Investing in off-plan properties in Dubai can be an attractive option due to lower prices, but it’s essential to approach it with the right knowledge. Here’s a concise step-by-step guide to help beginners:
Define Your Goals

• Clarify Needs: Determine your ROI expectations, budget, preferred developer, location, amenities, and property type.

Hire a Trusted Real Estate Agent of WORLDWISE REAL ESTATE L.L.C.

• Expert Help: Choose a reputable agent or agency with strong connections to developers. Ensure they are registered with Dubai Land Department (DLD) and RERA.
• YOU DON'T HAVE TO PAY AGENCY FEES when buying off-plan property in Dubai. The agent's commission is usually covered by the developer as part of their marketing and sales costs.

Shortlist Properties

• Review Options: With your agent’s help, explore properties that meet your criteria. Visit show units to assess potential developments.

Book Your Property

• Reservation: Visit the developer’s office with our Real estate agent, select your unit, make an initial deposit, and sign the booking form and Sales Purchase Agreement (SPA).

Pay the Down Payment

• First Instalment: Pay the initial instalment and the DLD fee (typically 4% of the property price, often fully borne by the buyer). Ensure all payments are made to an escrow account.

Sign the SPA

• Legal Review: Receive and review the SPA, and seek legal advice to understand all terms before signing.

Settle Instalments

• Follow Plan: Make scheduled payments according to your agreement to stay on track for property handover.

Await Completion

• Project Finish: The developer must complete the project by the agreed date and notify you once done.

Inspect and Handover

• Final Check: Arrange a property inspection with your agent. Once satisfied, coordinate with the developer for the handover.

Following these steps will guide you through the off-plan investment process and help ensure a smooth experience. For more detailed information or assistance, contact us today!

Whether purchasing a home or an investment property, Dubai's real estate transaction process is straightforward. Here are the four key legal steps:

1. Drafting the Buyer/Seller Contract: Start by negotiating terms with the seller and drafting a detailed contract. While involving a lawyer is optional, a well-crafted agreement is crucial to avoid future disputes.
2. Executing the Sale Agreement: Finalize the Memorandum of Understanding (MoU) and sign it in the presence of a witness. A 10% security deposit, recoverable upon transaction completion, is required at this stage.
3. Securing a No Objection Certificate (NOC): The developer issues the NOC after ensuring there are no outstanding dues. This certificate is essential for transferring ownership.
4. Transferring Ownership: Submit the necessary documents at the Registrar’s Office to complete the transfer. Upon verification and payment of applicable fees, the new title deed will be issued in your name.

Cost Breakdown of Buying Property in Dubai
Understanding the costs involved is crucial for a smooth purchasing experience. Costs can be categorized into following.

For cash buyers:

• Dubai Land Department fee - 4% of the property purchase price (plus an AED 580 admin fee)
• Property registration fee (Trustee office) - For properties below AED 500,000: AED 2,000, (plus 5% VAT). For properties above AED 500,000: AED 4,000 (plus 5% VAT)
• Real estate agency fee - 2,1% of the property value (plus 5% VAT)

For mortgage deals:

• Bank mortgage arrangement fee - Ranges from 0% to 1% of the loan amount (plus 5% VAT)
• Dubai Land Department mortgage registration fee - 0.25% of the loan amount (plus AED 290)
• Property valuation fee - From AED 2,500 to AED 3,000 (plus 5% VAT)

Fee Financing

The good news is that there are a lot's of banks that will allow you to add some of the fees to your mortgage. This is taken over the term of the mortgage and at the same interest rate, which reduces upfront costs.

Before investing in a property, whether as an investor or end-user, thorough due diligence is crucial. For properties in the primary market, the developer’s reputation is key. Research their past projects, delivery timelines, any construction delays, and whether they maintain an escrow account.
Many buyers prefer ready properties, especially those with post-handover payment plans, from the primary market or a mortgageable property from the secondary market.
To confirm the project’s registration and monitor its construction status, visit the Dubai Land Department's website at www.dubailand.gov.ae or download the Dubai Rest app from Google Play or the App Store.