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.
Process to Sell Off-Plan Property
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.
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.
Requirements for Reselling Off-plan Property
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.
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.
Please note that the sales transaction figures quoted above were accurate when writing this blog, i.e. October 9th, October.
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