Over the years, buying off-plan properties in Dubai has gathered a lot of attention. Investors are spoilt for choice when it comes to off-plan projects in Dubai. But what happens if you are an investor who wants to sell off-plan property in Dubai before completion? MyBayut is here with the answer! We list down all important things to keep in mind if you want to resell off-plan property in Dubai as an investor.
HOW TO SELL OFF-PLAN PROPERTY IN DUBAI BEFORE COMPLETION?
The following are some of the most frequently asked questions about selling off-plan property in Dubai.
When can I sell my off-plan property in Dubai?
Off-plan properties in Dubai can be sold by the investor, before and after the completion of the project. However, if an investor wants to re-sell their off-plan property before it’s completed, they must meet the conditions and criteria set by the developer. This is to ensure the stability and security of investments in the Dubai real estate market.
How can I sell off-plan property in Dubai before completion?
To be able to sell the off-plan property in Dubai before it’s completed, investors must meet certain conditions. These criteria are usually set by the developer of the off-plan project. Most developers require owners to have 30-40% of the cost paid off before it can be sold to a new owner. This value can vary from developer to developer, so if you plan to sell off-plan property in Dubai before completion, make sure to confirm with the developer you are working with before making the sale. Eligibility to re-sell an off-plan property can also depend on other terms set in the contract by the developer.
What’s the process of selling off-plan property in Dubai?
Once you have paid off the minimum amount set by the developer and have all the necessary approvals to sell your off-plan property in Dubai, you can initiate the process to re-sell the off-plan property you own.
The process of re-selling off-plan property in Dubai is similar to selling ready properties. You will need to first find a buyer who is willing to purchase the property. This buyer will need to need to get a No Objection Certificate (NOC) from the developer which registers the new buyer with the developer. After the price and terms are finalised by both parties, contracts will be drafted with the agreed terms, which needs to be signed by both the buyer and seller. Once the process is complete the buyer will ultimately take over all the outstanding payments once the transfer is complete.
What’s the cost of selling off-plan property in Dubai?
One of the most important costs to keep in mind when buying off-plan in Dubai is the DLD registration fees. Buyers will have to pay 4% of the total property value to the developer during the time of transfer, even if it was paid by the original owner. The are many other costs associated with buying off-plan in Dubai such as fees for getting the NOC and so on. It’s best to get in touch with your real estate broker to get an accurate breakdown of the cost to resell or buy off-plan in Dubai.
Now that we know a bit about what it takes to sell off-plan property in Dubai before completion, let’s take a look at a few things buyers will need to keep in mind if they are purchasing off-plan from an investor.
Buying off-plan property in Dubai
Whether you are buying an off-plan property directly from a developer or another investor, there are many things you should consider. As a buyer, here is some useful information that can help you make your decision.
How to buy off-plan property in Dubai?
Conducting extensive research on the off-plan project you are investing is very important when buying off-plan property in Dubai. This extends to the property you are buying and properties surrounding it. Developers will offer plenty of material such as mock-up designs, videos and images of the development and how it will look. Take the time to get a look at all the material available and make an informed decision.
Apart from this, your finances, return on investment (ROI) and other factors like these should be taken under consideration when buying off-plan in Dubai. For a more detailed guide on, check out our article on how to buy off-plan property in Dubai.
Which are the best off-plan projects in Dubai?
In our recently published analysis of property prices in Dubai for H1 2019, we can see property investors showing high interest for more upscale properties. This trend is reflected in the searches by Bayut users looking for off-plan projects in Dubai. Just Cavalli Villas in Akoya Oxygen and District One in the highly ambitious Mohammed Bin Rashid City (MBR City) development ranked right on top for areas with the best off-plan residential property for sale in Dubai. If you are someone considering investing in off-plan property in Dubai, these areas are receiving high demand from investors at the moment.
That concludes this guide on selling Dubai off-plan property before completion There are numerous new off-plan projects in Dubai for investors to choose from. For more details check out this list of the best off-plan developments in Dubai.
Stay tuned to the Market Trends section, for the latest information on the real estate market in Dubai and the rest of the UAE.
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