benefits of owning a fully developed and established property with a range of amenities and facilities.

However, investing in a ready property in Dubai also depends on the investor’s goals, budget, and preferences. Here are some of the situations when investing in a ready property in Dubai can be a good option:

• When you want to move in immediately: If you are looking for a property that you can move in immediately, then investing in a ready property in Dubai can be a convenient and hassle-free option. You can avoid the waiting time and uncertainty of buying an off-plan property and start living in your dream home right away. You can also save on rent or hotel expenses that you would otherwise incur while waiting for your off-plan property to be completed.
• When you want to generate rental income: If you are looking for a property that can generate rental income for you immediately after purchase, then investing in a ready property in Dubai can be a rewarding option. You can rent out your property to tenants and earn a steady income that can cover your expenses and mortgage payments. You can also benefit from the high demand and occupancy rates for ready properties in Dubai, especially in prime areas and communities.
• When you want to have clear title and ownership: If you are looking for a property that has clear title and ownership documents that are registered with the Dubai Land Department (DLD), then investing in a ready property in Dubai can be a secure and safe option. You can ensure your legal rights and protection over the property and protect yourself from any fraud or disputes. You can also obtain a mortgage from a bank or a lender easily and quickly, as you can use the title deed as collateral.

What Are The Trends For Ready Properties In Dubai?

Ready properties in Dubai are subject to various trends and factors that influence their value and demand. Some of the trends for ready properties in Dubai are:

Expo 2020

Expo 2020 is a mega event that will showcase the achievements and innovations of more than 190 countries from October 2021 to March 2022. Expo 2020 is expected to attract millions of visitors and boost the economy, tourism, and real estate sectors of Dubai.

Expo 2020 will also create new opportunities and demand for ready properties in Dubai, especially in areas near the Expo site, such as Dubai South, Dubai Investment Park, Jebel Ali, etc.

Long-term visa schemes

Long-term visa schemes are initiatives that grant long-term residency visas to certain categories of expatriates, such as investors, entrepreneurs, professionals, retirees, etc. Long-term visa schemes are aimed at attracting and retaining talent and capital in Dubai and enhancing its competitiveness and attractiveness as a global hub.

Long-term visa schemes will also increase the demand and value of ready properties in Dubai, as more expatriates will opt for buying rather than renting properties in the city.

Golden Card programme

Golden Card programme is a scheme that grants permanent residency to exceptional individuals who contribute to the development and prosperity of Dubai. Golden Card programme is designed to honor and reward the achievements and loyalty of these individuals and encourage them to continue their journey in Dubai.

Golden Card programme will also stimulate the demand and value of ready properties in Dubai, as more individuals will seek to own properties in the city as a sign of their commitment and confidence.

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