The UAE property market comprises of two submarkets: primary and secondary market. Direct purchase from the Developer refers to the primary market which consists of new properties. This includes new launches and ongoing projects from the developer. This also refers to sales when a real estate Developer/builder sells the housing units or commercial units to the investor or end-user in the primary market. It is the first sale for that unit, which include new launches and ongoing projects. The Developer or builder would usually issue the SPA (Sale purchase agreement) after initial booking deposit or minimum payment requirement has been met. This applies only to freehold projects and fully completed properties. The Banks require a Handover notice and Building completion certificate to initiate property valuation/inspection and provide financing options for these units. Most banks can provide up to 80% of the market value of the property (or original sale price). Any excess down payment to the Developer can also be refunded to the client as direct equity/cash.
While using our extensive knowledge and experience of the UAE mortgage market and property transaction process, our team of mortgage advisors in Dubai are here to ensure that your direct purchase is completed in a smooth and transparent manner.