Buy Off Plan Property in Dubai for Golden Visa

One of the biggest advantages of buying off plan property in Dubai is that you can get a Golden Visa. The UAE Golden Visa is a long-term residency visa that is granted to investors who meet certain criteria  One of the criteria is that you must invest in real estate in Dubai worth a certain amount.

Dubai is a popular destination for property investment, and off plan properties are a popular option for investors. Off-plan properties are those that are still under construction, and they offer a number of advantages over completed properties.

If you buy an off plan property worth AED 2 million (about US$545,000), you will be eligible to apply for a Golden Visa. The Golden Visa will give you a 10-year residency permit in Dubai, which can be renewed for another 10 years.

How to Buy Off Plan Property in Dubai for Golden Visa

Here are the steps on how to buy off plan property in Dubai for Golden Visa:

1. Do your research. Before you start looking at off plan properties, it is important to do your research and understand the market. This includes understanding the different types of properties available, the prices, and the location.
2. Work with a reputable real estate agent. A good real estate agent can help you find the right property and negotiate the best price. They can also help you understand the legal process and protect your interests.
3. Inspect the property. Once you have found a property that you are interested in, you should inspect it carefully. This includes checking the construction quality, the finishes, and the amenities.
4. Sign the Sales and Purchase Agreement (SPA). The SPA is a legally binding contract that outlines the terms of the purchase. It is important to read the SPA carefully and understand all of the terms before you sign it.
5. Make the down payment. Once you have signed the SPA, you will need to make a down payment. The down payment is usually between 10% and 20% of the purchase price or a special payment plan you agree with the developer.
6. Make the remaining payments. The remaining payments are usually made during the construction phase. The developer will provide a payment schedule that outlines when the payments are due.
7. Receive the keys to your property. Once the property is completed, the developer will give you the keys to your property.

Here are some tips to buy off plan property in Dubai for Golden Visa:

• Buy from a reputable developer. Do your research and make sure that the developer is reputable and has a good track record.
• Get everything in writing. Make sure that all of the terms of the purchase are in writing and that you understand them before you sign anything.
• Be prepared to wait. Off plan properties can take several years to complete. Be prepared to wait for your property to be finished.
• Get professional advice. If you are not familiar with the real estate market in Dubai, it is a good idea to get professional advice from a lawyer or a real estate agent.

What is Oqood when buying off plan properties in Dubai

When you plan to buy off plan property in Dubai for Golden Visa, after the agreement is signed between the buyer and the seller (developer), the purchase will be registered by the Dubai Land Department and the proof of such registration is the Oqood.

At this step of the process, buyers who purchase ready properties receive the Title Deed, therefore, the Oqood is the equivalent of a title deed for off plan properties. When the off plan property purchase is completed, Oqood is automatically transformed into a regular title deed. 

It should be noted that both the Oqood and the title deed are valid proof of ownership and property rights. The document is issued by RERA in the name of the person who is making the purchase. Oqood certificate is issued when the buyer has paid at least 25% of the payment to the developer. 

Moreover, Oqood registration is a mandatory requirement and cost around AED 1,050, to AED 5,250 and it also entails 4% of the property price in DLD fees. 

Am I eligible to receive a Golden visa when I buy an off plan property in Dubai

It does not matter how many apartments you buy, the total worth just needs to be minimum AED 2 Million combined. You do not have to live in it, renting the property out is fine to be eligible for a golden visa.

Note that off-plan properties too count as long as you already paid off at least AED 2 Million and the projects are from decent developer with a positive track record are at least 50% finished. You will have to present the Oqoods/Title Deeds. 

The approval of the golden visa with Oqood is subject to approval from the Dubai Land Department.

What are the risks of buying off plan property In Dubai

• The developer may not complete the project. This is a rare occurrence in Dubai, but it is always a possibility.
• The Real Estate Regulatory Agency (RERA) has legislation to protect off plan property buyers — by requiring developers to place all payments paid to them in a registered escrow account. They will only be able to access it when the project has reached a particular completion stage. 
• When it comes to off plan property buying risks, ensure the developer, real estate project and escrow account are registered with DLD and RERA.
• The property may not be as described. The developer may make promises about the property that are not true. For example, they may promise that the property will be completed by a certain date or that it will have certain amenities. If the property is not as described, you may have difficulty selling it or renting it out.
• The market conditions may change. When you plan to buy off plan property in Dubai for Golden Visa, you are essentially locking in the price at the time of purchase. If the market conditions change, you may end up paying more for the property than it is worth.

Conclusion

Buying an off plan property in Dubai for Golden Visa can be a good investment. However, it is important to do your research and understand the risks involved. By following these tips, you can increase your chances of making a successful investment.