A report monitoring payment methods for purchasing real estate in Dubai

The Bayut real estate website has identified the most prominent payment methods for purchasing real estate in Dubai, amid great demand from investors and residents for various residential and commercial units in many areas of the emirate.

Bayut stated in a report that payment after receipt is a common method that is popular among many who want to own real estate in Dubai, which has led to the establishment of many real estate projects in Dubai that provide the feature of payment after receipt.

This type of payment plan for purchasing a property in Dubai allows the buyer to provide the value of the property in the form of installments after completing the construction of the property and delivering it to him, which may extend between three and 10 years, but when approving payment after delivery, the buyer is required to deliver a specific percentage of The total value of the property, and the remainder will be completed upon receipt of the project, according to the report.

The report indicated that purchasing real estate within projects under construction in Dubai, after completion and delivery, is one of the most important features of payment after delivery, as buyers are then allowed to complete payment by renting the property, or other means, which also makes it one of the most prominent payment methods. To buy property in Dubai right now.

The report stated that payment via mortgage is one of the most important methods available for purchasing real estate in Dubai currently, as the Dubai mortgage law is one of the best options for buyers who do not have the full value of the property in cash.

The report explained that many real estate projects provide the possibility of paying via installments as one of the payment methods for purchasing a property in Dubai, within a specific system, where the total value of the property is divided into certain percentages that are paid at specific time intervals. For example, you can pay via Installments are according to the 60:40 system, which means that you must pay 60% of the total value of the property before receiving it through installments, and then complete paying 40% of the value upon receipt, which makes it one of the preferred payment options for a large category of people. Individuals.

Many buyers resort to this option due to the lack of sufficient financial liquidity, or their desire to enjoy flexibility when purchasing the property, and to obtain it in an easier way than paying in cash. There are many paradoxes when comparing between paying in cash or in installments when purchasing the property, and each of them has advantages and challenges. Their own.

The latest payment methods for purchasing a property in Dubai at the present time – and the most convenient of them – include rent-to-own, which enables the buyer to receive the property before completing full payment, as a contract is concluded between the owner and the buyer extending for a period of time of up to 10 years, during which the buyer pays Monthly rents to the owner, until he completes paying the full value of the property, according to what was mentioned in the “Bayut” report.

The report stated that the costs of purchasing a property in Dubai can be divided into the pre-handover and post-handover stages, by paying using the (90/10) method, where through this method it is possible to pay 10% of the property price before owning it, and then pay 90%. After receiving it from the owner of the real estate project, this can be achieved by paying in installments, or by one of the other payment methods for purchasing the property in Dubai that are agreed upon by both parties.

The percentages vary depending on the real estate developer and the type of property that is determined by the concerned party or responsible for the property, whether the purchase is through a bank, a real estate agent, or the real estate developer, i.e. the payment method can be (60/40 or 70/30), and many others.

Payment by credit or debit card

The report noted that there are many payment methods available in the real estate field, such as cash payment, check payment, bank deposit payment, bank transfer payment, automatic debit account payment, and credit card payment.

Recently, many real estate companies, such as “Emaar”, “Wasl” and other companies, have provided the payment service using a credit card or debit card from “Visa”, according to certain conditions determined by these companies, in cooperation with credit card companies, and this method aims To facilitate the process of purchasing real estate in Dubai in particular and the Emirates in general, reduce paper transactions and much more.