Off-Plan Properties Flashcards
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What does off-plan mean?
Off-plan properties are those that are purchased before their construction is completed. Buyers invest in a property that is yet to be built, often based on the architectural plans and a developer’s track record.
Why Off-plan Homes in Dubai Outshine the Secondary Market!Or what are the advantages of buying an off-plan home in Dubai over purchasing on the secondary market?
From potential price appreciation and modern design to flexible payment plans and higher rental yields, off-plan properties present compelling reasons to consider this option.
What are the two options of buying a property in Dubai?
Purchasing a home on the secondary market or going for an off-plan property.
Why buy off-plan property?
Plan and save money. It allows investors to get a purchase at the earliest and lowest possible price and buyers to pick the very best apartments in a specific development. In return, there’s a high chance of gaining the maximum return on their investment.
What is a manager’s cheque?
A manager’s cheque is a cheque issued by the bank drawn upon itself and can be encashed by the bearer. It’s also called a treasury cheque or cashier’s cheque. A manager’s cheque is always guaranteed by the bank.
How much is the off-plan property fee in Dubai?
To buy a property off-plan, you must pay from 20% to 80% of the purchase price during construction and the rest once the property is completed.
Why invest in off-plan properties in Dubai?
In conclusion, investing in off-plan real estate in Dubai offers a range of benefits for investors. The competitive pricing, higher returns on investment, modern and luxurious properties, flexible payment plans, and high-quality construction make it an attractive investment opportunity.
What is an additional advantage of an Off-Plan purchase?
The general rule of thumb in the Dubai off-plan market is that you can sell your off-plan property after paying 30-40% of the purchase price.
What is the procedure of buying an off-plan property in Dubai and what fees need to be paid?
You choose which unit you would like and reserve it by signing a contract with the developer to purchase the property. This contract is called a Sales Purchase Agreement (SPA). You will be required to make an initial deposit, usually in the range of 10 – 20%. You will need to take a passport copy. Also required within 30 days is a 4% DLD title registration fee and AED 1,000 oqood (contract fee) fee. DLD fees = Dubai Land Department Fees
