Buying an off-plan property? Here is what you need to know

Initially, you may approach a registered real estate broker in Dubai, explain your requirement and budget, and identity a suitable property to buy. The real estate brokers in Dubai are required to register themselves with the Real Estate Regulatory Agency of Dubai (the ‘RERA’), which is a regulatory body of Dubai Land Department (the ‘DLD’). This is in accordance with Article 3 of the Dubai Real Estate Brokers Law, which states, “No person may conduct the brokerage activity in the Emirate unless he is licensed by a Competent Entity and is registered on the Register.”

As you intend to buy an off-plan property in Dubai, the provisions of Law No. 7 of 2006 Concerning Real Property Registration in the Emirate of Dubai (the ‘Dubai Real Property Registration Law’), By Law No. 85 of 2006 Regulating the Real Property Brokers Register in the Emirate of Dubai (the ‘Dubai Real Estate Brokers Law’), Executive Council Resolution No. 30 of 2013 Approving Fees of the Land Department (the ‘Dubai Resolution Related to Fees of Land Department), Law No. 13 of 2008 Regulating the Interim Real Property Register in the Emirate of Dubai (the ‘Dubai Interim Real Property Register Regulations’), Law No. 19 of 2017 Amending Law No. 13 of 2008 Regulating the Interim Real Property Register in the Emirate of Dubai ( the ‘Dubai Amended Interim Real Property Registration Regulations of 2017’) and the Law No. 8 of 2007 Concerning Escrow Accounts for Real Property Development in Emirate of Dubai (the ‘Dubai Escrow Accounts for Real Property Development Regulation’’) are applicable.