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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 investment or to build a house.
CEO of property company Allsopp & Allsopp, Lewis Allsopp welcomed this move. “It is becoming more popular for residents in Dubai to put their own stamp on properties with renovations whether properties are old or new,” he said. “Having the ability to buy a plot of land using finance gives buyers the opportunity to build a home of their dreams from scratch.”
According to Jeff, the cost of building a house is comparatively cheaper than buying one. “A client of mine is currently building his own house of 10,000 sq. ft in Nad Al Sheba,” he said. “If he was going to buy the same property from a developer, it would have cost him almost double the amount he has spent now.”
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.
