According to experts, people want more freedom in choosing their own designs and materials, so they are increasingly paying attention to land plots.
As real estate prices have reached new highs, more and more people prefer to buy plots and build their own custom-made homes, rather than buying ready-made houses from developers. A weighty argument, among other things, is the desire to make your own home individual.
As the real estate market is booming, the prices of plots have also increased, but not at the same level as the finished properties. More and more people prefer to build their own house, because it gives them much more freedom in terms of implementing their own ideas and concepts.
Earlier, the Islamic Bank of Abu Dhabi (ADIB) announced the launch of its first-ever land financing offer, which will allow customers to purchase a plot of land as an investment or build a house.
According to Lewis Allsopp, CEO of real estate company Allsopp & Allsopp, «Having the opportunity to buy a plot of land using financial means gives buyers the opportunity to build their dream home from scratch». According to the expert, the cost of building a house may also be cheaper than buying it.
Who buys land plots?
Land buyers are divided into three main categories:
- investors who want to buy a plot of land and sell it when the price rises;
- contractors who buy plots, build real estate on them and sell it;
- an end user who buys a plot to build a house.
Those who intend to buy land and build a custom-made house should follow the recommendations of the developers from whom they are buying. They must also obtain architectural designs and drawings approved by the developer and the land department before proceeding with construction.
There are several advantages of buying a plot for building a house, rather than buying a ready-made option. The most obvious reason is that you end up with a home adapted to your family and needs. In addition, it will be more expensive to make changes to the finished property than to initially introduce them into the concept of the future house.
Where can you buy a land plot in Dubai?
The plots available for purchase are located in: JVC, Al Furjan, Nad al sheba Gardens, Sobha Hartland, District 1, Jebhael Ali Hills.
Average land area: 464 – 929 m2.
Average cost of the plot: from 1.5 million AED (408,383$; 2,711,668¥) the building is worth AED 2.5 million (680,639$; 4,519,447¥).