How much savings do you need for a €300k property?

Buying a property in Dubai might sound like something only for the wealthy, but it is actually more accessible than you might think.

Suppose you want to buy a property for €300,000. How much savings would you need to get started?

Expect a down payment of 24%

If you choose an off-plan property (a property that is yet to be built), you will typically work with a payment plan. The first step is the initial down payment. This is usually around 24% of the total purchase price. In this case, that would amount to approximately €72,000.

Spread your payments with 1% per month

After that initial down payment of €72,000, many projects offer a flexible payment schedule. A common option is a 1% arrangement: you pay 1% of the total purchase price per month. In this example, that means a monthly payment of around €3,000, continuing until the property is completed.

What do you pay on completion?

Upon completion, you often pay a final amount, depending on how the specific payment plan is structured. The exact amount of this final payment varies from project to project, so it is wise to have this thoroughly investigated before you sign.

Conclusion

With starting capital of approximately €72,000 and a monthly payment of around €3,000, you can often enter a property project in Dubai. It is certainly achievable for those looking to invest in real estate without having to pay the full purchase price upfront.