When it comes to buying residential property in Dubai, there are plenty of options for investors and end-users. The real estate market in the emirate is bustling, and the latest developments are spurring in every corner.
In recent years, the interest of buyers is gradually shifting towards the primary market (off-plan properties). For the uninitiated, these are under-construction properties that are available at rates lower than the market value. Furthermore, developers offer convenient payment plans for such properties. Due to these factors, it’s no longer an extremely tough feat to buy a waterfront property in Dubai.
If you are also planning to buy an off-plan property in the emirate, here’s a complete procedure that can help you in this regard:
Define a Budget
To begin with, set a budget for this purpose. This depends greatly on your financial capabilities. Therefore, take every factor into consideration before defining a budget range. Also, study the market before doing so.
Setting an impractical budget will only make the entire process more challenging for you. So, be very diligent and plan every step to perfection, even if you intend to get the property mortgaged. Ensure that you have a sound source of income so that you can repay instalments conveniently. Also, do not use all your savings when buying a property. Setting aside a certain portion for a rainy day. You never know when an emergency can strike. Therefore, it’s always a wise idea to be prepared for unexpected tough times.
Choose a Location & Project
Now, this phase entails two steps.
The first one is selecting a location. Bear in mind that the profit prospects vary significantly from area to area. Those located close to the city centre offer better returns as compared to the ones that are away and require a lot of commutes. Buying a property tucked away from the city’s happenings will surely prove to be inexpensive, but it will take some time to produce the returns for you. So, take into account various factors and then choose the location.
The next step here is to select the right project. As stated above, top development firms have launched their residential projects in Dubai. Bookings for most of them are open. You can choose one from them that has the maximum potential. It should be well-connected, opulently planned and have a remarkable design. The layout and floor plan should also be appealing. Also, take into account the payment plan.
This entire phase is quite crucial. Therefore, do not rush through it. Take your time and weigh the features of different projects before taking the final call. We would recommend hiring a real estate agent. Since they know the market better than anyone else, they can help you in choosing the right project.
Select the Type of Unit/Property
Different residential projects have different properties. Most common options to choose from include studios, apartments, penthouses and villas. Some projects like Stella Maris Tower have multiple options. Choose the one that suits your needs and offers maximum returns. Furthermore, pay attention to their configuration as well.
Get in Touch with the Developer
After you have finalised a project and property, it’s time to visit the developer. Get as much information as you can during your visit. Also, do not hesitate in asking any question that comes to your mind. After all, it’s your hard-earned money you are putting at stake.
It’s important to visit the site of the project during this phase as well. This way, you will have an idea about the completion status.
Book Your Unit
If you are fully satisfied with everything, it’s time to proceed ahead and book your unit. You will have to pay booking fees here. It is usually 5 to 10% of the total property price. At the end of this step, the property will be reserved under your name.
Sign the Agreement
The next step is to sign the Sales & Purchase Agreement. Carefully read its content before signing on the dotted lines. It should also be signed by the property developer, otherwise, it wouldn’t be considered valid.
Pay 1st Instalment
This step requires you to pay your first instalment. It also includes government registration fees and down payment.
After you have completed the aforementioned steps, you will become a proud owner of a property in Dubai.
