Popularity of Dubai luxurious properties and their potentiality to be a steady source of income through rental yield or lump sum resale value convinces many to make their way here.
DAMAC Island is one of the most luxurious master-planned beachfront communities in Dubai. This waterfront development in Dubai is an island-themed gated community made up of 30% water bodies and 50-60% natural greenery.
DAMAC Islands Clusters of Residences
DAMAC Island beachfront development is planned and crafted to replicate the look and feel of 6 famous beach or island destinations around the world.
There are only villas and townhouses inside this gated community in Dubai. All these villas and residences are grouped into different Clusters of Residences planned judiciously across this beachfront community. Each cluster is shaped and engineered as per the look and feel of one worldwide famous island. There are now 6 such island-themed clusters in construction in the DAMAC Island community.
The different island-themed clusters of residences are
- Bora Bora
- Hawaii
- Seychelles
- Bali
- Maldives
- Fiji
You can buy a villa or a townhouse in any of your chosen islands at DAMAC Island to access a tropical beachfront living opportunity forever in Dubai.
Also Explore: DAMAC Hills
Are You A First-time Buyer of Property in Dubai?
Thoughts and desires of enjoying a prosperous life in Dubai is a dream of many. Their fear, uncertainties and doubts might hold them back. Being first time buyers and investors in Dubai might feel overwhelming and perplexing.
This is why we write this blog to help you grasp and grab the key inside you to unlock the numerous possibilities of prosperous living in Dubai. So, let us quickly suggest 10 most important points to remember for a hassle-free property buying experience.
Don’t Worry, we will keep it simple and straightforward.
Also Explore: EMIRATES HILLS
1) Evaluate What You Require and Desire
This is the very first point to focus on before you set to buy a property in DAMAC Island or anywhere. This beachfront community only has 6-7 Bedroom Villas and 4-5 Bedroom Townhouses.
As someone who is buying for personal use, ask yourself->
- Do you have a large family?
- Are you going to share space with other friends or colleagues here?
- Do you really need a huge space?
As an investor, ask yourself->
- Do you intend to attract high-class tenants and premium property buyers?
- Are you sure to invest a lump sum amount in villas/townhouses or apartments?
2) Contact A RERA-CERTIFIED Real Estate Agency
Our very next suggested step would be to appoint a RERA certified and licensed reliable real estate agent. Real estate agencies that stood the test of time and have earned market reputation, with a comprehensive range of relevant services, can represent you and your purchasing proposal best with the developer.
If you are entertaining the idea of approaching DAMAC Properties (the developer of DAMAC Island) for saving money, get ready for a dissapointment now. Real estate developers OFFER NO DISCOUNT ON THEIR UNIT PRICES EVER. 4% DLD fee and OQOOD fee extra You need to pay by default. They cannot help here.
And, genuine real estate agencies DO NOT CHARGE YOU ANYTHING EXTRA ever other than AGENCY FEES & TRUSTEE OFFICE FEES! They, on the contrary, can help you with other added services and suggestions free of cost (might vary from agency to agency). They always guide their clients appropriately for a seamless and effortless buying journey with their market know-how and deeper insights gained through experience.
Browse through the listing of real estate agents in RERA website or on DLD website.
3) How to Know If Your Real Estate Agent is Indeed A Reliable One?
- First of all, check whether the real estate agency is enlisted on the RERA website or DLD website. Search the agency by its Name.
- Every licensed real estate agent or agency is alloted a Base Registration Number or BRN. You can check the credibility of the agency by its BRN Number on the mentioned websites as well.
- Ensure that the license they are showing you is not an expired one.
- Deal with real estate agents who have DAMAC Island and other luxury waterfront community properties enlisted in their property listings as you are specifically looking for DAMAC Island units, aren’t you?
- Go through their past and current service record.
- Check their communication skills and their ways to treat you. They should give your interest undivided attention.
We, at APIL Properties, have been handling the Dubai living dreams of several first-time buyers since years now.
4) Deciding on Which Cluster to Opt for
As already mentioned, you have 6 different island-themed clusters as choices of Residences here. The selection should be based on your personal lifestyle preference, requirements and expert suggestions by your appointed real estate agent.
On an overall basis, Maldive Cluster should be your choice if you are looking for a more calm, peaceful and laid-back kind of relaxing environment.
Bora Bora cluster at DAMAC Island is for social butterflies and active-life enthusiasts with lots of hapoening events and socializing zones planned beautifully.
DAMAC Properties team is promoting their Seychelles cluster more as nature lover’s nestle to get upfront with nature in its most wonderpus form.
Hawaii cluster is ideal for families with its more family-focused vibe and amenities.
Fiji and Bali clusters are kept more attuned to the charm of exotic islands, balanced harmoniously with lifestyle luxuries.
In brief, this 300 sq ft of different island-themed waterfront community has everything for everyone and every Cluster us planned with arrangements and amenities for an unbeatable tropical island-like lifestyle.
