If you are looking to sell property in Dubai, you will likely have a lot of questions. What are the current market conditions? How much should I list my property for? What is the process for selling a property in Dubai? In this article, we will answer the top 14 questions that people have about selling property in Dubai.
Why is Compiling Information Crucial?
While selecting the right real estate agent and gathering all required documents are important, so is the understanding of the process and the time to sell. This is attributable to the fact that in real estate, sometimes minor differences in strategies could result in substantial differences in profits. Did you know? The end of spring and early summer bring out the best in purchasers since demand is especially high during these months.
As of 2010, the real estate market has now had significantly higher rates. Additionally, currently, up to May 2022, average residential property prices increased by 10.9%, according to the stats. This explains why it is the right time for sellers before the market slows down.
Top 14 Frequently Asked Questions on Selling Property in Dubai
As a result of the fast-paced core of the market and a slew of regulations, many questions arise when it comes time to sell, particularly if it’s the first time.
So this article is a one-stop shop because it will feed all of your thoughts while also assisting you in obtaining an excellent deal for your property.
Is it simple to sell a property in Dubai?
The entire procedure, though straightforward, is not easy. While the legislation makes things uncomplicated, it’s the competition that has made it difficult and time-consuming. As a result, finding the most effective purchaser deal necessarily requires significant effort. So, in a nutshell, the ease of selling is determined by the area. Additionally, the property itself, its predicted future worth, and, in the case of an apartment or a house, the upkeep and outlook are all the determinants.
What should be included in the sale agreement?
The sales agreement, which is an act of mutual buyer-seller agreement, must be comprehensive and must include complete details of the following:
- The deal date
- The amount agreed upon to be submitted by the buyer in the name of the deposit
- The date of final payment as well as the closing agreement date
Additional points that can be included are:
- Formalities which can be from either side
- All details of supplemental items such as furniture or electronics and their cost that is included in the sale deal.
After a careful evaluation, it must be signed by both parties.
What are some common methods of selling real estate in Dubai?
There are two distinct ways to sell real estate in Dubai.
Because the real estate market is booming, the likelihood of success with this methodology is high. You can do this by posting detailed ads on various platforms such as property finder and Penny realtors.
Afterward, you have to wait for buyers to contact you. In this case, the price is largely determined by you. While this may save you money on broker fees, it may cause difficulties with scheduling visitors, bargaining, and haggling with paperwork.
Selling through an Agent
This primarily involves the use of real estate agencies. It essentially entails registering, paying the fee, and unwinding because the agent will handle everything. Because of the agent’s better market understanding and more buyer approach, this mode is seen to deliver better rates.
What are primary and secondary markets?
The term primary market refers to new properties that are purchased directly from the owner or establisher. However, when selling your pre-owned home, the agreement between you as a seller and your buyer would be a secondary market agreement.
Can I sell a mortgaged property in Dubai?
Yes, it is possible to sell mortgaged property in Dubai. The buyer can seek such property in two ways:
- By continuing the mortgage, which is a somewhat lengthy process
- Direct payment in the form of cash is a comparatively easier and quicker process
However, selling mortgaged property is a bit more difficult to close because the deal may begin with scanned documents but cannot be completed without the original ones, which are in the custody of the mortgage authority. So, you would need additional paperwork, such as a lender’s approval, a due clearance certificate, a sale transaction, an outstanding loan letter to present the amount paid along with the leftover, and a payment letter from the buyer. After completing all of the formalities, you can successfully transfer the property into the name of the buyer as per the deal.
How is the real estate market nowadays?
The current trends in Dubai real estate are highly encouraging for sellers, as the property has reached its highest peaks, with a value increase of approximately 100%.
However, by the end of 2023, as infrastructure becomes more established, demand is expected to fall in comparison to the availabilities. This, in turn, would lead to real estate stability and a lower stable price.
How to find the best real estate agent in Dubai to sell my house?
To find the best real estate agent, you may seek a referral from a friend or a relative. Customer feedback, on the other hand, can be an effective alternative. Make sure not to rely on old comments and look for someone who specializes in the type of property you want to sell. You could also go through the options available online and make a short list of the best possibilities. Following a meeting and careful discussion, you can select one.
How can I list it on the property finder?
Propertyfinder is Dubai’s largest online property network and thus a popular method of privately selling properties. You can simply follow the steps and get instant access to a diverse range of buyers:
- Create an account by registering yourself. It needs to be a Property finder manager
- Make a thorough video, add it to YouTube and link it to your account.
- Not long after the video goes live, the buyers will contact you.
Can I sell real estate in Dubai for bitcoins?
Yes, you can now sell property in Dubai for bitcoins. However, whether you sell privately or through a broker who deals in these transactions, you must declare this in the description and listing option. After completing the formalities, simply wait for buyers to seek you out in your preferred currency.
What steps should I take to get my house ready to sell?
Plan at least 2-3 months ahead of time to prepare for a profitable sale. Begin by gathering information about the location you intend to relocate to. Then you can start decluttering to make some space. Finally, opt for exterior work such as painting, cleaning, and repairing. At this point, hiring a home inspection team is a wise decision. However, it is only after you have completed these steps that you can list the house for sale and expect a profitable buyer.
When is the best time of year to sell my house?
The best time to sell real estate is in the middle of the year, which includes the months of April and May. Because the days are longer, migration rates are higher, and shifting is occurring as a result of the impending summer vacation. However, December is the worst month because it is when demand is at its lowest and the holiday and shopping season is at its peak.
Does the seller pay commission in Dubai?
Yes, but unlike the 5% rental commission, selling agent fees in Dubai are lower. It is calculated by taking the property price and subtracting 2% from it. The fee covers listing, visit scheduling, and buyer acquisition. However, charges such as transfer fees or additional documentation that occur when selling mortgage homes are not included.
Why selling real estate in exchange for crypto is beneficial?
It’s an asset vs. asset situation, so while the cash runs out, the Crypto can rarely do the same. Rather its value will increase in the time to come. However, this comes with some risk, so only take this deal if you can play and tolerate it well. On the contrary, it can provide you with valuable acquisitions that you can save for future appreciation and trade for a new dream property.
How do I advertise on penny realtor?
Penny is the most well-known property network, where the platform will not only assist you in selling but will also aid you in developing a well-designed description and statistical data to help you in determining the best time to sell. So all you have to do is:
- Download the app and register.
- Tap on the new icon and fill in the required information. This includes the type, location, and pricing.
- For an instant listing, include the reference number and permit number.
- The property would be visible to buyers shortly after submission.
To sum up, selling property in Dubai is not as challenging as it is perceived to be. It is only the regulations that must be understood, as well as the appropriate selling time. So, in the current scenario, whether you choose to sell it yourself or through your broker, you can be self-assured that you will receive a good return.
If you have any further queries, please leave them in the comments section below. See you soon with another informative post!