Dubai Real Estate: Is the current market favorable for purchasing off-plan properties in Dubai?
Buying Property in Dubai: A Guide for Owners
In the vibrant city of Dubai, owning a property comes with its unique set of rules and processes, as outlined by the Dubai Strata Law. This law ensures transparency in the management of jointly owned properties.
Transparent Management
Every jointly owned property in Dubai must have a transparent management system. This means that owners have the right to obtain a detailed budget from managing agents or developers, including line-by-line costs.
Budget Access and Voting Rights
Owners have the power to request the budget and have voting rights on the proposed budget at the Annual General Meeting (AGM). They should receive at least 15 days' notice for the AGM and all budget documents.
AGM and EGM
The AGM is held annually, and if the AGM or EGM processes fail or budget access is denied, owners can escalate to the Dispute Resolution Committee by filing a complaint. It's important to note that owners representing at least 25% of the total unit value can call for an extraordinary general meeting (EGM).
Timelines
Owners should be aware of certain timelines: they have 15 days to receive the budget after a written request, the AGM is held annually, and 30 days are given to file a dispute after the AGM vote.
Forming an Owners' Association
An owners' association can be formed when at least 80% of units are sold and registered with the Dubai Land Department (DLD).
Buying in Dubai's Property Market
Buying property in Dubai in 2025 offers significant advantages. While buying off-plan still offers benefits like flexible payment plans and potential capital appreciation, secondary-market discounts in ready properties can also be attractive, especially in certain locations.
The Dubai property market in the first half of 2025 is characterized by continued price appreciation across both ready and off-plan segments. Off-plan remains preferable for buyers prioritizing lower initial payments, developer incentives, and potential capital appreciation as projects mature.
Secondary-market purchases are beneficial for those seeking immediate occupancy and potentially negotiating discounts amid localized pricing adjustments, especially in the luxury segment experiencing some pricing softening. Communities with emerging growth potential, like Dubai South and Dubai Islands, offer promising prospects whether buying off-plan or secondary, aligning with long-term value appreciation trends.
Group Complaints and Disputes
In certain situations, group complaints from concerned owners may carry more weight. To strengthen a case, owners can benchmark against neighboring communities and check accounts themselves or hire an independent auditor.
In conclusion, while secondary-market discounts can be attractive, buying off-plan remains a better option for many buyers in 2025 due to strong developer incentives and a robust off-plan market. However, a selective approach evaluating specific communities, property types, and individual financial objectives will optimize outcomes in the current Dubai market.
- Owning a property in Dubai, as governed by the Dubai Strata Law, necessitates understanding the intricacies of managing jointly owned properties, especially in terms of transparency.
- Under the law, management systems for jointly owned properties in Dubai must be transparent, ensuring owners have access to detailed budgets with line-by-line costs from managing agents or developers.
- At the Annual General Meeting (AGM), owners have the power to vote on the proposed budget and should receive at least 15 days' notice for the AGM and all budget documents.
- In cases where AGM or EGM processes fail or budget access is denied, owners can escalate their concerns to the Dispute Resolution Committee by filing a complaint.
- In 2025, buying property in Dubai presents compelling opportunities, with both off-plan and secondary-market purchases attracting potential benefits such as flexible payment plans, capital appreciation, and negotiable discounts.
- Emerging communities like Dubai South and Dubai Islands hold long-term value, making them promising options for investors buying properties off-plan or in the secondary market, as they align with trends in value appreciation.
