How to buy property in Dubai at a bargain price
Before the official start of sales, property developers often announce a pre-launch promotion, which takes place about two weeks before the sales start. This marketing action is aimed at attracting the attention of potential buyers and creating demand before the sales start.
Benefits of Pre-launch
At the Pre-launch stage, you have the opportunity to book a property at a better price and take advantage of special offers and promotions. For example, Natura by DAMAC offers 100% discount on land department fees and Samana Manhattan offers 5% discount on flat prices.
What is an expression of interest (EOI)?
An EOI or ‘expression of interest’ is a pre-application to book a property during the pre-sale period. For popular projects, an EOI should be submitted as soon as possible as flats can sell out within 24 hours. Applying quickly increases your chances of getting the property you want.
How to apply for EOI
To apply for EOI, you will need:
- A copy of your passport.
- A deposit - bank transfer or cheque.
- A completed and signed EOI form with the buyer's contact details.
Submitting an EOI form will allow you to be one of the first to select a property at the start of the sale. During the pre-sale, project information may be limited, often only approximate prices are available. The deposit is deducted from the down payment. If you are not satisfied with the property, you can cancel the purchase and the deposit will be refunded.
Deposit amount
Typically, the EOI deposit is 3-8% of the value of the property, which can range from $5,000 to $15,000:
Binghatti Hills - starting at $5400 with a price starting at $212,000
The Waterway by Prestige One - from $11,000 with prices starting at $517,000
DAMAC Lagoon Views 2 - from $15,000 with prices starting at $258,000.
For expensive projects in popular locations, the deposit may be higher:
Villas at The Oasis by Emaar - $272,000 with prices starting at $4,302,000.
Experienced brokers know when pre-launch is happening and can quickly arrange an EOI for you.
