How to sell off-plan property in Dubai
Dubai’s off-plan properties are in high demand, offering numerous options. If you’re an investor seeking to sell your off-plan property in Dubai, there are a few crucial factors to remember. Coming up is a list of essential considerations for the resale of your off-plan properties in Dubai.
SELLING OFF-PLAN PROPERTY BEFORE COMPLETION IN DUBAI
Dubai’s property market is showing no signs of slowing down. If you talk about off-plan apartments for sale in Dubai, more than 82,000 sales transactions were conducted for off-plan properties in the past year as per sale transactions for apartments in Dubai.
Selling off-plan property before completion in Dubai is possible if you meet the minimum payment requirement set by the developer and obtain all necessary approvals.
How to Sell Off-plan Property in Dubai – The Process
Steps to sell off-plan property in Dubai are similar to selling a ready property in Dubai. However, additional factors must be taken into account to ensure a smooth transaction.
STEPS TO SELL OFF-PLAN PROPERTIES IN DUBAI
Meet the Developer’s Requirements
Before you can resell, ensure you’ve paid the required minimum to the developer, usually 30-40% of the total cost. Each developer might have different conditions, so always double-check.
Find a Buyer
You can list your property through a real estate agent or online platforms. Make sure to present all the important details, such as the property’s location, developer, unit type and payment history. You can always seek help from Bayut’s TruBroker – a dedicated Bayut feature that allows you to find the city’s most trusted and reliable real estate agents.
Obtain a No Objection Certificate (NOC)
The buyer will need an NOC from the developer. This confirms the developer has no issues with the transfer of ownership and registers the buyer as the new owner.
Agree on Terms
Once you’ve found a buyer and received the NOC, it’s time to agree on the sale price and terms. This includes the payment plan and transfer of ownership.
Complete the Transaction
After contracts are signed, the buyer will take over any remaining payments. This includes pending instalments, service charges and the Dubai Land Department (DLD) transfer fee (4%). Both parties must fulfil their obligations for a successful transaction.
*the new buyer is responsible for the 4% DLD Transfer Fee, even if the initial owner has paid it.
CONDITIONS TO SELL OFF-PLAN PROPERTY IN DUBAI BEFORE COMPLETION
If you’re looking to sell off-plan property in Dubai before it’s completed, there are specific requirements that you need to meet according to the project’s developer.
Generally, the developer requires owners to pay 30-40% of the total cost of the Dubai off-plan property for sale before selling it to a new owner. However, it’s worth noting that the exact percentage may differ from one developer to another. Please double-check the requirements with your real estate developer before selling the off-plan apartment or villa.
Also, remember that other contract terms outlined by the developer determine your eligibility for selling off-plan property before completion in Dubai. It is recommended that the developer be contacted directly to learn the criteria.
FAQs about how to sell off-plan property in Dubai
Below, you’ll find answers to some of the most commonly asked questions about how to sell off-plan properties in Dubai.
Can I sell my off-plan property in Dubai before it’s completed?
As a property buyer or investor, you can sell your off-plan properties in Dubai. However, meeting the developer’s conditions and criteria is essential if you plan to sell the unit before completion.
Is it a good idea to buy off-plan properties in Dubai?
Choosing to invest in off-plan properties can bring a lot of benefits compared to purchasing ready units. One of the biggest advantages is that off-plan properties tend to be priced lower. Plus, they offer more flexibility regarding payment plans, allowing investors to make payments in instalments over a longer period.
Regarding flexible payment plans, investors can pay the total off-plan property price in small instalments. However, investing in such properties does come with risks. Delays in construction or changes in market conditions may impact the completion and delivery of the property, which may lead to losses for the investor.
How to buy off-plan property in Dubai?
Whether you are buying from a developer or another investor, there are many factors to consider when buying off-plan properties in Dubai.
When investing in an off-plan property in Dubai, it is essential to conduct extensive research on the intended project. This involves scrutinising the property and evaluating previous and ongoing developer projects. Apart from this, your finances and return on investment (ROI) are key to remember when buying a new off-plan property in Dubai.
Which are the best off-plan projects in Dubai?
Industry leaders such as Emaar Properties, Nakheel Properties, DAMAC Properties and Sobha Realty periodically launch new projects with apartment and off-plan villas for sale in Dubai. Check out the best areas with off-plan developments in Dubai to know your options.
That concludes this guide on selling Dubai off-plan property before the completion.
Reselling off-plan property in Dubai requires careful planning, negotiation, and adherence to legal requirements. By following the proper procedures and working with reputable professionals, buyers and sellers can complete the process with ease and confidence. It is also recommended that you know the cost for selling a house in Dubai.
Stay tuned to MyBayut for all the latest information on off-plan residential property for sale in Dubai and the rest of the UAE.
Please note that the sales transaction figures quoted above were accurate when writing this blog, i.e. October 9th, October. Bayut’s Dubai Sales Transactions page offers a detailed index of real estate transaction data from the Dubai Land Department, including property sales history, annual sales volume and area-specific transactional values. This resource enables you to make informed decisions by comparing advertised prices with actual transactional prices for properties of interest.
