Selling Property in Dubai: An Overview
Assuming you are an owner of an off-plan property in Dubai or are considering purchasing one, you may be wondering about the process of selling it. In this blog, we will give you an overview of the process of selling property in Dubai, as well as some top tips to make sure the process goes as smoothly as possible.
The first step in selling your property is to find a real estate agent that you feel comfortable working with. It is important to choose an experienced agent who knows the Dubai market well and who has a good track record of successfully selling off-plan properties. Once you have selected your agent, they will help you to determine the best-asking price for your property.
The next step is to list your property on the major property portals in Dubai such as Allegiance Real Estate. Your agent will also promote your property through their own channels. Once your property is listed, you will start to receive inquiries from potential buyers. Your agent will screen these inquiries and arrange viewings for serious buyers.
Once you have found a buyer who is willing to pay your asking price, the next step is to start the negotiation process. Your agent will help to negotiate the best possible price for off-plan property. Once an agreement has been reached, the buyer will pay a deposit and sign a sale and purchase agreement.
The final step in the process is to transfer the ownership of the property to the buyer. This is done through the Dubai Land Department and usually takes around 4-6 weeks to complete. Once the transfer is complete, the buyer will pay the remaining balance of the purchase price and you will receive your proceeds from the sale.
Selling your property in Dubai can be a complex process, but by following the steps outlined above and working with an experienced real estate agent, you can ensure that the process goes as smoothly as possible.
The Process of Selling Property in Dubai
The process of selling property in Dubai is not as complicated as one might think. There are a few simple steps that need to be followed in order to ensure a smooth and hassle-free sale.
The first step is to find a reputable and experienced real estate agent who is well-versed in the Dubai property market. It is important to work with an agent who has a good understanding of the local market and who can provide you with the necessary guidance and support throughout the selling process.
Value of Property
The next step is to determine the market value of your property. This can be done by conducting a comparative market analysis or by working with a professional appraiser. Once you have an accurate estimate of your property’s worth, you can then start to market it to potential buyers.
There are a number of different marketing channels that can be used to reach buyers, including online portals, print advertisements, and word-of-mouth. It is important to choose the marketing channels that are most likely to reach your target audience.
Once you have received an offer from a buyer, the next step is to negotiate the sale price. It is important to remember that you are not obligated to accept the first offer that you receive. If you are not happy with the offer, you can counter-offer or reject it outright.
Once the sale price has been agreed upon, the next step is to draw up the sales contract. This contract should be reviewed by a legal advisor to ensure that it is valid and binding. Once the contract has been signed by both parties, the sale is considered legally binding.
The final step in the process is to transfer the ownership of the off-plan property to the buyer. This can be done through a registered conveyancer or solicitor. Once the transfer of ownership has been completed, the sale is considered final and you will receive the agreed upon sale price for your property.
The Costs Associated with Selling Property in Dubai
The Costs Associated with Selling Property in Dubai
Selling property in Dubai can be a costly affair, with various fees and charges that may be applicable. These costs can include agent’s commission, legal fees, and transfer fees. In addition, there may be stamp duty and other taxes that need to be paid.
The agent’s commission is typically 2-3% of the sale price of the property and is paid by the seller.
Legal fees can vary depending on the complexity of the sale and the lawyer chosen, but they typically start at around AED 5,000.
Transfer fees are paid to the Dubai Land Department and are calculated at 4% of the property’s sale price.
Stamp duty is a tax that is levied on certain documents and is payable to the Dubai Land Department. The rate of stamp duty is 0.5% of the property’s sale price.
There may be other taxes and fees that are applicable when selling property in Dubai, such as VAT (if applicable) and registration fees.
The Paperwork Involved in Selling Property in Dubai
The paperwork involved in selling property in Dubai can be a bit daunting for those who are not familiar with the process. However, it is important to remember that the Emirate of Dubai has a very different legal system than what is found in many other countries. As such, there are a few key things that you will need to keep in mind when it comes to selling your property in Dubai.
The first thing to keep in mind is that all property transactions in Dubai must be conducted through a registered real estate broker. This broker will be responsible for handling all of the paperwork involved in the sale of your property. In addition, the broker will also be responsible for marketing your property to potential buyers.
Next, you will need to obtain a No Objection Certificate (NOC) from the Dubai Land Department. This certificate is required in order to sell your property in Dubai. The NOC will state that there are no legal issues associated with the sale of your property.
Once you have obtained the NOC, you will then need to draft a sales and purchase agreement. This agreement will need to be signed by both the buyer and the seller. In addition, the agreement will need to be notarized by a public notary.
Once the sales and purchase agreement has signed and notarized, you will then need to submit it to the Dubai Land Department for approval. Once the agreement has approved, you will issued a sales confirmation letter. This letter will need to presented to the buyer at the time of closing.
The final step in the process of selling your off-plan property in Dubai is to close the sale. This can done by either using a local bank or by using an international bank. If you choose to use an international bank, you will need to provide them with the sales confirmation letter.
Selling property in Dubai can be a bit of a challenge for those who are not familiar with the process. However, by following the steps outlined above, you can ensure that the process goes smoothly.
Final Thoughts on Selling Property in Dubai
If you’re thinking of selling your off-plan property in Dubai, there are a few things you should keep in mind. First and foremost, it’s important to consult with a professional real estate agent to get an accurate market value for your home. Secondly, you should prepare to negotiate with potential buyers and be willing to accept a lower price than what you initially paid for the property. Lastly, it’s important to have all of your paperwork in order and to be realistic about the timeline of the sale. With these things in mind, you’ll be well on your way to successfully selling your property in Dubai.