DUBAI: MORE PEOPLE OPTING TO BUY PLOTS TO BUILD HOMES

With property prices touching new highs, more people are opting to buy plots and build their own custom-made homes rather than buying readymade houses from developers.

Earlier today, The Abu Dhabi Islamic Bank (ADIB) announced the launch of its first-ever plot financing offering that will enable customers to purchase a piece of land as an investment or to build a house.

The cost of building a house is comparatively cheaper than buying one. Those who purchase land plots usually fall into three categories- investors who want to buy a piece of land and sell it when the price goes up, contractors who buy plots, build property on it and sell it, and end-user who buys plots to build a house for themselves to live in.

Those who intend to buy land and build custom-made homes have to follow the guidelines of the developers they are buying from. They also have to get architectural designs and blueprints approved by the developer and land department before commencing construction.

The property owner and contractor Mansoor Ali bought a plot in Al Furjan a few years ago. “The plan was to build a townhouse on it and sell it,” he said. “However, at the time the property market wasn’t doing particularly well so I decided to wait it out. Now, with the market doing well, I have resumed work on the project and I am hoping to make a profit out of it.