What questions to ask a developer when buying off-plan real estate in Dubai Hills Estate?
The real estate market in Dubai Hills Estate abounds with premium quality housing units. The foreign buyers can choose either primary or secondary property. Cost of apartments in Dubai Hills Estate makes it possible to invest in the desired housing objects and enjoy the purchase. However, buying an apartment in a new residential complex has a number of advantages. Such housing is cheaper, its layout is more comfortable, and the service life is longer. However, on the primary market there are many risks, knowing about which you can protect yourself from losing money, litigation with developers or low-quality housing. In this article, we will find out what question a buyer should ask before buying real estate in the neighborhood.
What does it mean to buy off-plan?
Off-plan is the purchase of housing before construction is completed. The average price of such apartments, depending on the stage of the project, is 15-20% lower than the cost of finished apartments and houses.
The housing market off-plan is especially beneficial to buyers from abroad, who are in no hurry to move into new apartments and are ready to wait for the commissioning of the house. After the completion of the construction before the owners have a real opportunity to profitably lease housing and have a stable income or earn a decent income from the resale. In this case, the legislation of the UAE is fully on the side of the buyer and protects the safety of your investment.
How to check the reputation of the developer?
First of all, you need to collect and study all available information about the company on the Internet. The World Wide Web is full of articles about real estate, experts’ revelations and buyers’ reviews. Going through the analytics and forums of shareholders, you can make a preliminary opinion about the developer.
Accurate information can only be obtained by studying the documents. Any construction is connected with lots of papers, critically important or secondary, so you need to know exactly which documents are of the greatest interest to the future homeowner. When you visit the office, ask for the originals or copies certified by a notary.
The neighborhood is developed by the renowned developer Emaar Properties. The developing company often offers great deals on properties in the Dubai market. Today, Emaar’s top Dubai neighborhoods such as Emaar Beachfront, Downtown Dubai and Dubai Hills Estate are considered some of the most popular residential, tourist and business centers in the city.
How can a buyer be confident in the completion of construction?
All transactions on the real estate market are regulated by the government of the UAE. Both seller and buyer have certain rights and obligations included into the contract. Such a strict approach guarantees transparency of a deal. Speaking about the developer, it must compile with the next requirements:
- The developing company has to provide all the necessary documentation that certifies the construction.
- The developers are required to open a guaranteed bank account (escrow), which will receive all funds invested by investors. Access to it will be open only after the developer completes a certain stage of construction.
- DLD obliged developers to reserve in a designated bank account at least 20% of the estimated value of the project before the start of its implementation. These funds can then be used to carry out any stage of construction work. This requirement is implemented in case of company bankruptcy and absence of budget to finish the project.
- It is obligatory that the developer owns 100% of the land under construction and has the official documents.
What information should be included in the sales contract?
The sales contract is signed in two languages: Arabic and English. It does not require mandatory notarization. The main points of the contract are the same as in any other country. The sales contract is to include the following obligatory points:
- address of the property;
- its cost;
- the procedure for payments negotiated beforehand;
- conditions and terms of the transfer of real estate.
When buying housing under construction, the contract additionally specifies the deadlines for completion of construction and the responsibility of the developer for violation of the deadline for delivery of the house. It is important to negotiate with the developer and read the contract carefully before signing.
The bottom line
The most important thing when buying real estate in Dubai Hills Estate is to communicate with the real estate agents and developers who have profound knowledge of property in the area. Go to the website Emirates.Estate and compare several residential complexes in different areas, analyze their characteristics, evaluate pros and cons, monitor the images and select the suitable housing unit.
Make your housing in Dubai Hills Estate not only your second home, but a profitable investment project.