DAMAC ISLANDS DUBAI

Dubai is home to several luxurious master-planned communities, including the DAMAC Islands property development by DAMAC Real Estate Group. These developments possess their unique characteristics, which require specially tailored grounds for real estate transactions, particularly for buying off-plan properties. Detailed below is a step-by-step process to guide you how to buy DAMAC Islands in Dubai.

Step 1: Research and Decide What Property You Want

Explore Options: Townhouses and villas are available for purchase at DAMAC Islands with breathtaking views. Townhouses with four or five bedrooms as well as villas with six or seven bedrooms are designed in the tropical paradise style of Maldives, Bora Bora, and Seychelles. Depending on your family size and goals for investment, decide whether a townhouse or villa better meets your needs.

Contact DAMAC or an Agent: You can do this directly from the website for DAMAC Properties or through a licensed realtor with a specialization in DAMAC. Alternatively, you could also take part in sales events or visit a DAMAC sales center where they offer showrooms, 3D models, and floor plans for viewing.

Budget Planning: Remember to budget other expenses like Dubai Land Department (DLD) fees, down payments, and commission fees for agents. A 4 bedroom townhouse costs roughly AED 2.33 million and has its costs as well.

Step-2: Reserve Your Unit

Seychelles or Hawaii clusters serve as new launches, and for these, one has to submit an Expression of Interest (EOI) where it is mandatory to include a refundable deposit of AED 200,000. This allows one to secure his preferred unit. EOI’s are non-binding so a unit can be preferred but not booked or even be unavailable when the payment is completed.

So as an example, the second stage entails filling out a Booking Form and submitting it as a Step Reservation. Once a unit is secured, one is supposed to fill out a reservation or booking form and subsequently sign it. Your selection and price are subsequently set in stone. An estimated initial deposit payment of 10% is required alongside the signed form so payment methods like wire, check and even cryptocurrency are completely valid as long as form is signed.

The Booking Form payment isn’t required as a upfront form is part of the payment plan available which is divides 75% of payment from cash and the remaining 25% is then required at handover making it a flexible payment option.

Step 3: Sign the SPA

Pass Reservation Stage: This stage allows one to review terms set in stone via SPA. At this stage, the complete file contains payment form of the order, description of the object, deadline for construction and many other details that might need legal real-estate verification.

So as a buyer, one forwards identification and PAD as primary documents and any other documents proving claims if needed.

Step 4: Arrange Financing (If Needed)

Mortgage Pre-Approval: If you will not be paying in full, contact a UAE bank for a mortgage pre-approval. Expat residents usually have to pay a down deposit of 20-25%, while UAE nationals may be required to pay 15%. There are also mortgage options available in DAMAC.

Submit to DAMAC: Submit the loan approval documents to DAMAC and these payments will be scheduled with the construction payments.

Step 5: Pay According to The Payment Plan

Installments: For example, DAMAC Islands will allow you to pay in 75/25 splits. You will pay 75% in portions as construction progresses (like to the completion of the foundations or the structure) and 25% when the property is handed over to you. Payment schedules are detailed in the SPA.

Track Progress: DAMAC makes the construction updates available to customers so that they can track progress and not for plunging into darkness.

Step 6: Obtain a No Objection Certificate (NOC)

Developer Clearance: This done because the other documentation necessary for purchasing is obtained due to the fact that the Islands are an off-plan project – closer to hand-over, they will receive an NOC which confirms they have no outstanding developer fees due. This is usually an administrative requirement for most new builds, even though it’s a pretty straightforward process as far as title transfers go.

Step 7: Transfer Ownership at Dubai Land Department (DLD)

Final Payment: Remaining 25% is paid on completion post which you may need to wait around 2-3 years for full completion depending on cluster (Maldives, Seychelles) during which time if you’re not on a payment plan the full amount will be expected.

DLD Appointment: Schedule the appointment with the DLD together with DAMAC representatives for transferring the ownership. Carry your SPA, passport, and the payment receipts.

Fees: Pay the DLD transfer fee (which is 4 percent of the property value) alongside some administrative fees (typically AED 4,000-5,000). There might be a commission fee (usually set at 2 percent) if an agent is engaged.

Title Deed: Upon successful registration, the title deed which confirms ownership is issued.

Step 8: Handover and Move-In

Inspection: After construction, you should carry out a property check with DAMAC to ensure it is up to your standards. Report any problems (snagging) to be fixed afterwards.

Handover: Get the keys to your property in DAMAC Islands.

Utilities: Sign up for water and electricity services with DEWA (Dubai Electricity and Water Authority), and register with Ejari if you intend to rent the property out.

Further Remarks

Golden Visa: Buy a property higher than AED 2 Million and qualify for a 10-year Golden Visa which you are eligible to renew endlessly as long as you own the property. Apply after you have purchased the property through DAMAC or the immigration authorities of the UAE.

Timeline: Being an off plan project, completion varies based on the cluster (for example 2027 – 2028). Check with DAMAC for confirmation on specific dates.

Support: For clients who wish to rent the property out, DAMAC offers property management services as part of their after sale services.

Renowned for its elite real estate purchases, Dubai makes it easy for you to acquire property at Dollar DAMAC Islands while simultaneously investing in luxury living. To get latest price of the cluster or its availability, reach out to an agent or call DAMAC directly.