Investing in off-plan properties in Dubai offers numerous advantages, but navigating the purchasing process without thorough understanding can lead to potential pitfalls. As your dedicated real estate broker, I am here to assist you through the complex landscape of off-plan property investment in Dubai. With a diverse range of options across various locations, each offering distinct risks, benefits, and potential returns on investment, it’s essential to make informed decisions. To simplify your property investment journey and ensure a seamless experience, I’ve prepared a comprehensive step-by-step guide tailored to buying off-plan properties in Dubai. Let me guide you to a successful investment tailored to your needs.
Step 1: Decide What You Are Looking For?
The first and foremost step in the off-plan property buying process is to list what you want. The list shall include ROI expectations, budget, developer preference, requisite amenities, location preferences, payment plan preferences, property size, community preferences, capital gain opportunity, and above and above costs.
Step 2: Register With Me -Your Trusted And Experienced Broker
As an experienced real estate broker with a strong track record in Dubai, I am ideally positioned to assist you in finding the perfect off-plan property that meets your needs and budget. My established relationships with prominent property developers in the area enable me to offer you a selection of prime properties, ensuring that all contractual terms and handover processes are meticulously managed on your behalf. I am fully registered with the Dubai Land Department and the Real Estate Regulatory Agency (RERA) Dubai, which guarantees the highest standard of service and compliance. To help you make an informed decision, I will provide a comprehensive comparative analysis of various off-plan properties in Dubai, keeping you updated throughout the project. Let me guide you through the process with the expertise and attention to detail you deserve.
Step 3: Zeroing Down On The Right Property
As your dedicated real estate broker, I will guide you through the entire process of selecting off-plan properties that meet your budget, tastes, and preferences. After understanding your specific requirements, I will curate a list of potential off-plan properties and provide you with a comprehensive overview of each shortlisted project. This includes detailed brochures, clear payment plans, floor plans, and property videos to aid in making a well-informed decision.
Together, we will embark on the viewing process where you will visit each of your preferred off-plan properties with me. At every developer’s sales boutique, you will gain a thorough understanding of the advantages and potential drawbacks of each property. Developers in Dubai often showcase mock-up units that accurately represent the facilities, amenities, sizes, and layouts of the properties, allowing you to visualize your future home more clearly.
By the end of our tours, you will have a solid grasp of which off-plan project best fits your needs, enabling you to make a decision with confidence.
Step 4: Booking The Off-Plan Property
Once you have selected the off-plan project you want to go ahead with, visit the developer’s sales office to select the exact unit you would like to reserve. To reserve and take the unit off the market, you shall be required to make an initial deposit between 5-10 per cent of the total property price. You will also be required to sign the booking form and the Sales Purchase Agreement (SPA) for the selected unit. As your real estate broker I should be able to get you a good deal on the project.
Step 5: First Installment Payment
Once you have signed the booking form and paid the booking fees, you shall be required to pay your pre-decided first instalment or down payment according to your selected payment plan. You are also required to pay a 4 per cent DLD registration fee and 1000 Dirhams oqood fee within the next 30 days of making the booking. This step is extremely crucial to guarantee your purchase gets registered with the government authorities. Ensure you make all payments in the selected in the project’s escrow account only.
Step 6: Signing The SPA
Once you have made the booking amount payment and cleared the down payment amount, you shall receive your initial contract of sale that the Dubai Land Department issues. Irrespective of whether you reside in or outside the UAE, the developer shall send you the Sales and Purchase Agreement (SPA). The authorised signatory shall dually sign the SPA from the developer’s end before its sent to you. You can get legal advice on the contract before signing and sending back the SPA. Getting legal advice will help you ensure that you understand all terms and conditions and that you are satisfied with all that is there in the contract.
Step 7: Settle Due Installments
Based on the payment plan you have selected, you shall be required to settle a specific percentage of the purchase value before the completion date of the off-plan project to become fully eligible for getting your property handed over to you.
Step 8: Project Completion Date
As per the SPA you and the developer both signed, the developer will be obligated to complete the construction and deliver the property to you by a pre-decided date. Once the off-plan property project is completed, the developer must send a completion notice to all clients.
Step 9: Inspection And Handover
Once you have settled the pre-decided payment amount for handover as per your payment plan, the developer shall invite you to inspect your property on a mutually selected date. You should hire a third-party inspection team and take your realtor along for inspection before the handover. Once you are satisfied with the property and your inspection team gives you a bright green signal, the developer’s handover team shall hand you the property.
Once all the above steps have been completed, you can start the move-in process. Your realtor can help you in many different ways to make your moving-in experience hassle-free.