By Parag Deulgaonkar
Azizi Developments cuts down-payment to 1% of property value
Azizi Developments has cut the amount a buyer has to pay to place a deposit on a new apartment.
The Dubai developer has reduced the amount required to book an apartment to pay one percent of the unit price.
Unit prices in $117 million (AED430 million) Azizi Plaza in Al Furjan start at $122,616 (AED450,000), hence an investor pays just $1,233 (AED4,500) to book an apartment.
It is now mandatory for all developers in the emirate to register off-plan units under the Qqood system of the Dubai Land Department.
A buyer must pay four percent of the price along with four percent Oqood charges in the first instalment.
Thereafter, the investor continues to pay 2.5 percent for 10 months and the remaining 70 percent on completion.
On Wednesday, Azizi said its new project will house 434 units (286 studios, 46 one-bedroom apartments and 102 two-bedroom apartments) and is scheduled for completion by 2018.
Generally, developers require either five percent or 10 percent as down-payment to reserve an apartment. During the real estate boom days, prior to 2008, companies had reserved units for investor without asking for deposits.
Emaar Properties, Dubai’s largest developer, continues to stick to its established payment norms, requiring 10 percent down payment at the time of booking.
The developer is set to launch a new residential project in Dubai Hills Estates today.
The Park Point, a mid-rise building, will have units range from 668 square feet to 2259 square feet, and is slated for completion in February 2019.