Off Plan Services

Guidelines

Most of the process of buying an off-plan property is similar to purchasing an on plan one. This guide compiles the differences in buying an off-plan property with regards to the documentation and key focal points.

1. Oqood Registration

Oqood is a service provided to developers by the Dubai Land Department (DLD). The DLD aims to register all types of contracts involving off plan properties between buyers and developers.
Developers can oversee their off-plan properties with a user-friendly, bilingual – Arabic and
English portal that aims to safeguard buyers and their investments. Oqood registration is mandatory for all off plan properties.
The title deed of the property is only provided once construction of the property is complete.

2. Measures to safeguard off plan investments:

The Real Estate Regulatory Agency of Dubai has introduced numerous measures to safeguard the
investments made into an off-plan project.

  • 100% of the land must belong to the developer.
  • 20% of the total construction needs to be complete before selling any off-plan properties.
  • The developer must make a down payment of 20% as a bank guarantee OR
  • Deposit 20% into an escrow account.

The project registration and progress are available on the government
website: www.dubailand.gov.ae

3 General Guidelines

Our team has compiled a list of guidelines to safeguard the interests of the clients when dealing
with off plan projects:

  • Be watchful of unregistered developers and projects.
  • Each payment made should be supported by a project’s progress report.
  • Ensure that the financial plan is suited to your timespan and budget.

    • At Tamlik Real Estate, you won’t have to worry about any of these issues, our services are honest
    and transparent and will help you achieve your goal of purchasing an off-plan property without any
    hitches

    Benefits of buying an off-plan property in Dubai

    With numerous off plan properties being announced every month, seasoned investors and first-
    time homebuyers alike are demonstrating a growing interest in purchasing them.
    We have compiled a list of benefits of buying an off-plan property in Dubai:

    • Since the property is not complete yet, the prices of off plan properties are usually lower than on plan ones.
    • The advancement of technology allows for vibrant 3D generated visuals of the property to be designed. This helps potential investors to arrive at a decision.
    • The entire bulk payment is not required at the time of purchase; a down payment followed by monthly payments are required to pay off the property’s value. This reduces the pressure on finances and allows flexibility in the decision to purchase real estate.
    • The properties are usually of high value and predict capital appreciation. These are relative to time and estimated completion dates.
    • There are many incentive schemes offered by developers to potential buyers.
    • Most banks and financial agencies offer attractive financial schemes to aid the repayment of off plan properties.
    • There are no taxes involved in an off-plan property investment in Dubai.
    • The stability of the currency in the UAE encourages expatriates to flock to this financial haven; thus, investors will always be able to find tenants or buyers for their off-plan investment.
    • Buyers encounter a wider choice of properties to suit their needs and preferences.