All about cost of selling property in Abu Dhabi
- Renovation Costs
- Property Valuation Cost
- Outstanding Fees
- Property Transfer Fee
- Agent’s Commission
- FAQs on Selling a Property in Abu Dhabi
Selling your property in Abu Dhabi is a streamlined process that isn’t as complicated as one may think. Whether you’re selling because you’re looking for an upgrade, or you’re leaving the country, this is a task that requires timely action. To help you prepare for your property sale, you want to know all the costs you may incur while selling your property in Abu Dhabi. Keep reading to learn what these costs could be.
Upgrades or repairs
Your agent may suggest renovating or upgrading your property to sell it at a better price. For example, better floors, new kitchen countertops, etc. can increase a unit’s value in the market.
Another idea could be to conduct repairs in your house, such as fixing or replacing pipes, cabinets, doors, wall paint, etc. This cost differs based on the services being used and the company’s costs.
Property valuation fees
A home valuation is done to determine your home’s fair market value. It is done to price your unit based on the current market prices in Abu Dhabi, where the agent uses tools like TruEstimate™ to come up with a listing price. As the seller, you are entirely responsible for the cost of property valuation.
In some cases, you may also have to take into account the costs of high-quality photography and marketing efforts. These costs are added to the agent’s commission by some agencies.
Outstanding fees
Before you transfer your property’s ownership in Abu Dhabi to the buyer, you’re required by law to settle all financial obligations related to the property. Costs such as overdue mortgages or service charges need to be settled before the sale.
Property transfer fee
The obvious cost when selling property in Abu Dhabi is the property transfer fee. The Abu Dhabi Department of Municipalities and Transport (DMT) transfer fees is required to change the property’s ownership.
This fee is 2% of the property’s value and is sometimes paid entirely by the buyer. However, in many cases this fee is split between the buyer and the seller, so do keep this fee in mind. You can pay these fees online using the TAMM online services.
Agent’s commission
Your agent will be taking a 2% to 8% commission on the sale of your property, which is to be paid by you, the seller. However, it can be negotiated based on your relationship with the agent and agency.
Legal fees
It is recommended to have a lawyer by your side to help with any legalities associated with the sale, such as taking a look at the Sales and Purchase Agreement or Mortgage Release Letter (if you’re selling a mortgaged property). These legal fees are a major cost when selling your Abu Dhabi property.
Frequently Asked Questions
How much is the property transfer fee when selling real estate in Abu Dhabi?
The property transfer fee in Abu Dhabi is typically 2% of the value of the property.
Do sellers in Abu Dhabi have to pay capital gains tax on property sales?
UAE does not have a personal income tax, which means you do not have to pay a capital gains tax.
What is the real estate agent commission fee for selling property in Abu Dhabi?
DARI has set the real estate commission fee in Abu Dhabi as 2% for property valued below AED 500k, going up to 5% for properties that exceed this value.
Are there any hidden costs when selling a property in Abu Dhabi?
Costs for renovations, repairs, agent’s commission, legal fees and property transfer fees are some hidden costs while selling a property in Abu Dhabi.
Do I need an NOC (No Objection Certificate) to sell my property in Abu Dhabi?
Yes, your NOC is proof that the real estate transaction has no legal disputes and you’re selling with your consent.
Discover more tips to buying and selling properties in Abu Dhabi with MyBayut, the region’s biggest property blog.
