Bullet-Point Property: Dubai No. 74

It is possible to obtain a Mortgage as a non- GCC National, either resident or non-resident of the UAE, up to 50% Loan to Value (LTV) on a property that is under construction, however, this is limited to projects that have completed 50% of their construction and only then with a handful of developers.

The majority of off-plan developments have payment plans that reflect this, andyou will find 30/70, 40/60 and 50/50 plans on offer from developers, i.e. 50% between booking and completion in construction linked instalments of between 5% and 20% with the final 50% due on Completion. 

Once a building has a Completion Certificate issued then the overseas buyer canbook a Mortgage to make the final instalment to the developer. 

A 50% LTV Mortgage is a straightforward application and approval process while 51% to 75% LTV is much more stringent and complicated.

Many of our clients who are purchasing an off-plan property will take full advantage of the developer’s investor-friendly payment plan and then raise finance as the property is about to be handed over is when most will go down the mortgage route, with payment plans such as 50%, 70% or 80% on completion there is no need until then.

This weeks property discussions have included the following:-

• The developer behind some Palm Jumeirah hotels and residences has announced a project with pre-launch prices of studios starting at AED 368k (GB£70k), one bed for AED 683k to AED 800k (GB£130k to GB£172K) and two beds at AED 1m (GB£191k). Palm quality at International City prices and located on Shk Zayed Road at the far north end of Jumeirah Lake Towers (JLT) with completion set for Q2 2021. 

There will be 2,500 apartments across 27 floors, many with golf course views, multiple rooftop gardens and pools, and all located above a large shopping complex. Expressions of Interest are being taken now with the official launch expected this coming week. There are no pictures or brochures available at this time but ask, and we will forward to you as soon as they are released.

• Belgravia Heights 1 has been keeping us very busy this week and not surprisingly at these low prices, there are a limited number of one bedsstarting at AED 735k (GB£ 140k) and two beds at AED 976k (GB£186k), pay 50% during construction and 50% on handover in Q2 2020. 

With bespoke interiors, stylish exteriors and landscaped gardens, just 155 spacious apartments setting new standards in elegance and quality standards for JVC. The resort-style pool, children’s play area and fully equipped fitness centre make the community one of Jumeirah Village’s most sought-after properties which must be good news for investors.

• There will be a new residential gated community launching next week, andit's from one of the most accomplished and well-known developers in Dubai. The project’s centrepiece is a lagoon bordered by 400 meters of open beachfront offering  70,000 square meters of water and connected by 11 kmof cycling trails and an 18 km pedestrian trail winding throughout the entire community. 

The first two phases consist of 4 to 6 bedroom independent family villas, thetownhouses and apartments will come in later phases – we will have prices on the 21st April launch meanwhile a project overview can be found here

• The last of the two beds in Rawda 2 have been released, and a few are remaining with prices from AED 945k on a very attractive 4-year payment plan of 50% during construction, 10% on handover in Q2 2020 followed by 40% over two years - post-handover

Have a great day and we hope to see you very soon