A Complete Guide to Buying off plan properties in Dubai
There are close to 8.4 million expatriates living in the UAE. Any person of any nationality, despite having or not having a UAE residency, based overseas or locally can buy a property in Dubai. Properties available to foreigners for purchase must be situated in Dubai Freehold Communities. Below are the step by step guide to buying off plan properties in Dubai.
1. Budget Accordingly
Off plan properties in Dubai come with staggered payment plans which are linked to the construction. There are many fantastic offers on the market currently with some developers offering payment plans payable post handover. Giving investors and end users a unique opportunity to purchase properties which can be paid for after receiving the keys.
2. Determine the type of property you want and where
Firstly, it’s important to gauge the housing market. Where you buy is likely to vary based on your budget, if you are purchasing an investment property or whether you are looking to live in the place you buy. Determine whether you are looking for a ready property or an offplan (under construction) property. In Dubai you have options of downtown city Living, seaside properties, waterfront developments and suburban homes. With all the options available it can be overwhelming and it is worth taking time to think about the location of your dream property. Do your research and be familiar with the developer you are buying from. We are here to assist and provide guidance throughout. Looking at a developers track record and past projects is a good indicator as to what to expect. We will guide you throughout the process to familiarise you with the developers and their developments as well as the overall master development.
3. Unit Selection
Once the development is selected you will need to select the exact unit you wish to purchase. You will need to consider the unit size, floor, layout and view. The unit orientation and position within the development can also be important factors. Make sure to be aware of what is included such as the white goods and furniture.
Once you have selected the property you wish to purchase the transaction is very straightforward you will be required to sign off on the floorplan and project you select on as well as the payment plan and sign the developers offer to purchase letter. The down payment required can be paid via cheque, credit card or online bank transfer to the developer. The Dubai Land Department fee of 4% must also be paid, (unless waived as part of an offer). If you are a resident of UAE, your passport copy, visa page and Emirates ID should be presented. The developer will follow up with the contracts and you will be obligated to continue on the payment plan.
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