Payment schedules can range from increments of 10% up to 20%. It is at the discretion of the developer how they structure it
The benefit of buying off-plan is that re-sales command relatively high premiums therefore reducing any profit margin in the investment considerably.
Who Can Buy?
With one of the highest per capita incomes in the Middle East, the United Arab Emirates (UAE) is a focal point for investors in this region. The UAE is traditionally associated with oil and natural resources. However, this is certainly not the only industry with business opportunities. The governing bodies within the emirates that make up the UAE are proactive in developing incentive schemes and building infrastructure to make the region competitive with business hubs around the world.
Free Zones are one such program to provide infrastructure and incentives to a variety of industries and investors. A variety of free zones have been developed within the UAE. These include Dubai Airport Free Zone, Hamriyah Free Zone, Dubai Internet City, Jebel Ali Free Zone and many more. Some of the appealing benefits for incorporating in the UAE include the option of 100% foreign ownership, extensive infrastructure, a wide range of facilities (warehouses, offices, industrial parks) amongst other things. The UAE has made a strong, combined effort to diversify their economy, slowly shifting the dependence on their oil reserves. They have achieved success in their tourism industry, spurred by the lavish and luxurious lifestyle images of Dubai. The other sector lobbying for development is the service industry. Their main attraction – the free zones; these Free Zones are all encompassing business models providing readily available access to the technology and infrastructure a modern day business requires to be competitive.
Acumen finally seems to have entered the minds of UAE’s Federal Government officials who recently have started to consider the issuance of freehold property visas. This news was revealed of late by a top Dubai government official who said that introduction of residence visas on foreign property ownership in various emirates of the UAE was under serious consideration. The DG of Dubai Government’s Finance Department added that the proposal regarding issue of property-linked visas, which was put forward by the Advisory Council of Dubai Government, was under a review.
It should be kept in mind that some emirates, acting of their own accord, had already amended their foreign property ownership laws and developed their own freehold visa arrangements. The purpose of the proposed freehold property visas at the federal level is to streamline the process and set a unified guideline for the entire UAE. The Federal Government officials hope that the new law will be introduced soon but no timeline for the regulation’s introduction has yet been announced.