Are you confused about “How To Buy Property In Dubai On Installments”?
The real estate market in Dubai has gained popularity in the last couple of years. Investors from all around the globe find their interest in the United Arab Emirates. The foremost reason is that buying property in Dubai in installments and installment plans makes things easier for residents.
The other reason for expats’ unusual interest can be Dubai’s state-of-the-art buildings and apartments. It makes Dubai preferably perfect for living.
Buy Property In Dubai On Installments
Although if you don’t have money to buy your own home in Dubai. Going for the installation process is a good idea. Well, there are many installment plans for buying Dubai property. You can get the best one according to your requirement. In the installment plans, some of them are;
- In the 60:20 ratio installment plan, you must pay 60% of the installment before home possession. You need to pay the 60% price of the house you want to move into or the project you want to start in Dubai. Rest 40% of the installments you can pay after moving into the property.
- The other installment plan varies, like 10:90. This ratio is ideal when you have the least money to buy a property in Dubai. Here, you need to pay just 10% of the property price in installments to get possession of the project or apartment. In contrast, you can pay the rest of the 90% installments afterward.
- Similarly, the other ratio of an installment is 40:60. You need to pay 40 percent of the house price in an installment before getting the keys to the house. Rest 60 percent of the installment you can pay after getting your feet in the house.
- The installment ratio of 30:70 is the same as above. Paying 30 percent of the house price through installments will make you the house owner. While 70 percent of the money you can pay in upcoming months or years.
Get Quality Property At Cheap Rates In Dubai
Buying property in Dubai can be a good shot for your future. But here you need to do good homework. Buying a property in Dubai can be way cheaper for you in the future. For that instance, you will encounter several developers and agents in the Dubai real estate market. Buy Property In Dubai On Installments is a long process therefore, we will break it down for you.
Here, you will see high-profile developers selling luxurious, expensive apartments. You will find mid-tier developers who offer quality at an effective price in the middle. In the last, you will meet the beginner developers that come up with one or two projects.
For effective and quality purchases, you need to find a developer in the middle who offers quality projects that sync with their prices for buying property.
Let me tell you one thing. Here you may find nothing interesting in the signing sale and purchase agreement. But the quality you buy with the project will compound over time to give you a profit.
That’s why buying property in Dubai is a lifetime investment. The important thing to remember is to do proper research on the developer profile and verify the sale and purchase agreement. It will save you from aftershocks of property purchases when property prices change over time.
Property In Dubai: An Investment To The Future
Sometimes you must invest in things that become valuable for you in the long run. Buying a property in Dubai is the best example.
It’s a worthy investment for your future. In recent years, it’s been the best time to buy one in the United Arab Emirates. It’s mainly for two reasons.
- One reason is that property prices have shifted and decreased compared to the last twenty years.
- The other good reason is the synchronization of payment plans with property purchases. This way has made buying convenient for you. The payment plan you can set according to your requirement.
The good news is payment plans have years of extension. It’s like a 5, 7, 10, 14-year payment plan. The three-year handover payment plan involves getting possession of the house through installments over the next three years.
Money You Need For House In Dubai
How much down payment for a house in Dubai do you need to give to get your own home? It’s like three to five thousand dirhams per month for the installments or sixty thousand dirhams per year to get your house in Dubai.
You need to save three to five thousand dirhams per month to get your house on a down payment in Dubai. The rest of the installments you can pay in upcoming years—you can find the details of installments and years of extension on the contract.
Can Foreigners Buy Property In Dubai?
Foreigners can own property in Dubai with ease. But they should keep certain points to make sure buying property in Dubai is successful. Some important tips are;
Tip 1: Hire A Certified Agent
The foremost tip for Dubai property possession is getting a certified agent from a Real Estate Regulatory Agency. It will be safe for you from scam brokers. You can use the Rest app to know if your broker is RERA certified and verify their certifications.
Tip 2: Get Property From A Registered Developer
Suppose you are looking for a developer from which you need to make a purchase. Here, you need to make sure that you get a registered developer. It would help if you typed “Projects In Dubai” on Google to check. In this way, you will land on the Dubai land development website by clicking on the search bar.
On the website, you will get all the details of the project that is registered. Let me be clear here: the project possesses the land or the house you want to buy in Dubai. In this way, you will get the satisfaction of buying a registered house or land.
Tip 3: Transaction Into Escrow Account
The next tip is that you need to take care of funding for project development. For a funding transfer, you need to make a transaction into an escrow account. On the land development page, you can get the escrow account details.
An escrow account is a third-party bank account. It’s not in developer control. This account makes sure that funding will only use for project development. Make sure you do this homework before buying a property in Dubai.
Tip 4: Verify The Location
Here sometimes, agents are not telling you the whole story. Therefore, you need to investigate on your own. You can take help from Google Maps. If the agent is saying, it’s 40 minutes from the airport. And if you use google maps to investigate.
The map says the property’s location is 45 minutes from the airports with some red spots of traffic jams. It means that the agent was right to some extent.
Tip 5: Verify The View
In the same way, you need to verify the view of your house or project. Here sometimes agents or developers lie to you. Don’t set all the expectations on them. Verify on your own through different sources to know the exact story of the location view.
Tip 6: Documentation Over Email
It saves you most of the time from agent lies. For example, you may need a restaurant near your house to get food when you want easily. And your agent lies to you about that to make a quick sale. Documentation over email for important things can save you from this messy situation most of the time.
Tip 7: Hire An Experienced Agent
Go for a good agent who knows the buying process in depth. In this way, he will take care of the documentation and buying verification process. Looking into a certified company will be the best option.
Tip 8: Hire An Inspection Company
Suppose you are getting some resale property in Dubai. Getting an inspection company will help you a lot. They will inspect every detail that you don’t even think to do.
Also, the company will provide you with some safety measures while going for a resale property. They ensure that the property you are buying doesn’t have any loopholes.
Tip 9: Read the Reservation Contract Carefully
Reading the reservation contract carefully and the sale and purchase agreement is important for foreigners. It’s important because once you give money to the developer. It will not get refunded unless the developer cancels the project.
Get your project from a strong, serious developer to get your buying process done till the end. It will put you in a safe position in the very first place. Make good research on the developers to get a quality house for you in Dubai.
As Dubai is a hub of ideal localities and residences, it’s a real estate market that keeps on growing. Buying property in Dubai in installments makes buying possible for the majority. Keep in mind that investment plans vary from developer to developer. Complete homework is important before jumping into an investment lender. Also, consider the points mentioned earlier for better guidance. It will ensure that you can crack a deal successfully.