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Expert Advice
At Nexus Point, we train our agents to be up to date on the latest information about the off plan real estate market. This ensures that clients receive the best and most trustworthy service.
With numerous off plan properties being announced every month, seasoned investors and first-time home-buyers alike are demonstrating a growing interest in purchasing them.
We have compiled a list of benefits of buying an off plan property in Dubai:
- Since the property is not complete yet, the prices of off plan properties are usually lower than on plan ones.
- The advancement of technology allows for vibrant 3D generated visuals of the property to be designed. This helps potential investors to arrive at a decision.
- The entire bulk payment is not required at the time of purchase; a down payment followed by monthly payments are required to pay off the property’s value. This reduces the pressure on finances and allows flexibility in the decision to purchase real estate.
- The properties are usually of high value and predict capital appreciation. These are relative to time and estimated completion dates.
- There are many incentive schemes offered by developers to potential buyers.
- Most banks and financial agencies offer attractive financial schemes to aid the repayment of off plan properties.
- There are no taxes involved in an off plan property investment in Dubai.
- The stability of the currency in the UAE encourages expatriates to flock to this financial haven; thus, investors will always be able to find tenants or buyers for their off plan investment.
- Buyers encounter a wider choice of properties to suit their needs and preferences.
Most of the process of buying an off plan property is similar to purchasing an on plan one. This guide compiles the differences in buying an off plan property with regards to the documentation and key focal points.
1. Oqood Registration
Oqood is a service provided to developers by the Dubai Land Department (DLD). The DLD aims to register all types of contracts involving off plan properties between buyers and developers.
Developers can oversee their off plan properties with a user-friendly, bilingual – Arabic and English
portal that aims to safeguard buyers and their investments. Oqood registration is mandatory for all off plan properties. The title deed of the property is only provided once construction of the property is complete.
2. Measures to safeguard off plan investments:
The Real Estate Regulatory Agency of Dubai has introduced numerous measures to safeguard the investments made into an off plan project.
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100% of the land must belong to the developer.
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20% of the total construction needs to be complete before selling any off plan properties.
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The developer must make a down payment of 20% as a bank guarantee OR
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Deposit 20% into an escrow account.
The project registration and progress is available on the government website: www.dubailand.gov.ae
3. General Guidelines
Our team has compiled a list of guidelines to safeguard the interests of the clients when dealing with off plan projects:
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Be watchful of unregistered developers and projects.
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Each payment made should be supported by a project’s progress report.
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Ensure that the financial plan is suited to your timespan and budget.
At Nexus Point, you won’t have to worry about any of these issues, our services are honest and transparent and will help you achieve your goal of purchasing an off plan property without any hitches.
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A Valid Passport copy
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A Valid Visa copy (if you are a resident or tourist)
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A Valid Emirates ID copy (if you are a resident)
All the documents will need to be attested by the UAE embassy.
You will need to apply for and obtain:
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Memorandum of Understanding (MoU)
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No Objection Certificate (NOC)
After the MoU and NOC are issued, all parties involved in the transaction will need to go to the Dubai Land Department to transfer the title deed in the name of the buyer. The Dubai Land Department (DLD) and administration fees will need to be paid.
3. Finance
One of the most important parts of the buying process is to organise your finances. Transactions are usually completed through one of two ways – cash and mortgages.
If you’re going to pay with cash, you can speak to your agent about negotiating the price to secure a better deal for yourself. After confirming the price, the payment process becomes relatively straightforward.
Paying via a mortgage involves an assessment into the downpayment and monthly instalments you can afford to purchase the property. A mortgage is a more complicated method of financing your transaction, so we have included a separate section on it to give you as much information as possible.
Maximise your property investment
List your property with us by filling out the form or by calling us directly on +971 4 569 3670.
Why choose Nexus?
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An Abundance of Properties
Our website lists a wide array of off plan properties. We offer properties that suit different preferences and price ranges. Our dedicated team ensures that the website is updated regularly and only lists accurate details.
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Award-Winning Service
Nexus Point has been recognised on multiple occasions as one of the top real estate brokers in the United Arab Emirates.
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Safety
Nexus Point is dedicated to providing safe and secure negotiations to its clients. Our firm complies with the rules and regulations of Dubai’s Real Estate Regulatory Agency (RERA) and can assure ethical and safe transactions.
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Client-Centric
At Nexus Point, the entire real estate transaction carried out is always centred around the client. The client’s requirements, pace and circumstances are always taken into consideration; all decisions are well-thought-out and verified with the client.
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Detail Oriented
Our website hosts a diverse collection of off plan properties with their brochures, floor plans, facilities and lifestyle amenities listed. This is done to keep clients fully informed of all the details required to aid the decision-making process.
Maximise your
investment with us!
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