Today, there are multiple options available for purchasing accommodation in Dubai, and not all of them require you to pay the entire amount upfront, that means you can buy property in Dubai on installments. Local developers offer interest-free payment plans for up to ten years, which are also available to foreign citizens. Continue reading to discover the locations within the emirate where you can access these services and the types of properties covered by these plans. This article will provide you information about property for sale in Dubai with payment plan.
Peculiarities of Payment Plans in Dubai
Can I buy apartment in Dubai in installments? In Dubai, many developers provide the opportunity to purchase properties while they are still under construction and offer flexible payment options to pay the full price of the unit gradually. Here's how Dubai property payment plan works: during the initial stage of construction, the buyer pays 10% of the property's cost, followed by 30% during the second stage, and another 20% during the third stage. The remaining balance can be transferred to the developer once the villa has been delivered. This Dubai payment plan allows buyers to manage their finances more effectively while securing their property investment.
A buyer has the option to partially cover the property amount with a loan. Non-Dubai residents can avail mortgages from banks for up to 50% of the full amount. However, certain conditions apply, such as the project should be at least 50% completed and have a minimum expected completion time of two years.
If you want to buy post-handover property in Dubai, a different paymentplan is in place. The developer and the buyer enter into a long-term rent agreement that provides the option to purchase the property in the future. Upon fulfilling all the conditions specified in the contract, the tenant becomes the owner of the unit. However, it's important to note that in this arrangement, the rental amount is typically higher than the average market rate.
W Residences Downtown (Housearch)
Top Five Properties in Dubai Available for Payment Plans
Not all developers are willing to offer a 10-year payment plan in Dubai and extend the payment period. In many cases, construction companies require the full cost to be paid within three to five years, which includes the construction period. So can I use a 20 years payment plan Dubai? The duration of the payment period is typically determined by the developer's capabilities and factors such as the type and cost of the property being purchased.
Here are some of the most attractive properties in Dubai currently offering payment plans on installment for property purchases. These selections are based on relevant offers from the real estate search engine Housearch.
Rukan Residence
If you seek for apartment for sale in Dubai in installment, pay attention to the Rukan Residence. This project is being developed by LMD, a promising young developer with a bright future. It is situated in the prestigious district of Dubailand and is expected to be completed by the fourth quarter of 2024. The complex consists of three 5-floor buildings offering a range of options, including small studios, spacious one or two-bedroom apartments, and luxurious three-bedroom duplexes with an area of 132 sq. m, and more.
Rukan Residences (Housearch)
The properties will be delivered in a move-in ready condition, boasting high-end interiors with modern built-in appliances and high-quality furniture. Additionally, as per the development plan, the complex will offer an array of amenities for the residents, including a swimming pool, a sports ground, a children's playground, a gym, and a park, providing ample opportunities for recreation and leisure.
The cost of compact flats with an area of 35 sq. m. starts at $133,200. For those who want to buy apartment in Dubai on installments, the developer provides a convenient payment plan, which includes the following options:
- 5% of the property’s cost as initial instalment,
- 10% when the contract is signed,
- 5% once every three months on each stage of construction,
- 50% upon handover.
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Belmont Residences
One of Dubai's most esteemed developers, Ellington Properties, is responsible for the construction of this complex. It consists of a single 5-floor building, offering 68 exquisite properties. Buyers have the opportunity to acquire luxurious one- or two-bedroom flats with a turnkey interior design. The floor area of the flats ranges from 38 to 143 sq. m.
Belmont Residences (Housearch)
The prices for the properties in this development start at $167,700. If there is an opportunity to buy apartment in Dubai without down payment ? No, initial instalment required is 20% of the flat's cost. Then, according to a payment plan for apartment in Dubai, a further 40% should be paid during the construction period of the building, and the remaining 30% upon completion of the construction.
In return, buyers receive comfortable accommodation in the central part of Dubai, specifically in Jumeirah Village Triangle. This district is secured with 24/7 security, ensuring a safe environment. The location offers all the necessary amenities for comfortable living, including numerous shops, playgrounds, swimming pools, electric car charging stations, and terraces. Moreover, the district allows residents to have pets, with veterinary clinics and pet shops conveniently available.