5) Talk to A Financial Advisor
Consulting a reliable financial advisor to check if they are eligible for availing mortgage services or not is crucial to consider for first-time buyers. The expert will let them know about the different banks and financial organizations that can give them loans at best interest rates and to what maximum extent.
- If you are a resident in Dubai or you don’t stay in Dubai but have an income source here, you can get 80% of the property price via mortgage.
- If you are a non-resident or you stay in Dubai but have your income sources based outside Dubai, you can expect to get upto 65% of funds through mortgage.
Everything is digitized in Dubai, so the process is quicker than other major cities globally. You can access the mortgage facility remotely and also wrap up the entire buying process virtually.
6) Get A PRE-APPROVAL from Banks First
Getting pre-approved is necessary for a mortgage in the Dubai property market. It has more to do when you are considering buying from the secondary market, which is via a real estate agency where you are planning to opt for borrowing from a bank for funding your investment. This is to avoid disappointments and over-pressurize your budget over a property.
A pre-approval letter also gives you a competitive edge as your real estate agent can confidently bring forth your property purchase interest to the DAMAC Island team. You can do it digitally sitting in your home country.
7) Learn About the Taxes to Pay and Your Property Profitability
NO TAX you need to pay. Cheers, Dears! Dubai offers a zero-tax destination for property buyers and investors (whether natives or expatriates).
Your income stays uninterred no matter if you are earning it through your job, business or property investments here. There is also no Property Tax so your return on investment on units in DAMAC Island is bound to be handsome, coupled with the growing demand for owning a villa or townhouse here from high-end buyers.
As DAMAC ISLAND units are off-plan properties so you get to grab the key at a highly competitive price value if you buy now. With passage of time and the project develops your property appreciation value increases, guaranteeing impressive return by default.
ROI is the Return on Investment. It is obtained by Yearly Rent divided by the Purchasing Price of the Property. The average ROI these days is over 6% and, DAMAC ISLAND is expected to give a higher rental yield. When you resale it or rent it, your buyers or tenants wouldn’t hesitate to pay you more. Plus, NO Capital Gains tax further adds to your gains.
Your investment profit is ALL YOURS.
8) The Documents Initiating and Supporting the Buying Processes
Your real estate agent should help you with all these buying procedural formalities but, we are giving you a precise brief on it.
- Sign the MOU or the Buyer-Seller agreement. You would need to provide around 10% deposit cheque to conclude the deal. Ensure to collect the Receipt! The document will enlist General Terms and Conditions; Property Details; Property Pricing and Buyer’s (read here DAMAC Properties) & Seller’s Signature.
- Obtain the DAMAC Properties’ NOC , which is a No Objection Certificate proving there is NO LIABILITY between the developer and the buyer.
- Your real estate agent and you will meet the Developer’s representative in the Trustee Office with documents like Manager’s Check (for the property’s Sales Value), Manager Cheque of 4% for DLD Property Registration, Passport (original), Emirates id etc. Be ready with 2% Brokerage Fee and Admin Fee of AED 2,000-4,000. Collect your Title Deed as now You Become the Happy Owner of A Villa/Townhouse in DAMAC Island.
Check here for deeper insights on the buying process along with fees and formalities : Step-by-Step Guide to Buying Property in DAMAC Islands
9) Once the Handover is Over
In the last quarter of 2029 you will get the key to move in at DAMAC Island. You definitely have finalized the mortgage with your bank by now. And, very importantly, have registered your property with Dubai Electricity and Water Authority for power and water connections. DAMAC Properties real estate developers will not get water and power to your place on their own. You need to get it formally done through DEWA.
If you are residing elsewhere and intend to resell it, list the property on rental platforms . And, if you wish to rent it we advise you to hire the professional services of a property management agency.
This is why we suggested you at the beginning to opt for a reliable real estate agency that also offers a range of relevant services. It helps you cut the need to knock at different doors for availing different services regarding your property. APIL Properties provide pro-grade property management and tenant screening services besides others.
10) Get Your UAE Golden Visa
The Golden visa is a long-term residence visa, allowing foreign investors to live, and invest freely in the UAE while enjoying other exclusive benefits. With the purchase of DAMAC Island property, you get a Golden Visa for 5 years.
You just need to submit the provision of a letter from the DLD, mentioning that you own the property (the one you bought at DAMAC). The minimum amount is AED 2 Million. DAMAC Island properties come with a starting price of AED 2.25 MILLION, which qualifies you for a GOLDEN VISA IN DUBAI.
Your real estate agent will tell you about it and guide you along.
Also Explore: Business Bay
Wrapping up
We didn’t intend to waste your time with useless details like explaining freehold and leasehold properties, DAMAC Properties reputation and location advantages of off-plan units in DAMAC Island. We know that you already have good information on these and that’s why, now, determined with your DAMAC Island beachfront community selection. Isn’t it?
The details here will help you to ease and improve your journey as a first-time buyer for DAMAC Island properties mostly. Others can also find the general information here useful. For more exclusive guidance, feel free to talk to us.
