A popular real-estate investment is buying a reasonably priced property for sale in Dubai. Off-plan properties in Dubai are also becoming increasingly popular. These properties are typically available at lower prices than those of finished properties. However, before making a purchase, it is important to do research and compare prices to ensure you are getting the best deal. Investing in real estate in Dubai can be a great opportunity to make a profit, but it is important to take the necessary precautions to protect your investment. Continue reading if you are interested in finding out more about purchasing off-plan properties in Dubai. Here, you will read about what these properties are and a step-by-step guide to buying off-plan properties.
What are Off-plan Properties?
You have come to the right place if you are seeking an answer to this question. It is important to note that off-plan properties in Dubai are not ready for immediate occupancy. While off-plan properties are properties that can be used after a certain period of time, Dubai off-plan properties offer more benefits than other types of properties. Most developers offer off-plan properties at lower prices. The affordability of these properties is more important than their profitability. Additionally, off-plan properties in Dubai are a great opportunity for investors as they can be bought at a lower price and resold at a higher price when they are ready for occupancy. They also provide capital growth potential in the long term. One of the key benefits of buying off-plan properties in Dubai is that it can help you secure a residency visa. By buying a property in Dubai, you can get a residency visa that can help you live and work in the city. This residence visa can also be extended to your family, allowing them to live and work in the city as well.
Read the following guide if you are interested in purchasing a Dubai off-plan property.
How to Buy Off-plan Property in Dubai?
Now that you know off-plan properties are profitable investments in the Dubai real estate market, how do you buy an off-plan property in Dubai? Here is a list of steps you must take to make a successful off-plan property investment.
Set Your Budget Before Buying Off-plan Property
Determining your budget is a crucial step in the property-buying process. Take into consideration your financial capabilities and evaluate your long-term investment goals. Remember to factor in additional costs such as registration fees, agent commissions, and maintenance charges.
Consider the Property Type when Buying Off-plan
Off-plan properties cannot be physically viewed. So, you should choose other ways to buy your ideal property. You should decide on the property type, price, location, size, developer, community, facilities, and your preferred payment plan. If you want to buy a property in Dubai, you have to know the best property developers in the UAE that offer profitable options.
Find an Off-plan Real Estate Company
When you choose an experienced agency to work with, buying an off-plan property in Dubai is an easy process. Most of these famous agencies have a long-standing relationship with Dubai developers, so they will offer you many options. Be careful to choose an experienced off-plan agent to represent you with all the needed information and check that everything is in order with the contracts. Also, your off-plan agent must know about all the projects and developers to find the best option for you.
Locate the Best off-plan Property
At this level, your agent considers your requirements and needs and finds the most suitable available projects. To choose the right property, you have to check items like payment plans, floor plans, videos, brochures, etc. In addition, some developers offer “Mock Properties” to show the layouts, the materials being used, sizes, and also amenities. In the end, your agent will take you at your request along for a site visit if possible. Purchasing an off-plan property in Dubai can be a great way to invest in the city and also to get a residency visa. It is a great way to secure your family’s long-term financial future considering the significant cost of living in Dubai. Additionally, owning an off-plan property provides access to some of the best job opportunities, education, and healthcare in the region.
Choose an Off-plan Property and Make the Payments
In the next step, you have to go to the developer’s office to choose which unit you want to buy. Also, you have to sign a contract with the developer, known as the “Sales Purchase Agreement.” At this level, you have to give a down payment of around 10-20% of the property price. You also have to give your passport copy, 4% DLD registration fee, and Oqood fee. After that, the developer will start the construction of the unit and will issue 4 progress payments, depending on the construction progress. Most of the time, it is possible to re-sell the property during the contract term. Just make sure you completely understand the payment plan terms. Make sure to check out our guide on how to sell your property in Dubai for more information.
Handover of your Property in Dubai
At the end of the contract, the handover will be done. You will be required to inspect the property for any snag issues to be removed. After completion, final payment will be made to receive your access card and keys. Your agent will walk you through the process to ensure that everything goes smoothly and make sure that you can move in as soon as possible. If you have any questions or issues during the handover process, your agent will be there to assist you. Once everything is completed, you will be able to move into the property and start living there.
Now’s the Time to Buy Dubai Off-plan Properties
If you want to invest in the Dubai real estate market, an off-plan property project could be a profitable option. Off-plan properties offer the potential for capital growth and rental returns and are becoming increasingly popular amongst investors. Many off-plan projects also offer attractive payment plans that can make investment easier. Investing in Dubai’s off-plan properties is a great opportunity to get in on the city’s real estate market before prices rise. Also, at Dxboffplan, our experts are ready to help you with the most appropriate UAE off-plan properties based on your unique requirements. You can ask your questions online at any time during the day.
frequently asked questions
Off-plan property is a property that is still under construction and has not yet been completed. Buyers can purchase the property before it is finished, often at a lower price than completed properties.
Developers may offer payment plans that allow buyers to pay in installments over the course of the construction period. It's important to understand the payment plan and any associated fees before making a purchase.
Before buying an off-plan property, it's important to review the contract carefully, paying attention to the payment schedule, completion date, and any penalties for late payments or cancellations. Consider seeking legal advice to ensure that the contract is fair and protects your interests.