A due investigation is essential before buying off plan properties in Dubai, where real estate rules are rather rigorous. The following advice can help you with that.

Cross-Checking Project Developers

Reviewing the developer's previous work in the region where the building is taking place is important. The buyer has to look at the developer's final drawings and the estimated handover date for the home very closely.

Payment Feasibility

The prospect of large returns on the initial investment makes off-plan buildings appealing to many. However, it is important that both parties agree on a payment schedule.

When purchasing from the developer directly, the buyer can be required to make a down payment of up to 20% of the purchase price. This is generally done at the time of contract signing. (SPA). Additional payments after the handover may also be agreed upon between the buyer and developer.

One can never be sure of the results from investing in off plan properties in Dubai, despite the fact that they have the potential to provide significant rates of return. The eventual selling price of your Dubai property is affected by a wide variety of circumstances, including real estate market fluctuations and the area's actual development after a property transfer.

Project RERA Registration

The buyer should first verify the developer's registration with RERA and DLD and then find out whether the off-plan project itself has been registered. Also, the buyer is responsible for making sure the development follows Dubai's Escrow Accounts Law No. (8) of 2007. Potential purchasers might check out the DLD's website. Buyers may double-check the project's legitimacy using the Dubai REST smartphone app.

Is the Developer Using Current Permits?

RERA & the Dubai Land Department must both recognize the developer as a legitimate business before it can begin construction. This also includes the several government licenses that will be necessary.

Before Signing, Read the Contract.

It's recommended that you consult a lawyer before committing to the Sales and Purchase Agreement (SPA). It's a good way to ensure the purchasers' rights aren't compromised in any way. Penalties, alternative dispute settlement, and the right to extend the deadline for completing the property are all examples. The buyer may rest easy knowing they have a failsafe in place if they seek legal counsel to check these conditions. This is a necessary measure for avoiding delays in Dubai property handovers.