Are you wondering how to buy an off-plan project in Dubai? Well then, you are at the right place. In this blog, we’ve brought you a complete guide to buying an off-plan property in Dubai.
Investing in an off-plan project in Dubai Real Estate is very profitable. And it also gives you a lot of benefits besides the strong security of the Dubai government. Off-plan properties are proven for high returns on investment. This is why many investors around the world are investing their money in Dubai’s off-plan projects.
Hence, if you’re planning to invest your money in Dubai off-plan property, it is a great idea for your future.
Guide to Buy an Off-Plan Property in Dubai:
To buy an off-plan property in Dubai, you need to follow the given tips below. We have pointed out some step-by-step guides here.
Define Your Requirements
You must decide precisely what you will do with the property you want to buy. Make a strong determination whether it will be used for investment purposes or personal usage. Generally, in Dubai, the agency will charge you 4% when purchasing the property. In addition, you need to pay a minimum of 25% of the total property cost. But this is applicable only if you want to finance with the mortgage.
Research The Property
We always recommend you understand the off-plan property you’re willing to invest in. Check the property, whether it’s an apartment, a villa, or a townhouse. And also, do research on the location, facilities of the surroundings, and other important factors located in the area.
Find a Trustworthy Real Estate Agent and Company
It is very important to find a trustworthy agent to buy an off-plan property in Dubai. To get complete detail about the project, you’ll need a loyal assistant. It is the job of that person to provide you with all the necessary information you need. Your agent will assist you till the handover of the property.
Organize Your Finances
As a buyer, you have flexible payment options. However, paying cash for the property is the most favored one because it gives you a simple buying procedure and overall best good experience. In addition, you can opt for a mortgage option based on your eligibility.
Here the pre-approved deal allows you to verify the budget and also go for a better buying option. And finally, an authorized bank will provide you with a letter or email authorizing the loan amount after assessing your application. Please note that this is valid for only 60 days.
Select Your Dream Property
Once you’re done with the finance matter, look out for the best off-plan property suitable for you. Here you need to make appointments with several options available to discover projects. Do not forget to ask the assistant all your questions regarding the property. And finally, book the best one you’ll find.
Making Contract
Once you have selected the property, the agent will take you to the developer. And then, you have to choose a payment plan. Please note that you must pay 10-20% off the total property cost during the contract signing or Sales Purchase Agreement.
Purchasing Timeline
In Dubai, a property transaction normally takes 2 – 6 weeks to accomplish from the agreement day. However, it depends on the payment methods. If you choose a cash-to-cash option, it will take a short time than a mortgage payment.
Handover of The Property
Once the project is completely finished, you’ll be given the handover of the property. There will be all the necessary legal papers, including your property ownership. However, always inspect the construction thoroughly before taking the handover.
Conclusion
We hope you got every single step to buying an off-plan property in Dubai real estate. Purchasing an off-plan project in Dubai for personal living or business investment is always beneficial. It provides a high ROI. Hence, for real estate investors, Dubai is a paradise to invest in.
However, if you’re willing to live in Dubai, it is an excellent choice to buy an apartment, townhouse, or villa. It has great surroundings with tons of benefits for living with family.
FAQ
Q. What does it mean by off-plan property in Dubai?
To put it simply, off-plan property is referred to as under-construction property. You can purchase it directly from the first owner or a business developer. If you buy something directly from the developer, the buyer has to pay around 10-20% of the down payment. And will be provided with a Sales Purchase Agreement (SPA).
Q. Is it possible for outsiders to buy land in Dubai?
Of course, yes. But in Dubai, some designated freehold areas are only permitted for foreign ownership. So, any foreign resident can buy their own property in Dubai without any restriction under the leasehold rights or usufruct rights.
Q. Can I buy an off-plan project with a mortgage?
Yes, you can buy an off-plan property with a mortgage in Dubai. But, with a mortgage, you will have limited offers to choose from. Although it has some benefits, such as you can verify your budget beforehand with better payment options.