There is no slowing for the real estate market in Dubai as more investors and people move into the emirate to settle and buy property. As prices touch new highs, more people are opting to buy plots to build their own homes instead of buying readymade property from real estate developers.
There are different reasons why one would buy a plot in Dubai, these include investors who want to purchase a piece of land for investment purposes, consequently selling it when prices go higher, contractors who buy plots to build a project and sell it after, or an end-user who wants to build a customised house from scratch and have the liberty of choosing the design and material that fits their preferences. Buying land in Dubai is permitted in designated freehold areas.
To know what steps are needed to buy a plot in Dubai, check the following:
Know the purpose
Before you get on the purchasing journey, you need to be sure of your objectives and why you are purchasing the plot. Be it for investment purposes or to build your own dream home, you should identify the right plot in a freehold area before contacting a developer or landlord.
Signing a Memorandum of Understanding
After you agree on a price and negotiate all the terms with the seller, an MoU needs to be signed between you and the seller. This is a form at the Real Estate Regulatory Authority (RERA), which needs to be signed in the presence of a witness at the Registration Trustee Office.
Apply for NOC
To apply for an NOC, the developer will hold a meeting between all parties involved, where he can issue the NOC if there are no outstanding service charges on the property.
Transferring of plot ownership
After receiving the NOC, the last step will be the transfer of ownership between the seller and the buyer at the DLD office, where several documents should be present, such as original Emirates IDs, visas, and passports, the signed MoU, the original NOC issued by the developer, and the cheque for the plot price which is payable to the seller.
Once this is done, a title deed is issued under your name, and you will become an official plot owner in Dubai.
Plots by wasl properties
wasl properties is one of the largest real estate development and management companies in Dubai that also owns freehold developments, among which are nad al hammar gardens and wasl gate.
nad al hammar gardens offers investors an opportunity to invest prime freehold plots in Nad Al Hammar. This suburban master development, planned by wasl, offers mixed-use residential and retail spaces with an emphasis on community features, green spaces and open areas. nad al hammar gardens is conveniently located 15 minutes from Sheikh Zayed Road and Dubai International Airport. The development consists of 71 residential, 32 mixed-use plots, 12 showroom plots and two school plots.
Nad Al Hammar is a peaceful area for those seeking to reside away from the hustle and bustle of the city yet still enjoy a lively surrounding in proximity to many leisure, business, and industrial hubs in Dubai.
Our wasl gate project is a 1.13 million square-metre master development that features residential units; hospitality, community, leisure, and entertainment amenities; restaurants and cafes; a central park; a dog park; water features; and kids’ play areas; making it one of the most sought-after places to live, work and visit. The development also features Festival Plaza Mall and Dubai’s second IKEA store.
Commercial plots, which can be used for showrooms or medical facilities, are also available at wasl gate and are located in a premium location with great visibility from Sheikh Zayed Road. This also includes two school plots strategically located and well connected, which can serve nearby areas such as The Gardens, DIP, Discovery Gardens, Al Furjan, Dubai Marina and Jumeirah Lake Towers.
Why wasl properties?
wasl properties is one of the most renowned real estate development and management companies in Dubai, managing an extensive real estate portfolio spanning more than 50,000 residential and commercial properties across the emirate.
The company offers a range of e-services under one roof, including a 24-hour call centre providing premier customer service; contract leasing, renewing and termination; and maintenance requests.