Most of the process of buying an off plan property is similar to purchasing an on plan one. This guide compiles the differences in buying an off plan property with regards to the documentation and key focal points.
Oqood Registration
Oqood is a service provided to developers by the Dubai Land Department (DLD). The DLD aims to register all types of contracts involving off plan properties between buyers and developers.
Developers can oversee their off plan properties with a user-friendly, bilingual - Arabic and English
portal that aims to safeguard buyers and their investments. Oqood registration is mandatory for all off plan properties. The title deed of the property is only provided once construction of the property is complete.
Measures to safeguard off plan investments:
The Real Estate Regulatory Agency of Dubai has introduced numerous measures to safeguard the investments made into an off plan project.
100% of the land must belong to the developer.
20% of the total construction needs to be complete before selling any off plan properties.
The developer must make a down payment of 20% as a bank guarantee OR
Deposit 20% into an escrow account.
The project registration and progress is available on the government website: www.dubailand.gov.ae
General Guidelines
Our team has compiled a list of guidelines to safeguard the interests of the clients when dealing with off plan projects:
Be watchful of unregistered developers and projects.
Each payment made should be supported by a project’s progress report.
Ensure that the financial plan is suited to your timespan and budget.
At Fidu Properties, you won’t have to worry about any of these issues, our services are honest and transparent and will help you achieve your goal of purchasing an off plan property without any hitches.