What are the steps for a foreigner to buy off-plan property in Dubai?

Buying off-plan property in Dubai as a foreigner involves several key steps. First, it's essential to understand that off-plan properties are those purchased before completion, often at lower prices directly from developers, which can lead to capital appreciation upon handover. Foreigners can buy in designated "Freehold Zones" with full ownership rights. The process begins with submitting an Expression of Interest (EOI) and a small deposit, typically up to 5% of the property price, which is refundable if you choose not to proceed. Attractive payment plans are available, requiring an initial down payment of 5-20%, with the balance paid in installments during construction, and options for post-handover payments. To safeguard investments, the Dubai government mandates that developers use escrow accounts for off-plan projects, ensuring that buyers' funds are securely allocated to construction. Upon completion, buyers will settle any remaining payments and pay a registration fee of about 4% to the Dubai Land Department to finalize ownership. By following these steps, foreign investors can navigate the off-plan property market in Dubai with confidence and potentially enjoy significant returns.

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