How to
Sell a Property
in Dubai
đź”˝ AN OVERVIEW OF SELLING PROPERTY IN DUBAI
Preparing the Property for Sale
To maximize your chances of selling your property quickly and at the best price, presentation is key. Before listing your property, address any maintenance issues such as cracks or defects, and consider refreshing the space with a coat of paint. A thorough cleaning and tidying the garden (if applicable) can also make a big difference. Buyers may not have the same vision for the property as you, so it’s important to make the space as inviting as possible. These small fixes can make the property more appealing and increase its perceived value.Â
Conducting a Market Appraisal
An experienced real estate consultant will visit your property to carry out a market appraisal. Pricing your property correctly is critical for attracting buyers. Your agent will conduct research on similar properties in the area, considering factors like location, property type, and recent sales data. This analysis will help you determine a competitive and realistic price. Additionally, tools like DXBinteract.com provide valuable insights into local market trends, rental information, and recent transactions to guide your pricing decisions.
Listing the Property for Sale
To list your property for sale, you’ll need to sign a Form A or Contract A, which is a legally required agreement between you (the seller) and the broker. Along with the signed form, you’ll need to provide a copy of your title deed, passport, and Emirates ID. Once this is done, your broker will apply for a marketing permit to advertise the property.
Marketing Your Property
Effective marketing is essential to sell your property. Approximately 70% of homes sell within the first month of being listed, so it’s crucial to have strong exposure right from the start. Professional photos and detailed property descriptions, combined with premium listings on popular portals, will help attract a larger audience. Your agent will also leverage social media and email campaigns to reach potential buyers. The key is working with an agent who understands the best channels for promoting your property and can maximize visibility through paid marketing tools.
Conducting Property Viewings
Your agent will arrange viewings with potential buyers, ensuring that the property is accessible and ready for viewing. As a professional, your agent will be able to answer any questions about the property, the neighborhood, and the price. Maintaining easy access to the property for showings is essential, as any complications (like a faulty key or lack of security clearance) can discourage prospective buyers. Your agent will also report on serious leads and assist in negotiations, helping you reach a fair price.
Negotiating Terms with Buyers
When a buyer shows serious interest, both parties will negotiate the price and other key terms of the sale. A skilled agent can help build a case for pricing based on market data and trends. Offering a 10% deposit check can demonstrate the buyer’s commitment. Once a deal is reached, both parties will sign a Memorandum of Understanding (MOU), also known as Form F. The buyer typically provides a 10% security deposit, held by the agency until the transfer takes place. The agent will coordinate the timeline and next steps, ensuring a smooth process.
If You Have a Mortgage
If you have an outstanding mortgage, the buyer will need to settle this before the No Objection Certificate (NOC) can be issued. This process involves your bank, and it can take up to two weeks. If the buyer is paying in cash, the property will be blocked at the Dubai Land Department Trustee Office until the mortgage is cleared. For buyers seeking finance, their bank will coordinate directly with your lender to ensure the process runs smoothly.
Applying for the NOC
All parties must apply for a No Objection Certificate (NOC) from the developer. This certificate is required for the sale to proceed. The developer will check whether there are any outstanding fees or service charges, and may inspect the property for unauthorized modifications. If everything is in order, the NOC will be issued. The fee for the NOC typically ranges from AED 500 to AED 5,000, depending on the developer and whether the property is completed or off-plan. Some developers may also require a refundable deposit from the buyer to ensure the records are updated after the transfer.
Disconnecting Utilities
Start the process of disconnecting utilities like DEWA (Dubai Electricity and Water Authority) in advance of the property transfer. This can typically be done online and takes 24-48 hours. Coordinating this early will prevent any delays during the final stages of the transaction.
Finalizing the Sale and Receiving the NOC
Once the NOC is issued, all parties will meet at the Dubai Land Department Trustee Office to officially transfer ownership of the property. Payment for the property will need to be made in the form of a manager’s cheque, which is payable to the seller. Additionally, manager’s cheques for the 4% transfer fee and administrative fees (AED 4,000 to AED 5,000 plus VAT, depending on the property value) will also be required. After the transfer is complete, a new title deed will be issued in the buyer’s name. The buyer will also settle any prorated service charges or rent due to the seller.
This process, while detailed, ensures that both parties fulfill their obligations and that the property transaction is completed smoothly and efficiently.