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The purchase of property on a freehold basis means that the property is registered in the owner’s name by way of a Title Deed registered in the Dubai Land Department. The owner has the right to sell, lease or rent his/her property at his/her discretion.
Areas for freehold properties are designated areas for expatriates, whereas non- freehold property is property limited to UAE Nationals and GCC Nationals.
DLD is the abbreviation for Dubai Land Department. It is the regulatory body by the government that deals with all property and real estate related legislation, organisation, and services for any real estate transactions in Dubai.
An off-plan property alludes to a property whose development is yet to start or is in its primer phases of development.
You can sell your off plan property after you pay a specific percent of the property value based on your SPA with the property developer. Usually, it is after you pay 30-40% of the property value. Keep in mind that your off plan property in Dubai may have fierce competition in case the developer still has availability since developers run generous property offers these days. If you decide to sell, then check the current market prices of your property, then give it to property experts to sell it for you. -- Sometimes it is worth paying some commission to the property broker to push your property in the real estate market.After you get the right buyer, you go to the developer office to obtain NOC from the developer that costs around 5,000 AED which is usually paid by the buyer. After that, you go to the trustee office with the buyer and agent. There you get the selling price of your shares in the property as a manager cheque from the buyer, and the buyer usually pays the transfer fees that is 5,000 AED in case of the property price over 500,000 AED and 3,500 AED in case the property value below 500,000. The buyer also pays 4% of the total property value as registration fees to Dubai Land Department.
Any person of any nationality, whether based overseas or a resident can purchase or own in any freehold properties in Dubai. Buyers and investors are not required to hold any type of residency or similar permit in order to buy an off-plan property in Dubai. Popular freehold areas in Dubai include Dubai Marina, Downtown Dubai, Jumeirah Village Circle (JVC), International City, and Palm Jumeirah. These locations are ideal to both new and existing property buyers.
Once you have identified which location and type of lifestyle you require, being aware of its benefits in terms of property value and return on investments is a must. The best thing about purchasing an off-plan property in Dubai is that it offers quick asset value appreciation especially those projects located in prime areas. If you are an investor, taking advantage of today’s market is a wise decision. By purchasing an off-plan now and wait for the right time to exit or resale your property especially when there is a good opportunity in the market, then you can definitely sell it at a much higher price. Furthermore, buying an the off-plan project does not require a large amount of money as most off-plan investments in Dubai comes with attractive payment terms and deals.
Buying an off-plan property allows investors to acquire a unit at its lowest price compared to ready properties. For first time buyers, off-plan properties for sale in Dubai offers a great opportunity in terms of return on investments (ROI), income-producing assets (for holiday home), and market value appreciation. These type of properties offers a number of incentives and benefits allowing first-time buyers to enter today’s Dubai real estate market at a more affordable price. Also, real estate developers offer attractive payment terms, making it easier for first-time buyers to avail off-plan properties in Dubai.If you are looking for the right property investment or a home in the future, you can browse on the list of off-plan properties in Dubai or simply get in touch with us to find out more information about these projects.
Yes, you can sell off plan property before the completion date in Dubai.
Fortunately for investors and end-users, Dubai is home to hundreds of affordable and luxury off-plan projects. These developments are usually located across the city’s most prestigious destinations, close to famous landmarks, eccentric man-made islands, nature-inspired communities, and cosmopolitan living right in the center of Dubai. The city has a lot of prime locations with off-plan projects ideal for your lifestyle needs. You can choose from beachfront communities at Bluewaters Island, Dubai Harbour, Jumeirah Bay Island, and Palm Jumeirah for example. Live on a tranquil environment setup at Emaar South, Dubai Hills Estate, and Al Barari. Or if you prefer a city lifestyle, urban off-plan projects are available in Business Bay, Downtown Dubai and Dubai Marina just to name a few.
Buying off-plan has its own unique financial challenges. Most developers will want to see that you have mortgage finance in place before you exchange contracts. You will also need to pay a deposit of about 5 or 10 per cent at exchange. However, most lenders will only hold mortgages open for six months so if your property takes longer than that to build then you face having to reapply for a mortgage later on. If you can’t get one you could then lose your deposit and have to start looking for a new property
A DLD Waiver is the waiver of the DLD fee that is levied on property purchase. The DLD Fee is 4% of the property value and is payable by the buyer. Ergo a DLD Waiver means the buyer does not pay this fee and it is instead paid by the developer.
RERA stands for Real Estate Regulatory Agency and is part of the DLD that takes care of the regulations in the real estate industry in Dubai. It is in charge of handling relationship between all parties of a contract and organises the exchange process of the properties.