Buying Offplan Guide

How to buy off-plan property in Dubai?

Buying off-plan property is different from purchasing a property that is already on the market for viewing. Since you are unable to go and view the property, it is important to consider other factors that will help you choose the right property for you.

Investing in an off-plan property will be beneficial because of the opportunity to find the best prices at the lowest for the project. It is an opportunity to profit. As an investor, you can sell before the project completion at a considerable profit. Off-plan investment usually comes with a better payment plan and lower upfront costs, monthly payments. By working out the budget, location, agent, property type, facilities, and communities you can get your requirements sorted.

Find a real estate agent

When you decide to invest in an off-plan project, it is easier to go through the formalities and process with a real estate agent who specializes in these types of investments. You can get the best choices when you work with an agent who has a close relationship with the developers. Hence, your agent will represent you and make sure that everything falls under an order for you to get your property.

Find the right property

Whether you are looking for a corporate off-plan project or a residential property, your agent will help you match your needs and requirements accordingly. With information, floor plans, brochures, payment plans, and other details. You can evaluate your investment decision by closely working with your agent.

Process after finding the right property

Once you find the right property for you, you can head over to the developer’s office to choose the unit you would want to reserve. This process is complete by signing a contract with the developer of the property. The contract is called a Sales Purchase Agreement (SPA). When signing the contract you are required to deposit the initial payment which usually is 10 or 20%.

Payment process

The payment for the property begins after you have signed the contract with the developer. The payment will follow as per the agreed payment plan. Before you start your payment scheme you must understand the terms and conditions. Reselling the property is usually allowed during the contract term.

Final Payment

Once the contract has ended, you will be able to inspect the property and address issues. The final payment will be paid to receive the access keys and cards to the property.