An off-plan property is an unconstructed property purchased directly from a developer or in some cases a first owner. Now, buying property that has not been built yet may seem like a risky affair but it doesn’t have to be if you do your homework. Start with weighing the pros and cons.
Advantages of off-plan property
Disadvantages of off-plan property
Then, it’s time to learn more about the off-plan property you are interested in, as well as the process to acquire it. To start things off, the developer will need your passport copy, Emirates ID and reservation form containing the terms and conditions of the deal.
There will also be a reservation or booking fee amounting to 5 to 15% of the total amount which will be paid to draw up the Sales and Purchase Agreement (SPA) which will be signed by both parties.
After this, start your homework on the property. Is it close to amenities such as groceries, schools and hospitals? What about your workplace? How reliable is the developer?
It’s also important to keep in mind the additional acquisition fees. Aside from the actual price, buying off-property for sale in Dubai also comes with other charges in line with your property purchase, such as legal fees, developer fees and agent fees.
For more information about buying and renting properties in the UAE, visit https://www.zoomproperty.com/