Primary Vs Secondary Vs Off Plan Properties Learn the Difference
Published Date: 27 Jun, 2024
Primary Vs Secondary Vs Off Plan Properties – Learn the Difference
Navigating Dubai’s dynamic real estate market is challenging but if you have prepared in advance, it becomes an enjoyable process. There are multiple terms coined by the developers and property dealers to differentiate between the types of best luxury properties dubai available in the market. Here are some of the main types of property in Dubai for your understanding.
Primary Properties
Primary properties in general means new properties with no prior owner. Whether it is a fully developed project or still in the construction phase, it is new and is placed in the market by the developer directly or you have purchased the property directly from the developer and it was not previously owned by anyone else. The primary properties could also be the off-plan properties as they may not be completed as yet.
The reason why people choose to buy primary properties is that they are new and feature the latest designs. The prices are also comparatively lower as they may be part of a project which is not fully mature. However, keep in mind that most primary properties are sold out within days. The drawback of buying a primary property is that if the project turns out badly, you are stuck with lower returns on investment.
Off-Plan Properties
Off-plan properties are projects that are in the inception or construction phase. They offer great investment plans and higher returns on investment. It also gives the opportunity to buy a property in an area which has the potential to become the most bustling ones. Moreover, the payment plans come with installments enabling the owners to bear the finances without too much pressure.
When investing in an off-plan property, it is important to analyse the potential of the project to ensure safe investment.
Secondary Properties
The secondary properties are the well-established properties that are placed on the market by their owners. Instead of mega projects, they are standalone properties well-used by the owner or the tenants living in it. The secondary properties are a safe investment and are usually bought by people who wish to move in quickly into well-set communities rather than new ones. The houses are complete and require no more necessary construction.
The drawback of buying a secondary property is that it is most likely built on old designs. You may have to factor in the cost of renovation too. Moreover, most secondary properties are not flexible in payment options and you may have to pay at once.
Have you made up your mind about which type of property suits your requirements? Call Us to find Best Real Estate Brokers in Dubai to get you a suitable property match.
Date: 27 Jun, 2024