Sharjah’s real estate market has grown rapidly in the previous years. Innovative initiatives, transparency in processes and infrastructure development are the core driving forces. Amidst a wide range of investment options, the off-plan stands out. Ease of payment, less capital and higher returns, make Sharjah off-plan an ideal option.
Let’s take a closer look at different aspects of buying off-plan properties in Sharjah.
How to Buy Off-Plan Property in Sharjah
Here is the complete process for buying off-plan property in Sharjah. However, prior to making a purchase decision, you must be aware of some pros and cons of buying off-plan in Sharjah.
Draft Your Budget
The first step in buying an off-plan property in Sharjah is to draft a proper budget. In payment of off-plan projects can be segmented into three categories, downpayment, monthly instalments and legal fees. The downpayment is required to be paid to confirm the purchase of the property.
While drafting a budget, make sure you have the finances for a downpayment, roughly 10 to 20% of the total value. Moreover, at least 50% of the mortgage instalments for off-plan projects are typically offered only after the buyer has paid half of the total amount.
Search Property
After drafting the budget, search for the property accordingly. For searching property you can either avail of the real estate agents’ services or use digital platforms like dubizzle. That said, dubizzle is one of the largest online property classified platforms that you can avail of. Browse through these new developments in Sharjah listed on dubizzle that you can opt for.
Get All the Details
Once you have selected the property, discuss all the details with the developer. Start from the project construction timeline, handing over the date, hidden payments and other necessary details. In case of any issues or queries, discuss it with the developer prior to finalising the purchase.
Select Payment Plan
Different types of off-plan payment plans are offered by the developer, the most common ones are 80-20, 60-40, 70-30, 50-50 and post-handover. Make sure to select the payment plan according to your finances, as delays in monthly instalments can create a hassle for the buyer.
Complete Legalities
The first legal step when buying off-plan property in Sharjah is to obtain a reservation form. Duly fill out the form and submit it to the developer to initiate the process. After the reservation form, sign the Sales and Purchase Agreement (SPA) and make sure to read the agreement properly.
The last legal step is establishing an escrow account. The developer will provide you with all the details of an escrow account to transfer the downpayment and confirm the purchase. This account will also be used later to deposit monthly instalments.
Things to Consider When Buying Off-Plan Properties in Sharjah
Following is the list of things to consider when buying off-plan properties in Sharjah.
Developer’s Reputation
The first thing to consider when buying off-plan properties in Sharjah is to consider the reputation of the builder. Buying an off-plan project is a long-term commitment. Collaborating with a reputable developer is necessary to avoid future hassle.
Opt for a developer with a proper website and digital existence. Check for customer reviews, testimonials, and track records of projects. Here is the list of real estate developers in Sharjah that you can opt for.
Return on Investment
While buying an off-plan property, consider the return on investment offered by the property. The investment return depends on multiple factors including property type, location and developer’s option. That said, consider all these factors when estimating the return on investment offered by the property.
Project’s Location
Off-plan projects at strategic locations are slightly expensive but they offer higher returns. Prioritise location over cost, as it can be beneficial when considering resale. You can browse through the list of much-awaited real estate projects in Sharjah and find an ideal unit present at an ideal location.
Mortgage Options
Buyers can secure mortgages on off-plan projects, but the process is not that straightforward. It is necessary for the buyers to pay half of the total amount prior to applying for the loan. Therefore, it is suggested to secure at least half of the finances prior to buying off-plan properties in Sharjah.
Delay in Property Handover
Delay in off-plan property handover is a major risk. Although there are strict regulations on the handing over of projects, there are still chances of delay. In case of any delay, the developer is obligated to return the complete payment to the buyer, that said, this can be a hassle for the buyer.
Where to Buy Off-Plan Properties in Sharjah
The real estate market of Sharjah has witnessed an upward trajectory, leading to a myriad of off-plan projects. Following are some areas of Sharjah offering off-plan projects.
- Al Zahia
- Badr Community
- Sharjah Waterfront City
- Al Mamsha
- Maryam Island
- Aljada
- Muwaileh
- Al Khan
- Tilal City
- Al Nahda
- Sharjah Garden City
FAQs
Can expats buy property in Sharjah?
Yes, non-residents can buy properties in freehold areas of Sharjah. You can browse through the list of freehold property areas in Sharjah to know more about the communities.
Are there any dog-friendly areas in Sharjah?
Yes, there are multiple dog-friendly areas in Sharjah. Here is the list of pet-friendly areas in Sharjah.
How much is the down payment of off-plan property in Sharjah?
The down payment is generally between 10% to 20% but it can vary depending on multiple factors.
This was all about buying off-plan properties in Sharjah. The real estate market of Sharjah has garnered significant attention from investors, thanks to its investment-friendly policies and infrastructure development. If you are also interested in investing in Sharjaah’s real estate, browse through these properties for sale in Sharjah and find an ideal unit for investment.
Besides, here are some reasons to invest in Sharjah real estate that you must be aware of.
Stay tuned to dubizzle’s property blog for more information on Sharjah real estate.
