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Dubai’s real estate market has progressed manifold over the last decade. More trade and business opportunities accompanied by welcoming tourism and hospitality have attracted investors from around the world for a while now. With the expat population nurturing within the emirate, there has been an exponential rise in demand for housing. With the increasing need for luxury lifestyle spaces, leading developers like DAMAC Properties are offering villas for sale on instalments in Dubai with payment plans.
As it is not possible for everyone to make the 100% payment upfront while buying a villa in Dubai, homebuyers and real estate investors lookout for comprehensive payment plans to keep the entire buying process easy on finance. A payment plan is nothing but a policy that specifies the number of instalments to be paid in a specific time period diversified by the amount to be paid in each instalment when buying a villa for sale on instalments in Dubai.
The buyers need to be mindful of the fact that different real estate developers have different provisions when it comes to buying a house on instalments.
Dubai property market is known for its high ROI and extremely favourable living conditions. The sky-touching marvels nestled within the emirate, some fully developed while others on the route to completion, clearly testify this fact.
One of the most popular payment plans, here instalments are divided into percentages which need to be paid at different stages over a set duration until the final handover. Though every developer designs their own instalment payment plans, it is usually split into ratios like 20:80, 30:70, 50:50, and so forth.
A post-handover plan is a secure and comfortable payment plan for buyers. Here, the buyer is allowed to make the payment after the property is handed over to them. Nevertheless, they still need to pay some part of the total price before gaining total ownership of the property.
Initially, the Post-handover payment plans were offered for larger developments. But, with the popularity of this payment plan among the buyers led to private developers adding this option as well.
The post-handover plan offers great convenience to buyers as they can take charge and rent the property right after the handover. They furthermore enjoy a high rental yield and pay the remaining amount.
This unique payment option is gaining popularity around the world. The rent-to-own plan is useful for the end-users who are planning to stay in the house and not the investors. This is a highly popular payment plan for buyers who don’t have sufficient funds for an upfront payment.
In this plan, the tenant and landlord sign a contract for a time of certain years. The annual rent in this payment plan is usually higher than that of a rented property. However, as per the contract agreement, the tenant becomes the owner of that property once the duration is over and the contract terms are met by both parties.