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.
HOW TO SELL OFF-PLAN PROPERTIES IN DUBAI BEFORE COMPLETION
After meeting the minimum payment requirement set by the developer and obtaining all necessary approvals, you may resell your off-plan property in Dubai.
How to Sell Off-plan Property in Dubai – The Process
When reselling the off-plan property, the process can be similar to selling a ready property in Dubai. However, a few additional steps need to be taken to ensure a smooth transaction.
STEPS TO SELL OFF-PLAN PROPERTIES IN DUBAI
The first step is to find a prospective buyer interested in purchasing the property. This can be done through various means, such as through a real estate agent or online portals.
Once a potential buyer is identified, the seller must provide all relevant information regarding the property, such as its developer, unit type, location, covered area, amenities and outstanding payments.
Buyers must get a No Objection Certificate (NOC) from the real estate developer. This certificate confirms that the developer has no objections to the transfer of ownership and registers the buyer as the new owner with the developer. The NOC is a crucial document that must be obtained before the sale.
Once the NOC has been obtained, the buyer and seller can negotiate and agree upon the price and sale terms. Contracts will be created with the agreed-upon terms and both parties must sign them. The contracts will outline all key details, such as the payment schedule and transfer of ownership.
After the contracts have been signed, the final step is for the buyer to take over all outstanding payments once the transfer is complete. This includes any remaining instalments, service charges and other fees* related to the property. Both parties must fulfil their obligations for a successful transaction.
*Please note that the new buyer is responsible for the 4% DLD Transfer Fee, even if it has been paid by the initial owner.
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 Dubai off-plan property for sale’s total cost 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 requirement 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 to contact the developer directly to know 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 selling off-plan property 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, if you plan to sell the unit before completion, meeting the developer’s conditions and criteria is essential.
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 when it comes to payment plans, allowing investors to make payments in instalments over a longer period of time.
Talking about 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 not only scrutinising the property but also evaluating previous and ongoing developer projects. Apart from this, your finances and return on investment (ROI) are key things 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 Omniyat launch new apartment and villa projects in the city periodically. Check out the best 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 to know the costs associated with selling a property 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.