Dubai’s rising Real Estate offerings have made it an attractive destination for property investments. Whether you’re eyeing a sleek apartment still under construction or a newly built villa, purchasing a property in Dubai can be exciting opportunity to both live and invest in.
In this guide, we’ll walk you through buying a primary market property from a developer in Dubai, ensuring a smooth and hassle-free experience.
Key Documents
Before diving into the buying process, it’s essential to have the following key documents in place:
Passport copy
Resident Visa & Emirates ID, if available
Email ID
Phone number
Residential address
The Buying Process
Selecting the Property
Begin by dealing with a reputable broker who will assist you in locating the best property for your needs and budget. Dubai has many real estate possibilities, from modern flats in vibrant neighbourhoods to luxurious homes in serene estates.
Signing the Booking Agreement
Once you have chosen a property, you must sign an offer to purchase (OTP) contract and pay the booking amount. This agreement confirms your intent to buy the property and secures it in your name.
First Instalment Payment
After signing the booking form and paying the booking fees, you will be asked to pay the first instalment or down payment as per your chosen payment plan. You must also pay a 4% DLD registration cost and the OQOOD (Off-Plan Property Ownership Certificate) fee; this certificate provides legal protection and confirms your ownership, even if the property has yet to be fully purchased. This step is critical to register your purchase with the appropriate government agencies. Always ensure all payments are made only to the project’s escrow account.
Sales and Purchase Agreement (SPA)
After the payment, the developer will prepare the Sales and Purchase Agreement (SPA) in your name. The SPA outlines the terms and conditions of the purchase, including payment schedules and delivery timelines. It is crucial to review the SPA thoroughly before signing it. Seek legal advice if needed.
Handover & Inspection
Once you have completed the payments, the developer will ask you to examine your property on a mutually agreed date. You should hire a third-party inspection team before taking over the keys. When you are satisfied with the property and your inspection team gives you the all-clear signal, the developer’s handover team will hand you the keys. You can begin the move-in process.
Title Deed
Once the property construction is complete and you have paid the total cost to the developer, a certificate of ownership for the ready property, known as the Title Deed, will be issued. This document is legal proof of your ownership of the property.