Off-plan property
Also known as: Off-plan · Pre-construction property
Off-plan property is property sold before construction is complete. Buyers pay in stages, tied to construction milestones, until handover.
An off-plan property is a home sold while the building is still being constructed — or before construction has even started.
In Dubai, off-plan buyers pay in instalments. A deposit goes first. More instalments are paid as the developer hits construction milestones. The final payment is made at handover.
All payments for off-plan property in Dubai go into a RERA-approved escrow account, not to the developer directly. The developer can only draw from the escrow as work is verified.
Off-plan is popular because prices are usually lower than completed units, and buyers can pay over time rather than all at once. It is also the segment most overseas buyers buy into.