What you need to know about buying real estate in the Emirates

 Emirates is considered a modern center of business, tourism and IT technologies. A huge number of foreign investors invest money in local businesses, opening new companies, real estate and more.

If you are planning to buy real estate here and have considered interesting options on https://theorchardplace.ae/, then you should additionally learn some important points. This will help you make the right choice and competently invest in real estate in an incredibly developed and beautiful country.

In the Emirates there are no unfinished properties

And this is a fact. Such a problem exists in many states. Private companies announce the beginning of construction, investors invest money, buy apartments in houses that in fact do not exist yet. And then there are cases when construction stops and the developer together with investors' money disappears.

This does not and cannot happen in the Emirates. Investors' funds are protected at the state level and the money is kept in special accounts. But note that the deadlines for delivery of objects are sometimes delayed.

According to the laws, the developer has a grace period of 1 year. This allows you to delay the delivery of the object. But statistics show that this happens very rarely.

Installment payment is tied to the stages of construction

If you buy real estate in installments, then take into account that the payment plans will directly depend on the stages of construction of the building. It's important to make sure this is spelled out in detail in the contract. Therefore, always read the terms and conditions before signing a contract to buy a property.

When interacting with the developer and agents, always ask questions, clarify details that are important for you to know but you don't fully understand. It is their job to provide detailed explanations on all key issues.

Resale terms

Some investors buy real estate at the start of construction to then resell it at a different price. This allows them to earn quite a lot of money in the short term.

But different developers have their own rules and conditions for resale. If you do not want to wait for the completion of construction, and plan to sell the asset, clarify what is the minimum amount to be paid under the terms of the installment plan. Usually it is 30-40% of the full cost of housing.

Promotions and discounts

For some it may seem strange and surprising, but in the Emirates there are actively held promotions and various discounts on real estate. The market is developing rapidly and there are more and more offers every day. To compete with other developers, developers hold special promotions.

Some lots can be noticeably cheaper than others. For example, the apartment does not come with a parking space. Or the apartment does not have a balcony. Many buyers do not need them, but the purchase of such an object will be much cheaper than a similar apartment with a balcony.