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.

Award-winning real estate development and investment company Select Group specializes in a variety of verticals, including retail, hospitality, and real estate investments. Since its founding in 2002, Select Group has developed a number of upscale residential, commercial, and mixed-use complexes in coastal communities around Europe and the United Arab Emirates.

About Developer

Select Group’s most well-known works include Marina Gate, Studio One, and The Torch in Dubai Marina. The first project of the group in Dubai was The Torch, which was the world’s tallest residential building when it opened in May 2011.

Select Group was founded and is run by Rahail Aslam. With the help of Rahail, Select Group has completed 5.5 million sq. ft of development in Dubai and has 7 million sq. ft under contract to date. After successful introduction of Marina Gate in 2014, Select Group has established itself as one of the leading private real estate firms in the UAE.

The company provides an array of services for its clients, including but not limited to real estate development, project management, architecture, interior design, and construction. Select Group properties and projects for sale in Dubai are some of the most reliable and sustainable real estate transactions for investors.

With a variety of residential and commercial projects to choose from, Select Group is sure to have a development that meets your needs. For those looking to buy Select Group properties in Dubai, contact D&B Properties to learn more about the current and upcoming projects.