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The Dubai real estate market achieved record results in 2021. The situation has not changed this year. More and more foreigners are choosing off-plan properties in Jumeirah, Dubai Marina, Business Bay, and other popular communities in the emirate. It is not always possible to buy apartments for permanent residence or seasonal holidays. Many people choose real estate as an investment. Off-plan properties remain the most profitable to buy. We will try to figure out what is interesting about off-plan real estate and what homeowners need to know when buying it.
Advantages of off-plan real estate in the UAE
Off-plan properties have advantages:
- A wide range of choices. At the beginning of the sale, you can choose an apartment of any layout and view from the windows.
- Affordable price. The price of apartments during the construction period is 20-30% lower than the price of housing commissioning.
- Liquidity. You can sell a property under construction. The demand for apartments in Dubai is high, prices are rising regularly, so such a deal will bring you profit.
- Convenient payment scheme. Most developers offer a phased payment, which prevents the full cost of the property from being paid at once.
The government guarantees safe transactions and requires that developers must provide material security for the construction.
What documents should be studied before purchasing off-plan real estate in Dubai
It is important for the buyer to obtain the following documents from the developer:
- The title deed to the land plot where construction is underway.
- Permission of the Land Department to do the work.
- Information about the account with the developer’s funds. By law, it must be at least 20% of the cost of the project.
At least 20% of the total construction work must be completed before the start of sales.
Instructions for the buyer of real estate in Dubai
A licensed real estate agency guarantees a safe deal. It acts as an intermediary between the seller and the buyer, helps to collect all the necessary documents, and conducts the transaction in a short time. The purchase process goes through several stages:
- the buyer chooses a housing unit;
- enters into a contract with the seller and pays a deposit, the notarial certificate is optional;
- if the client purchases housing not from the developer, but from the owner, he must have a certificate of no objections confirming that he has no debt to the developer;
- according to the terms in the contract, the buyer pays the full cost of the property.
The transaction is registered with the Dubai Land Department.
Assistance in buying a property in Dubai
Moreover, the official website Emirates.Estate presents an updated database of foreign real estate in all popular areas of Dubai. Specialists are ready to advise you on how to find off-plan and commissioned houses. The catalog contains current prices and up-to-date information about the UAE housing market.
