LIV Lux

An off-plan property is a property that is purchased before construction is complete. Buyers invest in the property during the development stage, often benefiting from lower prices and flexible payment plans.

Benefits include competitive pricing (typically 10-20% below market value), flexible payment plans during construction, potential for capital appreciation before completion, opportunity to customize finishes, and access to new developments in prime locations.

Payment plans vary by developer but typically include: an initial booking deposit (5-20%), installments during construction (40-50%), and final payment on handover (30-40%). Some developers offer post-handover payment plans extending 1-3 years.

Yes, most UAE banks offer mortgages for off-plan properties with up to 80% financing for UAE nationals and 75% for expats. The mortgage is typically activated upon project completion. Pre-approval is recommended before reserving a unit.

Dubai's RERA (Real Estate Regulatory Agency) protects buyers through the Escrow Account system, ensuring funds are released to developers only as construction milestones are met. In case of significant delays, buyers may be entitled to compensation or refunds as per their sales agreement.

Dubai has robust regulations to protect off-plan buyers, including mandatory Escrow accounts, RERA registration, developer licensing requirements, and strict building codes. Always verify the developer's track record and ensure the project is registered with RERA before purchasing.