What does off-plan property mean?

Signing a contract to purchase a property that has not yet been built is known as an off – plan property . It is more inexpensive for potential investors to invest in off-plan projects in Dubai than it is to purchase a built-in home, which is pricier . Dubai’s real estate market draws serious investors from around the world.

Can anyone buy a property in Dubai?

In contrast to many other nations, the real estate market in Dubai is open to anyone. You are free to purchase and own property in any of Dubai’s freehold neighborhoods.

How can properties be registered in Dubai?

Dubai Land Department is the sole, legally authorized entity to register and document all real estate transactions. This is done through an electronic system (e-register) dedicated to this purpose, in accordance with DLD’s specific procedures and based on certain documents and papers. The transactions undertaken by real estate developers are recorded through the developers’ self-registration system. The rest of the transactions must be completed by the owner(s) or their representatives, with an official power of attorney at the Real Estate Registration Trustee centres located in different regions across Dubai.

Should real estate transactions be registered in Dubai Land Department?

All real estate legislations in Dubai stress the necessity of registering all real estate transactions including ownership, transfer, or change with or without compensation in order to guarantee the rights of investors. All r eal estate transactions that are not registered in DLD’s registers are considered invalid.

What guarantee do I have that my development will be completed?

The Real Estate Regulatory Authority (RERA) has established several requirements that the developer must meet in order to help ensure that an off-plan project is finished. One of these demands that the developer possess all the project-related land. Additionally, the developer must either provide a 20% bank guarantee down payment, place 20% in an escrow account, or finish 20% of the building before selling off-plan. RERA requires contractors to present a 10% performance guarantee in addition to the procedures .

When is the completed property transferred to the Real Estate Registry and the title deed issued?

The law requires developers to register completed projects in Dubai Land Department as soon as they receive a certificate of completion from the competent authorities. Accordingly, the real estate units that have been fully paid for will be transferred from the initial register to the Real Estate Registry and issuing the title deed/usufruct certificate for the investor.

DAMAC is an award-winning, Dubai-based real estate development firm that has been developing luxury homes since 2002. The company focuses on residential and commercial developments, as well as hotel construction. The operation area includes the entire GCC region as well as several specialized projects in Qatar, Saudi Arabia, Lebanon, Jordan, and the United Kingdom.

About Developer

Hussain Sajwani is the founder and head of DAMAC, which is now one of the largest licensed firms in the Emirates. It has been listed on Dubai Financial Market since 2015 and manages DAMAC Hotels and Resorts, DAMAC Maison Hospitality, DAMAC Real Estate Development, among others.

For investors, it’s critical to know that sales begin immediately after the project’s first public presentation and that all property stock is sold out as soon as construction is finished. Customers may inspect 3D models of future homes or walk around a replica residential unit – showcase when considering DAMAC properties for sale in Dubai. In addition to self-sustaining communities in Dubai, DAMAC has been managing a variety of projects – high-rise residences or clusters for the luxurious life. Investors looking to buy DAMAC properties in Dubai may visit the company’s sales offices and its authorized real estate partners.

DAMAC is unique among Dubai’s real estate developers because of its strong focus on customer service, which has resulted in the delivery of over 19,000 units to customers since 2002. The company has a team of dedicated customer care representatives who provide support before, during and after the purchase of a property. The developer is also one of the few companies to offer a 5-year post-handover payment plan on selected DAMAC projects for sale, which is a testament to its commitment to making ownership of a DAMAC property as easy and affordable as possible for its customers. So, if you’re looking for a developer that can offer you the best properties, service, and payment plans, then DAMAC is the right choice for you.