The Dubai property market continues to attract buyers due to its wide range of options and modern developments. Off-plan properties remain popular with those looking for flexible payment terms and early access to new projects.
Before you buy off plan property, it is useful to look at a few basic points, like:
Choose a registered developer
Before making any payments or commitments, check that the developer is registered with the Dubai Land Department (DLD) and approved by the Real Estate Regulatory Agency (RERA). Registered developers follow local property regulations, and their projects are monitored throughout the construction period.
Verify project approval and escrow account
Every off-plan project in Dubai must be approved by the DLD. It should also have an escrow account linked to the project. This is a special bank account where buyers’ payments are held and released only when construction progresses. This system is designed to protect buyers and ensure funds are used for the right purpose.
Review the sales and purchase agreement
The sales and purchase agreement (SPA) outlines the property details, payment plan, delivery date, and penalties for delays. Go through the document carefully and ensure all agreed terms are listed. This agreement becomes the main reference point throughout the transaction.
Consider the payment plan
Developers usually offer staged payment plans based on construction progress. The payment schedule and due dates should be clear. This arrangement spreads the total cost over several months or years, which may work well for some buyers. It’s also helpful to check if any fees are added during handover.
Check project location and surroundings
The future surroundings of the project affect both its use and resale value. Look into nearby developments, transport links, and planned infrastructure in the area. Even if the plot is empty now, updates from the Dubai Municipality or DLD may give an idea of future development plans.
Timeline for completion
Each off-plan project has an estimated completion date, but delays can happen. It’s good to stay informed by tracking updates shared by the developer. Ask if the SPA includes any conditions related to late handover, such as compensation or revised deadlines.
By paying attention to these areas, buyers are better prepared to invest in off-plan property in Dubai with more clarity on what to expect during the process.
