Developed by Emaar Properties, Dubai Hills Estate is recognized as one of the fastest-developing communities in Dubai.
This rapid development has resulted in a variety of off-plan projects that are currently under construction or soon to be started. Each of these projects comes with a unique Payment Plan or a schedule of payments as sometimes referred to.
Here we take a look at some of the more popular Dubai Hills payment plans and look into how they work.
Popular Dubai Hills Payment Plans
10/80/10% – This is a popular payment plan offered by Emaar Properties for its Dubai Hills projects. It requires the buyer to pay 10% at the time of booking, 80% during construction, and 10% on completion.
A full breakdown of this particular payment plan:
| Instalment | Payment Percentage | Due Date |
|---|---|---|
| Down Payment | 10% | October 2023 |
| 1st Instalment | 10% | December 2023 |
| 2nd Instalment | 10% | April 2024 |
| 3rd Instalment | 10% | August 2024 |
| 4th Instalment at 20% Completion | 10% | April 2025 |
| 5th Instalment at 40% Completion | 10% | November 2025 |
| 6th Instalment at 60% Completion | 10% | May 2026 |
| 7th Instalment at 80% Completion | 10% | October 2026 |
| 8th Instalment at 100% Completion | 10% | August 2027 |
10/60/30% – Within this payment plan the buyer is to pay 10% at the time of booking, 60% during construction, and 30% on completion. While not as popular as the above-mentioned payment plan this is a payment plan that is available at Dubai Hills Estate.
Dubai Hills Post Handover Payment Plans
Thre are currently no projects in Dubai Hills that offer a post-handover payment plan.
Post-handover payment plans are a popular type of payment plan and for good reason. They are a type of payment plan where a portion or percentage of the total payments is due in a period of 1 to 3 and sometimes even 5 years after the property handover. Whist great for buyers post handoover payment plans arent ideal for developers as it means they have to wait longer to receive payment.
As a result, payment plans are rare and tend to be offered in slower market conditions.
Key Takeaways
- Every off-plan project comes with its own payment plan however many projects share the same payment plan format
- Different developers tend to offer slightly different payment plans for their projects
- A Payment plan offered for a particular project can change over time. This however does not impact those who have already purchased as the payment plan agreed to at the time of purchase forms part of the purchase contract.
- Although not common Payment plans may be negotiable. This is done on a case-by-case basis and is dependent on a variety of factors including the value of property being purchased as well as market conditions.