The citizens of many countries are increasingly resorting to buying real estate in installments from the developer. They are especially interested in purchasing a housing unit in the neighborhoods of Dubai. For example, investment apartments in Business Bay impress potential buyers with the beneficial combination of the perfect location and first-class quality.
As everyone knows it is possible to obtain real estate by taking on a mortgage. However, there is an alternative to the ordinary way of a deal. Nowadays future homeowners are able to get a property by obtaining installment payments from the developer. The two options are different. Installment payments are not financing, but a payment plan. But, nevertheless, they perform a key function – they allow the buyer to purchase a home that sells for more than the amount they have on hand.
A Few Statistics
In the United Arab Emirates and Dubai in particular a large proportion of real estate transactions are “installment”. This method is more popular in famous neighborhoods, like Business Bay, than mortgages.
Most residential complexes in Business Bay enter the market at the off-plan stage, that is, at the beginning of construction or at the design stage. These objects developers are usually offered to buy these in installments: a down payment of 5 to 40%, and the remainder is divided into several payments and is paid over a period specified in the contract. Installments for 2-3 years after completion of construction are offered by a few developers, but they do exist, and it is possible to pay for them in installments.
Rules And Regulations Of The Installment Plans
As the installment method was introduced a long time ago, modern developers try to offer more favorable conditions to their clients. The contemporary important issues about installment plans are the following:
- The objects that are in great demand, long-term installments are not offered. As collateral acts as a purchased property, or a down payment of 10 to 20% of the value, which can be purchased within 5 minutes online.
- You can continue to pay the cost of the object, even after the commissioning, but in such cases, the builder will require payment by check, acting as a guarantor of payment.
- You can get a checkbook only if you have residency status, which, in turn, can be obtained on the basis of ownership of the property.
- There are regulations of the Land Department, according to which, depending on the number of payments made, a portion will be returned to the client. The procedure and amounts are individual and depend on the contract with the developer.
- Properties with outstanding installment payments are allowed for resale.
Real Estate In Business Bay For Sale
Business Bay is a real Dubai Manhattan, a business and residential district in the heart of the city, located just 1.5 km from the world’s tallest tower, Burj Khalifa, on the banks of the newly laid Dubai Canal.
Business Bay is in constant demand both from those wishing to rent offices and from potential investors and home buyers. It is practically an ideal area for work and for life.
The area consistently tops the rankings both in terms of housing costs and the number of new offices, with the newest office buildings being built here. Business Bay has the advantage of vacant land plots for development, which will allow building exactly what tenants need, which means that the demand for office rent in this area will also grow. Demand for “exclusivity” of office buildings also leaves an advantage for Business Bay.
The Development Of The Area
Completely the project Business Bay by Marasi costing 272 million USD will be implemented only by 2023 – then there will be parks, 16 outdoor areas for various purposes, play areas, amphitheaters, outdoor cinemas, and weekly markets on 250 thousand square meters. Some of these transformations will be possible to see firsthand by 2017, the scheduled completion date of the first phase of the project.
Plans for the expansion of office space in Business Bay include projects from Dubai’s leading developers at various stages of completion. These include The Exchange, B2B Tower, Al Manara, Al Khail, Damac Towers by Paramount, and more than 100 other buildings that will house top-quality offices, luxury apartments and condos, and retail space.
The Dubai real estate market attracts wealthy people and foreign investors because of the higher returns and stability, and it affects the real estate market. The professional real estate agency Ax Capital (https://www.axcapital.ae/) introduces a variety of advantageous housing options at affordable prices. Besides, the experienced agents are able to provide detailed information on famous developers and potential installment plans. Do not wait to ask for a high-quality apartment or a villa and make a reasonable investment.