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FAQs
Take a look at some of the most common questions when it comes to buying an off-plan property in UAE.
What is an off-plan property in UAE?
An off-plan property is a property that is under construction or is yet to be built. Rather than paying the full property cost upfront, you typically make an initial payment and continue with scheduled payments as the development progresses. The payment breakdown usually depends on the project and the developer.
What is the difference between an off-plan property and a ready-to-occupy property?
An off-plan property is one that can be purchased directly from the developer before it is built. A ready-to-buy property is one that is fully constructed and can be moved into immediately. While materials such as brochures and floor plans are usually consulted before buying an off-plan property, you can see the exact property you are buying with ready-to-occupy. However, you have a greater chance of selecting your preferred unit or a prime location with an off-plan property.
What are the advantages of investing in an off-plan property in UAE?
Buying an off-plan property has many benefits. Some of the most important ones are:
- Lower purchase price compared to ready-to-occupy properties.
- Lower upfront cost as you can pay in flexible instalments as the construction progresses.
- Greater chance to select your desired unit and customise the property as one of the early buyers.
- Potential for the property value to increase by the time the construction is completed.
What factors should I consider before buying an off-plan property in UAE?
From location and budget to property specifications, there are several factors you need to keep in mind when buying an off-plan property in UAE:
- Location: Consider the location’s proximity to amenities such as school, transportation, and the desired features.
- Budget: When deciding your budget, factor in costs such as property taxes, maintenance fees, and utility bills along with the down payment, instalments, and handover fees.
- Developer Reputation: Ensure that the developer has a strong track record of timely project completion while maintaining good quality standards.
- Property Details: Understand what exactly is included in the purchase price by reviewing the floor plans and property specifications.
- Completion Timeline: Check the expected completion date and take potential delays into consideration.
What is the payment plan for an off-plan property?
Thought the exact off-plan property payment plans can vary significantly between developers and projects, they usually involve the following stages:
- Down Payment: An initial payment, typically 10% of the property value, before receiving the Sales and Purchase Agreement.
- Installments During Construction: Payments spread out over construction phases, depending on the policy of the developer or the nature of the project.
- Post-Handover: In some cases, a certain percentage of the remaining balance is paid after receiving the property.
What types of off-plan properties are available in UAE?
Several types of off-plan properties are available in Dubai including apartments, villas, townhouses, duplexes, and commercial properties such as office spaces.
What are the prime locations for an off-plan property in Dubai?
Prime locations for an off-plan property in Dubai include Dubai Marina, Palm Jumeirah, Downtown Dubai, Business Bay, and Dubai Creek Harbour. They are favoured for modern infrastructure, luxury amenities, and proximity to high-end attractions or shopping complexes. However, the best location for you will depend on several factors including your specific requirements and budget.
Is there any regulatory body governing real estate projects in UAE?
Yes. Real estate projects in UAE are regulated by several regulatory bodies whose purpose is to maintain transparency, accountability, and fair practices in the UAE real estate sector. Key regulatory bodies include RERA (Real Estate Regulatory Agency), operating under the Dubai Land Department.
How can I track the progress of an off-plan project in UAE?
You can regularly check for updates from the developer through emails or their website and social media channels. If you are interested in an off-plan property in Dubai, you can also check the status of the project on the Dubai Land Department portal.
How long does it take to purchase an off-plan property in UAE?
From the search for a property to completing the purchase, the general timeline can be anywhere between a few weeks to a couple of months. Among other factors, the time taken depends on the developer’s timelines and payment schedules. Typically, the down payment and initial paperwork processing can take around 1-2 weeks.
How can I purchase a property through neXterra?
Browse through our extensive listings for off-plan properties in Dubai and Marjan Island, Ras Al Khaimah. You can register your interest in a property through a simple form. We will then meet virtually to understand your requirements and budget and show options that align with them. Once we have found the perfect fit for you, we can progress with booking the unit and the down payment, after which you will receive the Sales and Purchase Agreement from the developer. As the construction progresses, you can follow the payment plan set by the developer until the property handover.
How do I decide which off-plan property is the best for me?
The decision rests on several factors including the desired location and amenities, your investment goals, and finances. We work closely with you to understand your unique needs and help you make informed decisions on the best property for you.
What fees do you charge for your services?
As a buyer, you typically do not pay any fees. The commission is covered by the seller, so you can benefit from our expertise at no extra cost to you.
Does neXterra provide mortgage assistance?
We can guide you to trusted real estate mortgage brokers specializing in the Dubai market, at no additional cost. You can compare offers from multiple banks and choose the one that best suits your requirements.