How To Buy Off-Plan Property

Off-plan property is an unstructured property that you can buy directly from a developer or in some cases from the first owner. When you buy an off-plan property directly from the developer, you usually have to pay a 10-20% down payment and sign the SPA (Sales Purchase Agreement). Depending on which developer the balance is paid, it can vary but it is varied and usually linked to construction. Follow the instructions if you try to purchase the Off-plan property in Dubai Submit the reservation form along with the passport. Carefully read the basic terms and conditions of the sale agreement, payment plan information, and personal information of both parties. After agreeing on the reservation document, now is the time payment of the reservation amount. This is mentioned in your reservation form, usually between 5% to 15% of the purchase price. When you pay this amount the developer enters into the official sale. Sometimes the reservation price is 20%. Ensure that the reservation amount should be in pay for a RERA-approved security account. Complete your sale and purchase agreement, this is a formal and legally binding contract. Make sure the building completion date is mentioned on the document and what penalty will be imposed on the developer in case of delay. As soon as you have paid off 100% of the property amount, you will need to transfer the deed to complete the purchase. Remember that you will not own the property until you have paid in full.

How To Buy Resale Property in Dubai

To buy a resale property in Dubai, you and the seller need to enter into a Memorandum of Understanding (MOU). The purchase price, last date for payment, and terms and conditions will be mentioned on it. It is not mandatory or legally binding but is a necessary first step in buying a property. The initial payment you pay when you sign the MOU is usually around 10% of the property amount. It is non-refundable if the deal will not be done on your behalf, but the advance deposit is refundable due to certain reasons. Once you complete the settlement and financing, you can complete the purchase. As an expatriate, you have to pay 100% of the purchase price before transferring the property. To do this, you need to attend an appointment with the land department and submit all the paperwork.

Can I buy a house in Dubai if I am from Pakistan?

n Yes, since 2002, any foreigner, including Pakistanis, is allowed to buy and sell property in Dubai. n

Can I buy an apartment in Dubai if I only have a tourism visa?

n Yes, you can buy property in Dubai but there are some conditions like what type of property you are looking for. You should contact with developer or property agent! n

Can UK residents buy a home in Dubai?

n Yes. It is very easy just to bring your passport with proof of identity and a foreign visa card. n

Is it a good idea to invest in a property in Dubai?

n Yes, because the biggest contribution to Dubai’s GDP comes from the tourism industry. In 2019, 16.73 million people visited Dubai. If you have a good flat then you can earn a lot. I believe that if all goes well then your investment return gives a 15% annual return. n

Is it profitable to buy a house in Dubai?

n Certainly, buying a house in Dubai is a good idea, you can rent it and earn a decent amount of money. If you have a studio flat in Dubai then you can earn a minimum of AED 1500. n

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