Benefits of buying an off plan property
Since the property is not complete yet, so the prices are usually lower than on plan ones.
The entire payment is not required at the time of purchase, only the 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 the property.
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 purchase property.
There will be always tenants or buyers for your off plan investment.
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.
- Oqood Registration; Oqood is a service provided to developers by the Dubai Land Department (DLD). Much the same as a Title Deed on a completed project, the Oqood Certificate is equally as important for
the registration of an off plan property. It is the pre-registration of ownership of the property in your name and registers your interest at the Dubai Land Department.
- Be watchful of unregistered developers and projects.
- Ensure that the financial plan is suited to your time and budget.