Queue Point is a freehold community in high demand among real estate investors because it offers excellent return on investment opportunities(ROI). Located in Dubai land, this community's developmental master plan will increase the capital appreciation of its land and real estate once completed. Queue Point is an easily accessible area, connected to Sheikh Mohammed Bin Zayed Road, Al Ain Road and New Emirates Road. Its location provides rush free access for anyone working in Silicon Oasis, Business Bay, Dubai Mall, Downtown, Al Qouz, Jebel Ali DWC, DIP etc. Queue Point is attracting Sharjah and International City locals who value the easy commute during peak hours.
What Makes Queue Point an Investment Opportunity
Queue Point is an up and coming community still under development, making now the best time to purchase land or real estate. The construction of grocery stores, commercial offices and shopping outlets are within the master plan. Queue Point's property value will rise upon to completion of community necessities. Current Queue Point property owners have the highest potentiality to profit on investment.
Queue Point Property Purchase Options
Queue Point consists of ready and off plan properties for sale. Below is a summary of the sizes and features of available ready properties.
- All Queue Point units feature a laundry room
1. bedroom (550 sqft to 1100 sqft) Prices starting from (520,000/- to 800,000/-)
• Single bathroom
• 1-1/2 bathroom
• Laundry room
2. bedrooms (1070 sqft to 1713 sqft) (775,000/- to 1,200,000/)
• 2 bathrooms
• 2-1/2 bathrooms
• Some 2 bedrooms have a maid rooms, ironing room (depending on the size)
• Laundry room
3. bedrooms (1550 sqft to 2100 sqft) (1,100,000/- to 1,350,000)
• 3 bathrooms
• 2-1/2 bathrooms
• 2 laundry rooms (depending on the size/big size)
• Some have maid rooms, ironing room and storeroom (depending on the size/big size)
The General Property Purchasing Process in Dubai
The Buyer must be over 21 years of age to purchase property in Dubai. Prospective property Buyers will visit Dubai's various online property portals, select a property and book an appointment to visit the home. Once the Buyer and Seller agree to a purchasing amount, a formal contract is drafted between both parties with a 10% or agreed amount deposit payment. This process depends whether the property is purchased from a developer(called off-plan property) or an individual seller(called resale property). The below two points detail the differences in both purchasing process:
1. Purchase from a developer- a payment plan will be created and a SPA (Sale and Purchase Agreement) is outlined that requires the signature of the Buyer and the Developer.
2. Purchase from an individual seller- The developer will issue the NOC for sale. The Title Deed will be transferred to the Buyer at the Dubai Land Department after the full payment is made to the seller.
Purchasing “off -plan” property in Dubai
The Buyer needs to fill out the reservation form as per their passport details. Reservation forms typically include the agreed payment plan, basic terms and conditions including the Buyer and Developer's personal details. A formal Sales and Purchase agreement will be created and signed by the Buyer and Developer once a reservation deposit is paid by the Buyer. Some Developers require the buyer to pay up to 20% of the property price before a SPA is drafted. Agreeing on a purchasing price before signing the reservation is essential. Once the buyer signs the SPA, the developer must register the SPA with the Dubai Land Department. SPA registration fees with the DLD are 4% of the purchase price. ERES fees range between AED 1000- AED 5000.
Purchasing “resale ” property in Dubai
A resale property is when a Buyer purchases property through a private seller. Hiring a real estate agency for a resale property is recommended to simplify the transaction process for both parties. The Buyer and Seller must agree on a Memorandum of Understanding (MOU), outlining the terms and conditions of the agreement. This document should include the date of the final transfer of funds from the Buyer to the Seller.The Buyer must submit a deposit of approximately 10% of the property price or a negotiated amount between both parties. The Buyer will pay the real estate agent's commission at this time.
If a Buyer is financed, the bank will conduct an evaluation to issue a final offer letter to the Buyer. A seller who is financed will apply for a liability letter. The liability letter will be paid by either the Seller, the Buyer(if cash buyer) or bank(if financed buyer). The Seller's bank will issue a clearance letter once the Seller's liability amount is paid.
The Seller will apply for an NOC from the Developer once the MOU is signed and clearance letter is paid. Both parties will visit the DLD or trustee office for the transfer of the deed once the NOC is obtained.
The Buyer will pay the total purchasing amount to the Seller at the Dubai Land Department in the form of manager’s cheque or any other guaranteed mode of payment after the deed transfer to him/her. Below is the listed fees application upon transfer of title deed to buyer:
• A 4% transfer fee of the purchase price
• Title deed fee of AED 580
• Trustee fee of AED 4000 if the property value is more than AED 500,000
• Trustee fee of AED 2000 if the property value is less than AED 500,000
Mortgaged Property
• The mortgage registration fee is 0.25% of the mortgaged amount with AED 290/- Knowledge fee