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As real estate prices have reached their highs, more and more people prefer to buy land plots and build their own custom-made houses, rather than buying ready-made ones from developers.
As the real estate market in Dubai is booming, land prices have also increased, but still not as much as finished houses. More and more people prefer to build their own house because it gives them much more freedom in choosing their own design and materials.
Earlier today, 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. Many people believe that the cost of building a house is relatively cheaper than buying it.
Those who buy land plots are usually divided into three categories: investors who want to buy a plot of land and sell it when the price rises; contractors who buy plots, build real estate and sell it, and an ordinary buyer who buys plots to build a house for himself to live in.
Those who intend to buy land and build custom-made houses should follow the recommendations of the developers from whom they buy. They must also obtain designs and drawings approved by the developer and the land department before proceeding with construction.
