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.

Meraas is a privately owned company incorporated in the United Arab Emirates, and a subsidiary of Dubai Holding. The firm was established in 2007 and has been operating since then in various industries, including real estate, leisure and hospitality. Sheikh Ahmed bin Saeed Al Maktoum is the chairman of Meraas.

About Developer

Meraas has had much success since its establishment, including the delivery of over 80 million square feet of property in Dubai—both residential and commercial – making Meeras projects for sale one of the highly anticipated in the market. This includes retail units and more than 3500 residential units. Consequently, Meraas has become one of the biggest developers that is most trusted in UAE with a notable portfolio that encompasses many iconic places in Dubai such as La Mer, City Walk and Bluewaters Island.

Meraas is well known for its luxurious developments in prime locations throughout Dubai, with many investors looking to buy Meraas properties in Dubai. Most of their residential projects include first-class amenities and come with their own facilities, a step above most others offered by the competition. Some of Meraas’ most popular projects are Bluewaters Residences, Port De La Mer, Sur La Mer, BVLGARI, Cherrywoods and Nikki Beach Residences.

Ain Dubai, the world’s largest observation Ferris wheel at 250 meters and is also one of Meeras’ iconic developments. Translating to Dubai Eye in Arabic, Ain Dubai is the main attraction on Bluewater Island. To offer perspective of its size, if you were to lay all the cable wires of the 192 spokes in a horizontal line, it would cover a distance of 2,400 kilometers.

As a result of all these factors, Meraas is one of the best developers in Dubai and an ideal choice for any real estate investment. If you are looking to purchase Meeras properties for sale in Dubai, consider the driving advantages of this development, including: a wide range of options available in terms of location, type of property, and price point; commitment to sustainability and environmentally friendly initiatives; and focus on minimizing carbon footprint and using recycled water in their developments.