What is an EOI in Dubai property market?
Expression of Interest (EOI) payment for a Dubai property pre-launch is a preliminary financial commitment made by prospective buyers to express their serious intent and secure priority access to a property development before its official launch. This payment is typically refundable and serves as a token of the buyer’s interest in the property.
How does Expression of Interest (EOI) work in Dubai property market:
1. Announcement of Pre-Launch:
Developers in Dubai often announce pre-launch sales of upcoming property developments to generate interest and gauge demand before the official launch. These pre-launch announcements are usually made through authorized sales agents, marketing campaigns, advertisements, or invitations to events.
2. Expression of Interest:
Prospective buyers interested in purchasing a property during the pre-launch phase are required to submit an Expression of Interest (EOI) along with a specified EOI payment to the developers authorized sales agent. The EOI payment amount is determined by the developer and is often a fraction of the property’s total purchase price.
3. Priority Access:
Upon submission of the EOI payment, the buyer’s interest in the property is acknowledged, and they are granted priority access to the pre-launch sales. This gives them the higher chances of getting the desired unit or as close as possible to it. Sometimes buyers on the priority list also have the opportunity to review project details, floor plans, pricing options, and available units before the general public.
4. Reservation Process:
During the pre-launch sales event or on the launch itself, buyers have the opportunity to reserve their preferred unit by selecting a specific property out of available options. At this time the amount paid towards Expression of Interest is now used to secure that property which is now allocated to them. Afterwards, buyer will sign a reservation form or agreement. Next, buyer will be given a timeframe to complete the downpayment by paying the balance amount.
5. Sales Process:
Following the pre-launch phase, the developer officially launches the project for sale to the general public. Only after the priority buyers who have reserved units during the pre-launch phase. If any units are remaining they will now be opened to general public. The rest of the sales process continues as usual where the buyers get the SPA agreements after completing the downpayment.
6. Purchase Agreement:
Upon finalizing the purchase, buyers are required to sign a formal purchase agreement (SPA) with the developer. SPA is outlining the terms and conditions of the sale, payment schedule, and delivery timeline.
What if I paid an EOI but did not get any unit allocation?
In case you have paid Expression of Interest on time but still did not get a unit allocated or not the satisfactory unit you can request a refund. EOIs are generally refundable which you can always confirm prior to the payment. In case you request a refund it will be returned usually to the same account you paid it from.
It is worth mentioning that sometimes you might want to keep your EOI in place and wait for a possible cancellation. It often happens that units get allocated and are afterwards cancelled. In this case these cancelled units that are now back in stock will be offered to the buyers on the priority list who did not get an allocation. If the unit is not taken by buyer on the priority list, it then goes to general availability open to the public.
How is priority decided among buyers that paid Expression of Interest?
It happens that the number of EOIs submitted exceeds the number of units in a project. The priority among those that have paid EOIs will be following:
- Full Floors
- Half Floor
- Bulk units (4+)
- Bulk units (2-3)
- Single units
Furthermore, if multiple buyers in the priority list have the same targeted units, priority will be based on:
- Amount paid as an Expression of Interest
- Date of submitting and EOI
With priority given to the higher paid amounts. If the amounts are the same then unit will be offered first to the buyer who submitted his EOI first.
Overall, an Expression of Interest payment for a Dubai property pre-launch provides buyers with the opportunity to secure priority access to a desirable property development and streamline the purchase process in a competitive real estate market.
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