Post Handover Payment Plans

Currently, a number of projects on and around Al Marjan Island are offering post-handover payment plans, although the structures vary between developers.

Apartments

(Click on project name for further details)

• Miraggio by Source of Fate Properties — offering up to 2 years post-handover payment plan
• Trio Isle by Durar Group — offering up to 3 years post-handover payment plan
• Danah Bay by Dubai Investments — offering up to 2 years post-handover payment plan
• Playa Viva by Uniestate Developers — offering up to 5 years post-handover payment plan
• Azure by Lapis - offering up to 2 years post-handover payment plan.

Branded / Serviced Residences

• Manta Bay by Major Developers — offering up to 20 months post-handover payment plan
• Gianfranco Ferre Residences by Mira Developers — offering up to 3 years post-handover payment plan.
• Ice Beach - offering up to 20 months post handover plan

Hotels & Residences

• Waldorf Astoria Residences by Al Hamra Developers — offering up to 3 years post-handover payment plan

Villas & Mansions

• Danah Bay Villas by Dubai Investments — offering up to 2 years post-handover payment plan
• Falcon Island by Al Hamra Developers — offering up to 3 years post-handover payment plan

In most cases, post-handover payment plans offered by Developers in Ras Al Khaimah are structured as interest-free installment plans paid directly to the Developer. This allows buyers to spread a portion of the purchase price over a period after handover without the need for traditional bank financing.

However, Developers may adjust pricing based on the payment structure offered. Longer payment periods may sometimes result in a higher purchase price, while buyers who are able to make a larger down payment or settle more of the purchase price upfront may be eligible for discounts or preferential terms. Any such incentives are subject to the Developer's approval and prevailing sales policies.

A post-handover payment plan allows buyers to continue paying a portion of the property's purchase price after the property has been completed and handed over. Rather than paying 100% of the purchase price during the construction period, part of the balance is spread over a fixed period after handover, typically ranging from 1 to 5 years.

Post-handover plans can reduce upfront financial pressure, improve cash flow flexibility and make property ownership more accessible. For investors, they may also provide the opportunity to generate rental income from the property while continuing to pay the remaining installments.

Post-handover payment plans can make property ownership more accessible by reducing the amount required before completion and spreading a portion of the purchase price over several years after handover. This can improve cash flow flexibility and lower the initial financial commitment for buyers.

For investors, post-handover plans may also provide the opportunity to generate rental income from the property while continuing to pay the remaining installments. However, buyers should carefully consider the total payment obligations and ensure they can comfortably meet future installment commitments.

Developers typically apply late payment penalties, fees or contractual notices when scheduled payments are missed. The specific consequences will depend on the terms outlined in the Sales and Purchase Agreement (SPA) and the Developer's policies.

Extended non-payment may result in additional penalties, legal action or, in certain cases, cancellation of the purchase agreement in accordance with the SPA and applicable regulations. Buyers should carefully review their payment obligations and contact the Developer as early as possible if they anticipate any difficulty in meeting a scheduled payment.