Dubai is a hub for professionals, expats, and investors looking to exploit its booming real estate market. The Dubai Real Estate Market Report for FY23 shows a fascinating trend. Indians have become the leading buyers of real estate in Dubai. This interest is not just limited to Indians; people from other European countries can benefit greatly from residential property in Dubai.
Due to their lower entry costs, new off-plan properties in Dubai make for an attractive investment destination. So, if you are looking for properties to buy in Dubai but don’t know where to start, here is your guide to off-plan properties in Dubai.
Buying on-plan or new off-plan (under construction) properties in Dubai can be a popular and profitable option. Here are five crucial checkpoints to consider:
Choosing a reputable real estate agent is vital when buying off-plan or on-plan property. Dubai Off Plan helps find properties constructed by Emaar Properties, Jumeirah Village Circle, and many other iconic buildings like the Burj Khalifa and Dubai Mall. Before deciding, check the builder’s past projects, track record, and reviews to ensure you make a safe investment.
In Dubai, property ownership comes in two forms: leasehold and freehold.
Make sure to understand which option best suits your long-term goals.
The cost of buying property in Dubai varies depending on the type of property, its location, and market trends. Some of the expenses you need to consider include:
Purchase price: The price per square foot in Dubai fluctuates depending on the location and demand—for example, Downtown Dubai and Dubai Marina command higher prices than suburban developments.
Registration fees: The DLD charges a 4% fee on the property’s purchase price.
Maintenance fees: These fees vary by development and cover the upkeep of common areas and facilities.
One of the significant benefits of purchasing property in Dubai is that buying real estate can make you eligible for a residence permit. Buyers can apply for long-term residence visas for properties over AED 750,000. The more you invest, the longer your visa may last, with higher investments offering 5- to 10-year residency options.
Townhouse communities often feature amenities like swimming pools and playgrounds. These shared facilities offer recreational opportunities without the high costs of private upkeep.
The Dubai Land Department (DLD) oversees all real estate transactions in Dubai, ensuring they comply with local laws. When purchasing property, you must register your purchase with the DLD, pay the necessary fees, and obtain a title deed. Working with a legal expert or real estate agent is essential to navigate this process smoothly.
Developers in Dubai often offer attractive payment plans, especially for off-plan properties. These plans allow buyers to pay in installments during construction and after handover. However, if you’re buying an existing property, you may need to secure a mortgage from a bank. As mortgage requirements vary, shopping around for the best rates and terms is crucial.
In Dubai, expats must provide at least a 20% down payment on the property’s purchase price, while UAE nationals can pay as low as 15%. Additionally, mortgage buyers must account for additional fees, such as valuation and processing fees.
If you’re moving from abroad to Dubai, it’s worth considering the distance and ease of travel. Below is a table outlining the distance between Dubai and several major cities:
| City | Distance from Dubai | Flight Time |
|---|---|---|
| Mumbai | 1,924 Km | 3 hours |
| Delhi | 2,195 Km | 3.5 hours |
| London | 5,500 Km | 7 hours |
| Paris | 5,250 Km | 6.5 hours |
Keep travel times in mind, especially if you plan to visit your home country and Dubai frequently.
Dubai has a well-structured legal framework for property transactions, and following the correct legal procedures is essential to ensure a smooth purchase.
Hiring a licensed real estate agent and legal advisor is necessary for expatriates and foreign residents. The real estate agents will help you navigate the complexities of buying property in Dubai. Dubai Off Plan Real Estate Agents are one such team of dedicated and licensed professionals.
As an offshoot of Ghaderi Realty, one of Dubai’s oldest real estate advisory firms, Dubai Off Plan offers dedicated resources to assist you in your search for a reliable off-plan project. Your advisors will guide you through the necessary paperwork, contracts, and registrations to ensure everything complies with local laws.
Want to find the best property that suits your needs without any hassle? Contact Dubai Off Plan Real Estate Agents today!
Once you’ve selected your property, the first step is signing a sale agreement or Memorandum of Understanding (MOU) with the seller. The MOU outlines the terms of the sale, payment schedule, and property details.
The next step is registering the property with the Dubai Land Department. You will pay the registration fee and receive the title deed confirming your property ownership. This step is critical in finalizing real estate purchase transactions in Dubai.
On the day of the transfer, both buyer and seller must be present at the DLD office (or through a representative), where you make the final payment and formally receive the ownership.
Buying property in Dubai is always a suitable investment if you have the guidance of the right real estate agency. Whether you are looking to buy a townhouse in Dubai or a villa/apartment, you need to analyze your needs first and then invest. From properties near Dubai Marina to one of the most sought-after areas in the city, known for its luxury high-rises, waterfront views, and vibrant community.
Dubai Off Plan agents will walk you through every step, from selecting the correct type of ownership and location to understanding the legal framework.
Check out the top-listed real estate properties in Dubai now!
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