Can you resell an off-plan property in Abu Dhabi?
Investors frequently invest in off-plan properties due to the potential for substantial returns. However, there may be times when an investor cannot continue making payments or may urgently need cash instead of a promise of future gains. If you are in such a situation and need to resell an off-plan property in Abu Dhabi, continue reading as we outline the process.
CAN I RESELL AN OFF-PLAN PROPERTY IN ABU DHABI?
In Abu Dhabi, the resale of off-plan properties is generally allowed, though some developers may have a few conditions. You need to consider some things when you wish to resell a unit in the top off-plan projects in Abu Dhabi.
ELIGIBILITY
When considering how to resell off-plan projects in Abu Dhabi, the first step is to go through your Sales and Purchase Agreement (SPA). The contract will likely clarify the eligibility criteria you must meet before you can resell an off-plan property in Abu Dhabi. Typically, there is a minimum payment requirement, which is usually set at 30% of the total purchase price.
While this may be the most pertinent clause, you must review the document and check for other related points.
MARKETING THE PROPERTY
The next step in the process of resale of off-plan properties in Abu Dhabi is to market the property and find someone willing to invest. You can pay a real estate agent and take advantage of their network and expertise. You can also use digital platforms like Bayut or dubizzle.
The latter is cheaper, as an agent would charge 1 to 3% of the total value of the property. It all depends on how much time you are willing to invest in selling and if you can budget for the charges of an agent.
NOC FROM THE DEVELOPER
To resell off-plan properties in Abu Dhabi, you need a No Objection Certificate (NOC) from the developer. This would outline that the developer has no objections to the proposed sale. You can read our guide on obtaining NOCs in the UAE to learn more.
DOCUMENTATION
The next stage is documentation if you need to resell an off-plan property in Abu Dhabi. Here is what you need to do to complete the process.
- Open the DARI app, go to the Sales/Purchase tab
- Select Property Type and Paying Method
- Fill in the details of the house seller and buyer
- Add the power of attorney if needed
- Add the required documents, including:
- Title Deed, not exceeding 180 days
- Valuation Certificate, not exceeding 30 days
- Letter from the developer specifying the location of the property
Once the sale has been registered, the buyer will be notified. After review, the buyer can approve or reject the agreement. Subsequently, after DMT approval, these steps would be next:
- Book an appointment for sales agreement signature at a particular time and location
- Pay the fee and submit an application
Read our guide on transfer of property ownership in Abu Dhabi to find out more.
FAQS
CAN ONE RESELL AN OFF-PLAN PROPERTY IN ABU DHABI?
Yes, as discussed, you can resell off-plan property in Abu Dhabi if you have met the criteria set by the developer.
WHICH ARE THE TOP AREAS TO BUY OFF-PLAN PROPERTIES IN ABU DHABI?
Here is a list of the most popular areas to buy off-plan property in Abu Dhabi. If you are looking for high-end investment, here’s a look at top luxury off-plan projects in Abu Dhabi.
That’s all we have regarding how to resell an off-plan property in Abu Dhabi. Investing in an off-plan property with an eye on future profits is wise.
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