As of 2023 January you can buy a studio apartment property in Dubai for 50 Million Sri Lankan Rupees. 1 Bedroom apartment for 75 Million but that is if you have to pay it all at once. Dubai offers payment plan options for Off plan properties (newly launched / under construction). Which makes it much easier for any nationality to invest in Dubai real estate. Usually to book a property from the Developer the amount is 5 -10% of the total value and a 4% Dubai Land Department fee. Dubai real estate is a good option for Sri Lankans.
Payment plans provide the flexibility of making convenient payments until the property is fully handed over, with some developers even offering post-handover payment plans. This allows for a more adaptable and manageable approach to the financial aspects of property acquisition. I’m sure most of you have this issue whether you can own properties in Dubai for yourself. Below I will explain how you can own properties in Dubai and about payment plans.
Freehold Dubai
When considering buying an off-plan property in Dubai, it is important to understand the concept of freehold ownership. In Dubai, freehold properties are those that can be owned by foreign nationals, as opposed to leasehold properties, which are typically only available to UAE nationals.
One advantage of buying a freehold property in Dubai is that you will have full ownership rights to the property, including the ability to sell or rent it out. Additionally, freehold properties generally appreciate in value over time, which can lead to potential profits from your investment.
Another advantage of buying an off-plan property in Dubai is that they are often sold at a lower price than properties that are already built. This can make it a more cost-effective option for buyers looking to invest in the city’s property market.
However, it is important to keep in mind that buying an off-plan property in Dubai also comes with certain risks. For example, there is always the possibility that the developer may not be able to complete the project on time, which could delay the completion of the property and affect its value.
Conducting thorough research on both the developer and the project is crucial before making a purchase. This ensures that the developer has a commendable track record and increases confidence that the project will be completed as initially planned. Additionally, it is advisable to consult with a legal advisor before making any investment in Dubai.
In summary, for Sri Lankans, investing in an off-plan property in Dubai presents a promising opportunity. However, it is crucial to be mindful of the associated risks and conduct thorough due diligence before making a purchase.
Payment Plan
When buying an off-plan property in Dubai, there are typically several payment plan options available to buyers. The most common payment plan options include:
- Spot Payment:
This option requires the buyer to pay the full purchase price of the property at the time of signing the purchase agreement. - Post-Handover Payment Plan:
This option allows the buyer to pay for the property in instalments after the completion of the project. The instalments can be spread out over a period of time, usually ranging from 2 to 4 years. - Construction-Linked Payment Plan:
This option involves making payments to the developer at different stages of the construction process. This type of payment plan is typically offered by the developer and is designed to align with the construction milestones of the project. - Flexible Payment Plan:
This is also referred to as a customized payment plan, providing buyers the flexibility to tailor a payment schedule that aligns with their preferences. Negotiable with the developer, this option is subject to the developer’s availability.
[ RELATED POST: Lifestyle Benefits Of Living In Dubai As An Expat ]
Conclusion
In general, buying an off-plan property Dubai real estate for Sri Lankans can be a relatively easy process. Developers often have sales teams in place to assist buyers with the purchase process. Also they can provide information on the different payment plan options available. Additionally, many developers have online portals where buyers can view properties, review payment plans, and even complete the purchase process entirely online.
It is important to note that the payment plan options and terms and conditions may vary depending on the developer and the project, so it is important to review them carefully before making a purchase. It is also important to have a legal advisor to review the purchase agreement and payment plan before signing.
In summary, buying an off-plan property in Dubai can be easy with my help and the availability of different payment plan options. It is important to review the terms and conditions of the payment plan and consult with a legal advisor before making a purchase. Dubai real estate for Sri Lankans!
