One of the biggest real estate markets in the world, the UAE is well-known for offering profitable investment options. Investors have access to a wide range of homes, from off-plan to ready-to-move-in residences. However, off-plan properties are becoming more and more well-liked among investors and buyers. The ease of payment plans and project completion profitability are the primary reasons behind the surge in off-plan property investments.

Let's examine the procedures, measures, and other elements you must consider while purchasing off-plan real estate in the United Arab Emirates. Let’s start with how to buy a property for sale in UAE.

Identify Your Budget

To ensure you know precisely what you can afford, it's vital to lay out your budget before you start looking for your dream home.

Never forget to account for transfer and agency fees when making any purchases. If you intend to get a mortgage, be advised that a down payment of 25% of the purchase price will probably be needed. It should be noted that you will also be paying interest on your loan; the exact amount will depend on the supplier and will usually range from 3 to 4% over the course of the loan.

Two Ways to it:

Traditionally, you would look for a real estate agent to help you identify and connect with the owner. However, new and revolutionized channels have since emerged wherein you can use new Proptech Platform such as, DirectSB, to search properties, connect with owner and deal directly saving you the brokerage cost and allowing total transparency

DirectSB should to be able to help you every step of the way during the purchasing process and handle all of the tiresome paperwork. In order to guarantee they get the greatest bargain for your particular needs, the platform goes into depth during the initial phase to establish a clear picture of the home you're searching for.

Directsb handles every aspect of purchasing a house, saving you from wasting time on the phone or in meetings. We support you at every stage, from the first search to completing the transaction documentation and beyond.

Leasehold vs freehold

There are major distinctions between the leasehold and freehold acquisition regulations. Since freehold confers absolute ownership, it is frequently the most desirable option. Make sure you choose the one that best suits your needs in advance and let your agent know what you like to avoid any issues or possible disappointment.

Formulating A Contract Between Buyer and Seller

The first thing to do is to discuss and agree upon the terms of the sale with the seller after you've selected the home for sale listing on DirectSB or any other property listing website.

You have two choices when buying properties for sale in Dubai and the UAE: pay cash or apply for a mortgage. The largest advantage of paying cash for a property instead of using a mortgage is probably your capacity to haggle. Cash buyers might negotiate for a lower price because they are more aware of their spending limits.

Read More: Emerging Trends to Buy and Sell Properties in UAE

You don't need a lawyer or real estate agent's help to finish this step. The rest should be taken care of by any trustworthy Dubai real estate company or law compliance company.

Get NOC (No Objection Certificate)

The developer's office (e.g., Dubai Properties, Emaar Properties, Nakheel Properties, or other prominent property developers in Dubai) is the meeting place for the buyer, seller, and real estate agent.

This meeting's goal is to apply for and pay for a No Objection Certificate (NOC) so that ownership can be transferred. Only if there are no unpaid service fees on the property would the developer grant the NOC.

Look Out for all fees and costs

Don't forget to account in fees and expenditures when creating your overall budget. Here are a few crucial points to remember:

1. The price of a NOC can vary significantly, from AED 500 to AED 5,000 (including VAT). Usually, the sale reimburses the developer for this. It's important to note that certain developers may additionally want a refundable deposit, which is reimbursed upon presentation of the updated title deeds at the developer's office.
2. A real estate agent in Dubai typically charges a commission of two percent of the purchase price + VAT.
3. Four percent of the purchase price is used to determine transfer fees, and an additional AED 580 is needed for administrative costs.
4. For ready properties, trustee costs are approximately AED 4,000 plus VAT, while for off-plan properties, they are approximately AED 5,000 plus VAT. The Dubai Land Department Trustee Office is where payments are to be made.
5. In the event that mortgage registration costs are necessary, they must be paid to the Dubai Land Department and are computed at 0.25 percent of the registered loan amount.
6. Buyers must account for the pro-rata part of service charge payment, since developers will request payment in advance.

Transfer of Ownership

To transfer ownership, all concerned parties must appear at the Dubai Land Department office after the NOC is issued.

The buyer will receive the new title deed in their name after all procedures are finished, and they will be responsible for paying any overdue service fees to the seller. Even though it may seem like a lot, Maple & Rose will take care of the complete purchasing procedure, saving you time by handling the paperwork and phone calls.

For purchasers looking to rent out their houses, we provide extra property management and upkeep services after everything is finished and the property is in your possession.

Conclusion

The next stage is completion when all transactions are finished, payments are made, and everyone is in agreement. The much-anticipated milestone, completion day, arrives after what is probably going to have been a difficult period, when the property finally becomes yours.

Now is the time to grab the keys, or key cards, and celebrate this historic occasion