Dubai Off-Plan Property Purchase Guide

ByOff Plan

You are purchasing a house that does not yet exist, which is the only obvious selling point after deciding to invest in off-plan housing. Since you won’t see any return on your investment (ROI) until after the developer finishes building, you need to have faith in them throughout the building process, as there is no third-party guarantee in off-plan transactions like there is with ready homes, the developer sets up an escrow account to assure the buyers that their money is safe and will only be released upon the completion of the project as per the agreed-upon timeline.

Choose the Developer

Choosing the correct developer is the first and most important stage. You may learn a lot about a company’s work quality and delivery timeline by looking at its history, financial health, and completed projects. Other purchasers’ experiences may be gleaned by reading internet reviews and testimonies.

Sales Contract

After settling on a developer, it’s time to move on to the sales contract. Make sure your rights and obligations are clearly spelled out and that you fully understand them. The contract should also contain specifics regarding the project, such as its duration, when possession will be transferred, the total number of units, the types of teams, and the payment terms.

Opening an account

The establishment of an escrow account follows the signing of a contract. Your funds will be deposited to this escrow account until the job is finished and delivered. The developer will only have access to the money in this account once certain milestones have been met.

Transferring Funds

The money should then be moved into the escrow account. You may use a credit card or a wire transfer to do this. You must supply the developer with a copy of the receipt after transferring the payments.

In search of a lucrative financial opportunity? Investing in Dubai real estate before construction is complete is a wise decision. This is because off-plan projects in Dubai provide the best chance for a high rate of return. They’re also easier to get your hands on. Inspecting the property can be a few trips. Just choose your preferred option, contact Off Plan Dxb, and relax while they do the rest.