FAQ
Question About Off-Plan
Many means are accepted by the developers within the framework of the payment of a real estate. The accepted means of payment are
- Bank Transfer
- Bank Card
- Cheque Issued by a Local Bank
Yes, in freehold areas.
Buying an off-plan property means you commit to purchasing a property either before or during the construction phase. It has significant advantages:
- Plan and save money – It allows investors to get a purchase at the earliest and lowest possible price and buyers to pick the very best apartments in a specific development.
- Sell before the completion date – Investors can sell off their off-plan property contracts prior to the completion of the projects and at a considerable profit.
- Lower up-front costs – off plan property payment plans can and do vary from different types of developers in Dubai.
Yes, you can sell an off-plan property before its completion date after paying a certain amount of the payment plan usually between 30-50%.
Yes, it is simpler to buy a Dubai off-plan property. While resale property requires a power of attorney to be assigned.
- Payment plans are interest-free (0% interest)
- You pay directly to the developer in a payment plan
- There is no need for any eligibility criteria for a payment plan.
- You don’t have to pay any processing fee for a payment plan
- You don’t need any pre-approvals for the payment plans.
Question About Secondary
A secondary property is one that is previously owned, and the owner (not the developer) is looking to sell it for profit.
- Established Unit and Location: Secondary properties are often ‘Ready’ properties and are located in established neighbourhoods. Accordingly, you will have a better idea of what it would be like to live there, from the maintenance to the amenities and even your neighbours.
- Wider Choice of Options: As we mentioned before, the primary market is extremely fast-paced. This means that primary properties sell out very quickly; accordingly, they are much harder to come by compared to secondary properties. Therefore the benefit of looking into the secondary market is that you may have a wider choice of options, and you’ll have a bit more time to make your decision.
- Negotiable & Lower Price: Lastly, despite not having access to developer promos, secondary properties can occasionally be more affordable than brand-new units. Moreover, with the help of a competent real estate agent, you can negotiate the price down so that you get great value for your money.
- Renovation Costs: On the other hand, a downside of purchasing a previously lived-in or leased property is that you may need to carry out renovations. The extent of the refurbishing you’ll need to do will depend on how old the unit is and how well its previous owners maintained it. Generally, if the unit is more than 10 years old, we advise that you factor a reasonable amount of money into your budget for any repairs and renovations.
- Older design: Moreover, depending on how long the property has been on the market, you may not get the most modern and cutting-edge designs.
- Less flexible payment plans: In the secondary market, you won’t have access to the same flexible payment plans that developers offer.
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