Can you resell an off-plan property in Abu Dhabi?
Investors frequently prefer 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-of-the-line off-plan projects in Abu Dhabi.
So here are the steps to resell off-plan property 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.
When reselling an off plan property in Abu Dhabi, this is one of the initial steps you have to consider.
APPLICATION PROCESS
The next stage is the application process if you need to resell an off-plan property in Abu Dhabi. Here is what you need to do to complete the process.
- Visit the DARI website and log in
- Go to the Services and select transactions
- Go to Off-Plan Unit Buy & Sell Registration
- Select ownership type (Ownership or Musataha)
- Select a property or search for the unit
- Review relevant details of the property
- Input information including sale date, project completion date and sale price.
- Choose whether the buyer or the seller will pay for registration
- Next, on the payment plan selection, add details and choose payment type (full payment or instalments). For instalments, you have to input the instalment method i.e. percentage or in AED). Add details about frequency, dates and percentage
- Add a broker by entering the UID/UN number
- Add Buyer via the UID/UN number
- For a company: enter the trade license number
- For government: enter entity name
- For non-UAE Resident Buyer: Add by entering the passport number, nationality, email, and mobile number
- Once the buyer is added, enter purchase details
- Next, upload documents, including the Developer S Contract
- Review application details, including project details, property details, Musataha contract, buyers, developer details, property sale details, payment plan details, registration fees, broker details and uploaded documents
- The application will be forwarded to the developer and the DMT auditor to accept, return or reject
- Once accepted, the applicant will be notified to make the payment via DARI Wallet or Debit/Credit Card
- Once payment is made, the Pre-Registration Certificate (Usufruct) will be issued
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.
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. You can also consider any of the top new projects in Abu Dhabi.
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