Off Plan Properties Buying Guide
With marvelous architecture, ginormous skyscrapers, and exemplary views, Dubai attracts people from around the globe. As the city’s economic growth continues to flourish, more and more individuals are compelled to invest in real estate in Dubai.
However, as the city advances, the quality of developments also improves simultaneously. Therefore, the interest in Dubai’s off plan real estate has dramatically risen in the last few years. In fact, according to Mo’asher, the sales of off plan properties in Dubai saw an all-time high in volume in August 2022. During this time, an increase of 72.10% was observed with regard to volume and 76.50% in terms of value, in contrast to the previous year.
With these numbers in mind, it can be stated that the interest in off plan real estate in Dubai is only expected to grow in the upcoming years. Therefore, there’s no better time than now to start checking out the best off plan projects in Dubai.
Not well-informed about such projects? Don’t worry! This off plan properties buying guide will help you out. We will share all you need to know about buying such real estate.
What Is Off Plan Property in Dubai?
Before making an investment, it is best to become well-versed with off plan projects for sale. By definition, such projects are buildings or homes that are planned for development or are currently undergoing construction. To buy such properties, buyers are required to get in touch with the developers and sign a contractual agreement to purchase a unit.
Can a Non-Resident Buy Off Plan Dubai Properties?
Yes. According to the new regulations, non-residents can invest in off-plan buildings in certain regions. This is termed as a ‘freehold property,’ signifying that you have ownership of the unit and the land on it is constructed. While several neighbourhoods fall in freehold regions, some of the most in-demand locations are:
- Palm Jumeirah
- Dubai Marina
- Dubai Creek Harbour
- Downtown Dubai
- Business Bay
That being said, if you’re a non-resident, you may have to comply with certain regulations, such as you can only own the property for a duration of up to 99 years.
How to Buy Off Plan Properties in Dubai?
This section discusses some tips to keep in mind when investing in off-plan real estate in Dubai. So, if you want a guide for off plan properties, continue reading!
Pick a Development
The first step is to find a project that best suits your needs. Unfortunately, when you’re buying an off-plan unit, you will not be able to view the site before investing. However, you can conduct detailed research on the developer involved and check out the brochures to understand what the final project will look like.
You must also consider the following factors:
- Budget
- Size
- Location
- Developer(s)
- Property type (house, villa, apartment, loft, etc.)
- Amenities
- Community
Moreover, if you want to buy a good unit at a reduced price, invest in the earlier stages. This will give you the opportunity to stay ahead of the market.
Some of the top-rated off-plan projects in Dubai include:
- Lime Gardens by Emaar
- Marina Shores by Emaar
- Emaar Golf Heights
- Emaar Hills Park Apartments in Dubai Hills Estate
- Emaar Address Hillcrest Villas at Dubai Hills
- Park Horizon by Emaar at Dubai Hills Estate
- Raya at Arabian Ranches 3 by Emaar
Once you decide on the development, you can study the payment plans offer. Some projects require lower payments upfront with a monthly payment plan.
Partner Up with a Real Estate Agent
Once you have selected a project that meets your needs, the next step is to work with a real estate agent. It is best to partner up with an agency that has experience in off plan developments. This is because such firms have established strong relationships with developers, allowing them to provide you with more listings and better deals.
Moreover, dependable real estate agents can handle all the paperwork involved with the process. For example, they will deal with everything from representations, contracts, updates, and handovers.
Select a Property
After selecting a real estate agent, you will be introduced to a plethora of properties and off-plan development projects. You can review the individual floor plans, payment methods, and advertisement brochures, and choose a property that meets your criteria. You can also schedule a site visit to check out the community and the neighborhood.
Sign the Contract
When you find a development that checks off all your requirements, your agent will arrange a visit to the developer’s sales office. You can then review the available units and pick one that meets your needs. Next, you will be required to review and sign the contract or the Sales Purchase Agreement (SPA). At this stage, you’ll be required to:
- Pay an upfront deposit (typically 10-20% of the property’s complete price)
- Submit a copy of your passport
- Pay a 4% DLD title registration fee within thirty days to the Dubai Land Department
- Pay 1000 AED as Oqood Registration to the Dubai Land Department.
Get Ready for Handover
Once the contractual period is complete, you will have complete authority to inspect the building and identify any issues. After you make the final payment, you will be granted access cards and keys to the unit.
Wrapping Up
Up and coming off plan developments in Dubai are growing in demand. Therefore, you must invest in such units as soon as possible to get a great return on your money. If you’re looking for an off plan-specialised agency to represent you as a buyer, get in touch with London Realtors. The service can help you find the perfect property for living or investing in.
