Buying Off Plan Property in Dubai Process

Buying Off Plan Property in Dubai Process
Buying Off Plan Property in Dubai Process

An off plan property refers to a property that does not have a structure as yet. Such a property is sold to a buyer before the construction work reaches the completion stage. Off-plan properties are marketed to early adopters or real estate developers in order to ensure that the purchaser is able to secure the requisite finance from the lenders. At times, the amount paid by the buyer helps in completing the project according to the construction plans prepared in advance.

Speculators or investors buy off-plan properties with the hope of making strong capital gains. Developers who specialize in selling off-plan properties provide discounts and other financial incentives to early adopters. If the real estate market in a particular area is healthy, buying an off-plan property proves to be a wise decision.

Since Dubai has a strong real estate market, a large number of investors from different countries prefer buying off-plan properties here. Properties in Dubai, which are still undergoing construction, are offered at very low prices and that’s one of the reasons why they find many buyers. Once the construction work on an off-plan property comes to an end, its value shoots up significantly and one can make a healthy profit by selling it.

If you want to use it for yourself, you will be happy about acquiring the property at a very reasonable price. Since you are investing in a fresh property, you can expect the finished product to be in sync with modern construction processes. Putting up such properties on rent at a good price is also very convenient. While investing in an off-plan property proves to be a lucrative process, one should be well-aware of the various processes involved in them.

Here is a detailed breakdown of the process involved in buying an off-plan property in Dubai:

Finding the Property

The first step involved in buying an off-plan property in Dubai is to find the right one. You have to be sure about the kind of off-plan property you want to invest in. While somebody might be interested in buying a villa, somebody could want to acquire an independent house. You should have clarity on the kind of facilities and amenities the property will have once it is completed.

You have to be careful while preparing the budget and know where you will be raising finance from. After this, you should go through different property websites and meet developers to get an idea about different off-plan property options and the prices at which they are available. Before finalizing a property, you have to ensure that it fulfills all your expectations and requirements.

Hiring the Right Real Estate Agent

Once you get a good real estate agent in Dubai on board, the process of buying an off-plan property becomes much simpler. You must remember that the right real estate agent could lead you to the right property but if you hire an inexperienced or corrupt agent, you could get into a lot of trouble. You should be open to the idea of meeting multiple real estate agents before you find the right one.

After hiring the services of a real estate agent, you should ask them all the questions which, you believe, need to be asked before looking for an acquiring an off-plan property. You should inform them about your expectations and enquire about the kind of help they can provide while looking for an off-rental property. You should also check if they can provide you with some incentives like lucrative payment plans, rental guarantees and furnishings.

Engaging in Negotiations

When it comes to engaging in negotiations for off-plan property, one has to be extremely patient, tactful, persistent, and focused. An investor should also have some idea about how the real estate market is operating currently. Apart from cracking the deal at a good price, the investor would also want to be sure of the fact that the construction work would get completed on time.

Once you decide to buy an off-plan property in a particular area, you should do an adequate amount of research on the properties that were sold over the last couple of months in that area. After getting an idea about the price range in which different properties were sold, you will be in a better position to negotiate. During the negotiation process, you can also take the help of a real estate agent in Dubai.

Analyzing Payment Plans

Buying an off plan property, or any property for that matter, is a long-term investment that requires a lot of funds or resources. Before investing in an off-plan property in Dubai, you should be aware of the different payment plans you can explore. While a particular payment plan might be suitable for somebody, another plan could work better for another person.

The payment cycle, depending on the plan one has opted for, lasts for a period ranging from 18 to 36 months. By paying the initial down payment or booking fee, the property gets reserved in the name of the buyer. After that, the buyer has to make a series of stage payments. When the property is handed over to them, they have to make the final payment.

Getting the Property Registered

The final step involved in acquiring an off-plan property in Dubai is the registration process. The buyer has to register their name on the title deed of the property. The registration process is initiated by the developer and it involves submitting a bunch of documents including marriage certificates and passports.

The buyer can officially take possession of the property after the registration process is complete. If all the steps are followed correctly, the off-plan property will be handed over to the buyer at the right time. Before putting your signatures on the final handover paperwork, you must make it a point to inspect the property’s condition.

Company Bio – Falcon Premier Real Estate

When you look for the best real estate agency in Dubai, you will find most people pointing you toward Falcon Premier Real Estate. For years, the company has helped people secure the right properties for themselves at fair prices. Apart from helping them crack the right deal, the company has guided both individuals and businesses towards making the right investment decisions for themselves in the real estate market in Dubai.

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