Here’s a guide on how to buy a property in DAMAC Islands, Dubai (or similar freehold developments) — requirements, costs, steps, things to watch out for. I can also help you figure out approximate costs etc. if you want.
What is DAMAC Islands
- DAMAC Islands is a master-planned luxury island-inspired property development by DAMAC, with villas and townhouses, waterfront & resort-style amenities.
- Pricing starts from about AED 2.25 million for some townhouses
- Payment plans are available (often installment-based) during construction, with part due early and part on completion
Who Can Buy (Eligibility)
- Foreigners (non-residents) can buy property there. You do not need a UAE residence visa just to buy.
- Must have a valid passport.
- Minimum age requirement: usually 21 years old.
Key Documents & Legal Requirements
You’ll generally need:
Passport copy passport + proof of identity
Proof of funds / bank statements / income proof – if paying in installments or getting mortgage.
Signed Sales & Purchase Agreement (SPA) with developer
If service charges / utility dues / any No Objection Certificate (NOC) from developer are needed.
Costs & Payment Plan
Some of the financials to expect:
Initial deposit / booking amount :- ~20% of property price required in many cases.
Payment plan during construction :- Yes — monthly/periodic installments. Eg: 1% monthly from month 10 to 41 in some plans.
Final payment on completion / handover :- ~25% in some plans
Transfer (Dubai Land Department) registration fee :- 4% of purchase price.
Other fees: Mortgage registration fee, NOC, trustee fees, agent commission etc. :- Yes — see below.
Mortgage / Financing
Non-residents can get mortgages in Dubai, but with stricter terms (higher down payment, etc.).
Banks will require income proof, bank statements, credit history, etc.
Loan-to-Value (LTV) is lower for non-residents than residents.
Step-by-Step Process
Here’s a typical sequence of steps:
- Research
- Inspect or view if possible (or virtual tours)
- Check developer credibility
- Decide payment plan
- Secure financing (if needed)
- Sign SPA / Reservation Agreement
- Register the property
- Completion / handover
- Post-purchase
Things to Watch Out For / Risks
- Delays in construction. With off-plan properties there is risk of delayed handover.
- Hidden costs: beyond basic purchase price, the annual service charges, maintenance, utilities, community fees.
- Verify escrow of payments (for off-plan) — that the payments are held in escrow according to regulations.
- Legal / title deed completeness: ensure there are no unpaid dues, no disputes, and clear title.
- Tax / remittance regulations from your home country (especially if you’re sending funds internationally).
- If aiming for visa (investor visa / Golden Visa), check the eligibility criteria (value of the property, whether free of mortgage, length of ownership etc.).