The completion of Belmont Residences by the developers is anticipated in the last quarter of 2024, providing ample time for investors to purchase elite properties on a payment plan.
Peninsula Five
Another project, the Peninsula Five complex, developed by the reputable Select Group, is a 36-floor building offering a range of flats and duplexes. The properties within the complex vary significantly in size, ranging from 48 to 439 sq. m.
Peninsula Five (Housearch)
Future owners can expect to enjoy panoramic windows, state-of-the-art home appliances, comfortable furniture, and a beautifully designed interior. The complex is surrounded by a park featuring picturesque landscapes, perfect for leisurely walks. Additionally, the Dubai canal with its well-equipped beaches is in close proximity, providing residents with a delightful waterfront experience.
In close proximity to Peninsula Five, you'll find an array of fine dining restaurants, wellness centres, shopping centres, educational establishments, sports grounds, fountains, and even an open-air cinema. The iconic Burj Khalifa tower is a mere two kilometres away from Peninsula Five, while the Business Bay metro station is conveniently located just as close.
The developer presents flats for sale in Dubai on a convenient for buyers installments payment scheme, starting with a 5% booking fee. The payment plan for these properties in Dubai is as follows: during the construction period, 35% of the total cost is to be paid, with the remaining 60% to be paid after the handover. The property prices range from $241,338 to $3,349,217. The construction of the complex is scheduled to be completed in the last quarter of 2024.
Alaya Gardens
For those seeking a serene lifestyle away from the hustle and bustle of the city, Majid Al Futtaim, the developer, presents spacious villas available for purchase with a payment plan. So, if you want to buy house in dubai on installments, that's a right choice. These villas boast an impressive area ranging from 557 to 883 sq. m. The developer has meticulously crafted four unique layout designs that feature open terraces, swimming pools, barbecue zones, and playgrounds. The project is situated in the prestigious district of Dubailand in Dubai.
Alaya Gardens (Housearch)
As part of the development plan, the complex will feature a mosque within its premises, providing convenience for residents. Additionally, residents will have exclusive access to a private beach with picturesque turquoise lagoons. Moreover, a well-equipped clubhouse will be available for hosting business meetings, performances, and workshops.
Furthermore, residents will benefit from the convenience of modern megacity infrastructure, located just a few minutes' drive away. This includes a wide array of restaurants, wellness and shopping centers, reputable schools, and prestigious golf courses.
Properties in Alaya Gardens are available at a starting price of $2,300,000. The payment plan for this property in Dubai requires an initial installment of 10% of the total cost. The remaining 40% can be paid in installments over four-month intervals, while the remaining 50% is due upon project handover. The construction of the development is anticipated to be completed in the first quarter of 2025.
Safa One
When considering the acquisition of luxurious properties in Dubai through a payment plan, one cannot overlook the prestigious Safa One. Developed by the renowned international developer DAMAC, this project features two magnificent skyscrapers: one soaring 44 floors and the other reaching an impressive 62 floors. The prime location of the complex offers picturesque views, situated on the banks of the Dubai canal adjacent to the serene Safa Park.
Safa One (Housearch)
One of the project’s architectural peculiarities is an amazing garden with tropical plants on the buildings’ rooftops. The buildings also offer panoramic windows, access to open terraces, and a stunning swimming pool. These state-of-the-art structures offer a range of options, from compact 78 sq. m apartments to luxurious 3-bedroom flats spanning up to 426 sq. m. The starting price for residential real estate in Safa One is a minimum of $525,800.
If you seek for apartment for sale in Dubai on installments, the DAMAC developer offers the following payment plan:
- 20% as an initial instalment when you book the property,
- 3.5 to 6% for intermediary payments throughout the construction period,
- 10% payable upon property handover.
Construction is expected to be finished in the last quarter of 2025.
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In a Nutshell
The UAE's welcoming attitude towards foreign citizens is a compelling factor for many investors and migrants seeking a place to call home. The thriving Dubai real estate market is a testament to this openness, with the number of transactions increasing daily. Another attractive feature driving buyer interest is the option to buy house in Dubai through interest-free payment plans, extending up to 10 years. For those with budget constraints, the possibility of securing a mortgage to cover up to 50% of the property's cost is also available to foreign citizens.
