Whether you just moved to Dubai or it’s your first time buying an off plan property for sale in Dubai, finding the property best suitable to your needs can be challenging. Aside from difficulties in finding a property, the lack of familiarity with the legal processes and requirements might lead to delays in acquiring an off-plan property.
While you can hire a professional to help you find a property and process the requirements for buying a 1 bedroom apartment for sale in Dubai, it will be beneficial to familiarize yourself with some of the guidelines and common concerns in purchasing properties.
Here are some of the frequently asked questions when buying off-plan properties in Dubai:
What is an off-plan property?
An off-plan property is an unfinished property that investors can buy directly from property developers. It can be a commercial or residential building that is currently under construction, or the works have just begun. Instead of on-site visits, potential buyers of such properties can only rely on the information on the brochures and marketing materials provided by the developer.
Is an off-plan property a good investment?
In most cases, buying a property for sale in Dubai — including off-plan properties— is a good investment since rentals are high, and buying a property that you can put on the market in the future is a better choice. Since Dubai has become a popular business hub and tourist destination, its real estate market has matured, and several budget-friendly housing projects and commercial spaces were launched in past years.
Can foreign investors buy off-plan property in Dubai?
Yes. Foreign investors are allowed to buy townhouses for sale in Dubai and other off-plan properties located in any of the freehold territories including Dubai Marina, Business Bay, Downtown Dubai, Palm Jumeirah, Jumeirah Lake Towers, and more.
What is the cost of buying an off-plan property?
Like buying a completed property, there are fees associated with buying an off-plan property. It is important to remember that you are not always required to pay for all the fees. In most cases, developers offer to pay half of the fee or sometimes the entire registration fee to the Dubai Land Department. The buyer or developer/seller will need to pay 4% of the property’s value to the DLD, plus an additional AED 5,250 must be paid by the buyer to get their Oqood Certificate.
If you need assistance in buying off-plan properties, you may reach out to our experts at Rocky Real Estate. We have a team of experts who possess the knowledge and experience to help you obtain the best return on your real estate investment.