Is Buyback scheme the new sales strategy of UAE developers in 2024?
The real estate scene in Dubai keeps evolving, with developers finding new ways to catch the eye of potential buyers. One such trend gaining traction is the introduction of ‘buyback scheme”, which could change how off plan Dubai aunches work.
The Emergence of Buyback Schemes
source: economictimes.indiatimes.com/wealth/real-estate/builders-woo-customers-with-attractive-offers-but-buyers-should-be-wary-of-realty-schemes/articleshow/48011347.cms?from=mdr
Developer Dugasta recently made waves with its Al Haseen Residences project. Their offer? They’ll buy back sold units after 5 years, giving homeowners an enticing exit strategy if they want it.
As Dubai’s property market shifts, buyback schemes might become more popular. Among the many deals developers are offering, these guarantees are starting to be a big draw for buyers.
A Change in Developer Approach
Before, developers mostly backed off after making initial sales, just managing units in rental pools. But these ‘timeshare’ setups, although they had their perks, didn’t come with the comprehensive buyback guarantees we’re seeing now.
Tauseef Khan, Chairman of a major property company, sees the appeal in these deals. He points out the low-risk opportunities they offer. Buyers not only get returns but also have a guaranteed buyback option, potentially making a good profit when they sell.
“This ‘Winter Deal’ isn’t just about property; it’s about opening up opportunities and creating value,” Khan said, stressing the bigger picture of these offers.
Handling Service Charge Waivers
To outdo each other, developers are now throwing in service charge waivers for off-plan buyers. Launches with 3โ5-year waivers aim to help potential property owners save a lot.
“While these waivers can mean big savings, buyers should research service charges in the area and property values before committing,” advises a head of a real estate consultancy. Understanding these financial aspects is key to making smart choices and ensuring the waiver matches potential savings.
Bottom-Line
Dubai’s real estate scene is in a phase of transformation. With innovative schemes and waivers, it’s changing what buyers expect. Even as property values might grow slower, these trends could redefine the market, giving buyers more choices and added value.
