BUYING OFF PLAN GUIDE

Here's a step by step guide to take you through the process...

1. Determine your needs.

While purchasing an off-plan property means that you won't physically see the property initially, it offers numerous benefits such as: - Competitive Pricing: This method allows you to select the best unit at the project's lowest price, thereby enhancing your investment returns. - Profit Potential: If the project is well-received and the market is thriving, investors have the chance to sell before completion for a significant profit. - Favorable Payment Plans: Typically, upfront costs are lower, with monthly payments to follow. You need to establish your needs, such as budget, location, developer, property type, size, amenities, and community.

2. Sign up with a Real Estate agency that specializes in off-plan properties.

The process of buying an off-plan property in Dubai is relatively straightforward, especially when you collaborate with a seasoned agency that has established relationships with developers. This offers you the best assortment of choices. Your agent will advocate for you, ensuring the contracts, project updates, and handover process are all correctly managed. A proficient off-plan agent should have connections with all off-plan projects and developers in the market to provide you with the best opportunities.

3. Identify the perfect property.

Your agent will align your preferences and requirements with suitable projects. To assist you in making an informed decision, your agent will provide you with all necessary information, such as floor plans, payment plans, brochures, videos, etc. Some developers even create 'mock properties' to demonstrate the materials, layouts, sizes, facilities, and amenities. Upon request, your agent can take you for a site visit, if feasible.

4. What is the procedure when you discover your desired property?

You and your agent will visit the developer's sales office, where you will pinpoint the exact unit you wish to purchase and secure it by signing a contract, known as a Sales Purchase Agreement (SPA), with the developer. An initial deposit, typically between 10 – 20%, will be needed, along with a copy of your passport. An additional 4% DLD title registration fee and an AED 1,000 oqood fee will be required within 30 days.

5. Managing the payments.

You must adhere to the payment schedule stipulated in the contract until the property is officially handed over to you. The contract usually permits re-selling if necessary. Ensure you fully understand the payment plan's terms and consult your agent should you need any further clarification.

6. It's handover time!

Upon contract completion, you'll need to inspect the property for any issues that need rectification. Once this is done, a final payment is made to receive your access cards and keys. Your agent will assist in this phase of the process to ensure a seamless transition and that you can move in at the earliest opportunity.