All you need to know about Selling, Buying and getting VISA through owning Off-plan (not ready/under construction properties) properties in Dubai & the UAE
Can I buy an off-plan property with a mortgage?
When it comes to financing your off-plan property, it’s not possible to secure a mortgage in Dubai. Many local and international banks offer mortgage options for ready properties, but not for properties under construction. That’s why we can see a significant increase in the prices once a project is being handed over – as it opens up for a different market where people can buy the property with a mortgage. Having a solid financial plan and a clear understanding of the mortgage process will make your property purchase smoother.
Can I get the Golden Visa when buying an off-plan property?
Investing in off-plan properties can make you eligible for the Golden Visa in Dubai. The Golden Visa is often linked to substantial property investments, and off-plan purchases are considered in this category. To ensure a smooth Golden Visa application process, it’s crucial to adhere to the investment criteria set by the Dubai government. This typically involves meeting a minimum investment threshold, maintaining the investment for a specified period, and fulfilling other requirements outlined by the authorities.
As of today, 2 requirements has to be fulfilled. The price of the property needs to be at least 2,000,000 AED or more, and the construction needs to be 50-60% completed to be eligible for the Golden Visa. Same goes for Investor Visa, the price of the property needs to be at least 750,000 AED and the construction needs to be 50-60% completed.
When can I sell my off-plan property?
The timing for selling your off-plan property is influenced by various factors. Generally, developers in Dubai set specific milestones in the construction process that allow buyers to sell their off-plan properties. This is also referred to as re-sale. It’s essential to check your sales agreement and understand the terms and conditions for re-sale. Typically, developers may allow transfers or sales after reaching certain construction milestones or obtaining necessary approvals. Keep in mind that there might be transfer fees or other costs associated with selling your off-plan property. Typically, the construction needs to be around 35% completed before you can re-sale your property.
How to Choose the Best Off-Plan Property
Selecting the ideal off-plan property requires a thoughtful approach, and a key aspect of this process is partnering with a knowledgeable broker who understands your unique needs and expectations as a buyer. A seasoned broker acts as your advocate, guiding you through the intricacies of the Dubai real estate market and ensuring that your preferences align with the available options. It’s crucial to communicate openly with your broker, detailing your lifestyle requirements, investment goals, and any specific features you desire in your future property. This collaborative effort ensures that the properties presented to you not only meet your criteria but also exceed your expectations. A skilled broker not only possesses a deep understanding of the off-plan landscape but is also adept at translating your preferences into tangible options, ultimately facilitating a smooth and personalized property selection process.
For any advice when buying off-plan property in the United Arab Emirates, don’t hesitate to reach out to us for expert guidance in the property jungle! Check out some of our favorite on-going projects in the UAE.
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Frequently asked questions
Off-plan refers to the purchase of real estate properties that are still under construction or development, allowing buyers to invest in a property before it is completed and ready for occupancy.
Investing in off-plan real estate in the United Arab Emirates offers the potential for attractive returns and early access to emerging property markets.
Investing in off-plan real estate carries the risks of construction delays, changes in market conditions, and potential uncertainties in the final property outcome.
When investing in off-plan real estate, you may encounter additional expenses such as administrative fees and property registration costs (4% Dubai Land Department registration fee).
Brostrom Properties can assist you in identifying the ideal off-plan investment property by leveraging our expertise and tailored market insights to match your specific investment goals and preferences.
To begin your off-plan real estate investment journey in the United Arab Emirates, simply reach out to Brostrom Properties, and we’ll guide you through the process step by step, making it easy and accessible for you.