Buying Guide
Off Plan Properties
- STEP BY STEP GUIDE TO BUYING REAL ESTATE IN DUBAI
Decide what you are looking for.
When buying off-plan, you will not be able to physically view the property itself, but you will avail the opportunity to get a unit of your choice at the lowest possible price, maximising the returns on your investment. - Profit Opportunity: Investors can sell prior to project completion at a considerable profit, assuming the project has proved popular and the market is performing well. - Staggered Payment Plans: With usually lower upfront costs, and monthly/quarterly payments. Work out your requirements, including budget, location, developer, property type, size, facilities and community.
Register with a Real Estate company specialised in off-plan.
Buying off-plan property is the easiest buying process in Dubai, but working with an experience agency that has long-standing relationships with developers will give you access to the best variety of choice. Your agent will be working for you, representing you and making sure everything is in order with the contracts, project updates, and handover process. A good off-plan agent will be registered with all off-plan projects and developers in the market to bring you the best possible opportunities.
Finding the right property.
Your agent will match your needs and requirements to available projects. Your agent will give you all the advisory, floor plans, payment plans, brochures, videos and more to help you make a more informed decision. Some developers also prepare ‘show units’ to give you a touch & feel of the materials being used, layouts, & sizes. Your agent will take you for a site visit if possible.
What happens when you find the property you want?
At launches, your agent will ask you for a copy of your passport & a cheque or get you to transfer a token sum to the developer as a part of the Expression of Interest process. At the time of launch, your agent will communicate the options available based on your preferences, if you go ahead then the deposit is adjusted to your down payment; if for whatever reason you don't go ahead the EOI cheque/ transfer is refunded in full. In case there is availability in a project that was previously launched, you will go with your agent to the developer’s sales office. There, you will choose exactly which unit you would like and reserve it by signing a contract with the developer to purchase the property. This contract is called a Sales Purchase Agreement (SPA) . You will be required to make an initial deposit, usually in the range of 5 – 20%. You will need to take a passport copy. Also required within a maximum of 14 days is a 4% DLD title registration fee and AED 1,000-3000 one time oqood fee.
Making the payments.
You will be required to keep up with the payments as per the payment plan in the contract until the property is handed over to you as per the contact. Re- selling is usually allowed if required during the contract term after a payment of a minimum 30%. Make sure you completely understand the terms of the payment plan and speak to your agent if you need any clarification.
Handover!
On handover at the end of the contract, you will be required to inspect the property for any snags that need to be addressed. Once finished, the final payment will be made to receive your access cards and keys. Your agent will help you with this part of the process to make sure everything goes smoothly and that you can move in/rent out as soon as possible.
- RECEIVE KEYS AND MOVE IN