Do research before buying property in Dubai

Speaking to Arabian Business at real estate show Cityscape Global, McLoughlin, senior vice president, marketing and corporate communications at Damac, said some developers in Dubai propose payment plans that are “too good to be true.”

‘Loose’ payment plans offered by developers could end up hurting the Dubai real estate market, according to Damac Properties’ senior spokesperson, Niall McLoughlin.

“What worries me? Payment plans. I look around and you have big developers in Dubai that have big balances, corporate funds and access to capital. These developers can offer payment plans that are very attractive, but I read something the other day that had 10 percent deposit, and [the other] 90 percent due 10 years after delivery. How can that thing be built?” he said, adding construction costs are 60 percent of total costs. Read further