What you need to know about selling your Dubai property
Even as economic fluctuations occur across the globe, real estate in Dubai is always in high demand from buyers and investors alike due to the emirate’s glamorous lifestyle, the stunning luxury properties available, and the safe, family-friendly environment. Which is great news if you want to sell your property.
However, if you have only a limited knowledge of the steps required in selling a property in Dubai – and you don’t work with the right agent – you will likely slow down the whole process and also risk significantly lowering the amount you eventually sell for. This is a competitive market where having access to reliable insider information is essential.
Experts in Dubai property sales, Appello Real Estate guides clients right the way through the selling process to ensure the very best results.
Here are eight important steps sellers need to be aware of.
Step 1: Only choose a qualified, experienced real estate agency
Before putting your property on the market, it is crucial to select a qualified and experienced agency. This will ensure your property will be sold at least at the current market price for your type of unit. A good agency will take the lead when it comes to advertising and showing your property – as well as completing all the legal requirements of selling. Working with a respected real estate agency such as Appello Real Estate – with a strong portfolio – puts you on the path to success from the get-go.
Step 2: Get a professional property valuation
The next step is to get a valuation undertaken by a professional, independent company – which may take a few days. When placing your property on the market you obviously want to get the best price whilst selling it within a sensible time frame. Getting a realistic valuation is key to achieving these objectives.
Step 3: Present your property in the right way
Presenting your property in the right manner is very important. At Appello Real Estate we can assist in this area by giving feedback on the overall look and feel of your property, as well as getting professional photographs taken to ensure the best features of the house are displayed to buyers.
Step 4: Use the best marketing tools
Marketing comes next; at Appello Real Estate we have fully equipped digital experts who can use a range of platforms to advertise any given property, including listing sites, our website, email-shots, and social media campaigns. This variety of platforms helps grab the attention of a wide range of potential buyers, which will make the selling process much easier.
Step 5: Use an experienced agent for viewings
Once a list of potential buyers has been collated, your real estate broker should go with you to any viewings you wish to attend. At Appello Real Estate we assign to any given property the most knowledgeable team member on that particular property or community. For example, if you are selling a villa on the Palm Jumeirah, a specialist in the Palm will oversee the whole process to make sure you get the best result.
Step 6: Manage offers and related paperwork properly
At this stage, your broker will assist you in studying offers and picking the one that best suits your interests. Now the paperwork begins, and it is vital to have experts on hand to make sure the process goes smoothly, and nothing is missed. In addition, your broker should help you finalise the payment procedure and handover date.
Step 7: Get the right paperwork and payments in order
- At this point the parties must bring the following documents:
- A Memorandum of Understanding (MoU)
- No Objection Certificate (NOC)
- Original passport copy
- Original title deed
- Oqood fee if it is an off-plan property (Oqood is a service provided to developers by the Dubai Land Department (DLD) which aims to simplify the registration of contracts between off-plan properties, developers and buyers)
- Manager's cheque
- Other documents required by DLD during payment
Step 8: Transfer the property ownership
At this point, the buyer, seller, broker and mortgage consultant (if applicable) will meet in the registration trustee office or the developer’s office to finalise the transfer paperwork and payment.
Depending on the bank the buyer is dealing with, the time it takes for the seller to receive the cheques might vary. At Appello Real Estate we make sure the bank issues a guarantee letter stating the date the cheque will be handed over.