It is a good year for a sale apartment in Dubai. In August 2022, Mo’asher recorded a 1.348 monthly index for sales and an index price of AED 1,311,362. The monthly apartments Index recorded 1.428 and an index price of AED 1,229,308. This is excellent news for owners who want to put their Dubai apartments on the market for sale. Though Dubai’s real estate market is super hot, selling property in UAE requires the owner to be well-prepared for optimal profit.
This article will offer some useful advice for first-time sellers looking to sell an apartment quickly in Dubai.
Table of Contents
Deciding When to Sell Your flats in Dubai
Before preparing to sell your flat, you must thoroughly investigate the Dubai real estate market and comprehend the prevailing trends. When making such a significant choice, take into account your priorities, your financial circumstances, and the state of the market. This will assist you in determining the ideal market price for your flat as well as the best time to sell.
Research the Dubai real estate market and become well-versed in the most recent trends before preparing to sell. When making this significant choice, take into account the state of the market, your priorities, and your financial and personal status. You can then select your flat’s ideal market price and selling window.
A certified real estate agent who specializes in selling properties in Dubai should be contacted once the apartment is available for viewing. In addition to helping you discover buyers, they can market your unit on the right websites.
The Dubai market, in general, is remarkably steady and quite active all year round. The maximum property value might not be obtained, though, if you’re in a rush or require the proceeds from the sale right away.
Other factors should also be taken into account, such as moving to another Emirates, leaving the UAE, or not needing the property any longer. In these cases, it makes sense to move forward. If you are content with your present circumstance or plan to keep the property as an investment, wait for the right offer.
Key considerations for sale apartment in Dubai
- Time of year
- Current competition in your area
- Real estate market conditions
- Your personal goals/objectives
Residential Sales Price Index
Dubai’s real estate sector maintains sustainable growth in terms of sales value and volume in August 2022. According to Mo’asher, Dubai’s official Sales Price and Rental Performance Index launched by Dubai Land Department (DLD) in cooperation with Property Finder, Dubai’s real estate market records a total of 9,720 sales transactions registered in August 2022.
Commercial Properties Price Index (CPPI)
Mo’asher data for August showcase a positive sentiment on the real estate sector with record growth in total sales transactions. During the month of August 2022, sales transactions overtook last year’s transactions with a significant increase of 69.57 percent compared to August 2021, which recorded the highest performance for a month ever recorded in the last 10 years.
“Ninety percent (90%) of all millionaires become so through owning real estate.”
Andrew Carnegie
Prepare Your Apartment for Sale in Dubai
Ensure the house or apartment is clean and in good condition appearing to the living in Dubai style for a quick sale apartment In Dubai. Pay attention to repairing minor issues/wear and tear/damages, hire professionals for deep cleaning of the house, and perhaps even reduce furniture or stage the home for a cleaner and larger feel. Declutter the space and remove any personal belongings which you don’t want strangers to see.
Don’t ignore minor issues such as loose door hinges, and minor wear and tear, floor or carpet damage. See the apartment from the angle that you are going to buy the property.
Finally, stage the apartment so potential buyers can feel the freedom and sense of living.
According to Property Finder’s proprietary data*, the top areas searched for sales in August 2022 were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, Jumeirah Beach Residence, and Jumeirah Lake Towers.
*https://www.propertyfinder.ae/blog/top-10-searched-areas-dubai-abu-dhabi/
Engaging a Licensed Dubai Real Estate Agent
Contracting with a licensed Dubai real estate agent to market your apartment and manage your Dubai sale apartment process is vital. The agent will guide you through the sale process and guide you professionally for the strategic decisions, such as setting a realistic/acceptable sale price, developing a marketing strategy for listing purposes, and helping you negotiate during the sale process.
Before you sign an agent, you must ensure that they are registered with the Real Estate Regulatory Agency (RERA) in Dubai. RERA-approved real estate agents in Dubai must follow the real estate business ethics principles formulated by the Dubai Land Department (DLD). RERA-approved agents possess the necessary experience and professional training to deal with property buying and selling in Dubai. You can verify real estate agent’s through the RERA website. To select the right agent, consider the following:
- Knowledge and Expertise- An excellent real estate agent must have a good insight into Dubai sale apartment of marketing and management. The agent should also know popular areas to buy apartments in Dubai, knowledge of current luxury apartments for sale, how to market small or studio apartments, and understand various property types features in UAE, such as leasehold property, freehold property, furnished luxury apartments, and tenanted units. Agents must be well-versed in your apartment neighborhood and have a solid track record of closing property deals.
- Compatibility- You work closely with your real estate agent during the listing and sale process. You should be able to get along with them. Discuss openly, raise concerns, and ask for professional advice when needed. The property agents should give you complete information and keep you updated on any potential buying communication.
- Track Record- An agent with a proven track record may also have potential buyers/investors or client contacts who are looking to buy an apartment in Dubai. Buying property in Dubai includes consideration from the investor’s perspective, and real estate agents should comprehend factors from the investor’s perspective, which will help to progress the sale process accordingly.
Dubai has become one of the leading global places for real estate investments. Dubai is a popular location among foreign nationals to invest in Dubai and buy property in UAE. UAE is also known as one of the safest places to live. That’s why Dubai is home to over 3 Million people, which is one of the reasons for the real estate booms here.
Advertising the flats for Sale in Dubai
Creating a good marketing and advertising plan (property listing) is the best strategy. It is the ideal way to tell people about the property and to attract potential buyers. Mainly, Real Estate agents list apartments for sale on relevant property portals for apartments such as Property Finder, Bayut, and other property listing sites for apartments and flats for sale. Some agents use the power of social media channels like Facebook, IG, or Youtube to promote the listing.
Viewing of the Apartment
When you have potential Buyers coming to see your apartment, consider the following:
- Leave the apartment! It can be very distracting for a Buyer to have the owner present during a showing.
- Be flexible with showing times – Make it easy for potential buyers to view your apartment by being flexible with showing times.
- If you have someone renting your flat, you need to give 24 hours’ notice before any showings.
- For treated apartments- Provide your tenants with 24 hours notice for showings if you have a condo.
- Ensure that the buyers can see the building facilities. Ensure the real estate agents can easily access building amenities to show your building’s facilities.
- If your flat is in areas like downtown Dubai, Dubai Marina, Palm Jumeirah, Dubai Silicon Oasis, International City, Burj Khalifa, and Dubai Creek area, then ensure you offer the appropriate time for showing to avoid peak traffic times to stay away from building any negative impression of the area.
- Be considerate of UAE or GCC nationals’ cultural values when you invite them for the viewing. Dress moderately, and don’t display objects, arts, or other items that UAE nationals may not appreciate.
Offers to Buy Flats
Expect silly price offers, but don’t get offended by such a lowballer; they simply want to start the negotiation process. Leave it to your agents to deal professionally on your behalf. Remember, as a seller, you are not obliged to accept any offer made if that is not right. Consult with your estate agent to see if an offer is fair and reasonable before accepting it.
Occasionally, offers to buy flats are normally made with a few conditions or demands attached. For example, the buyer may request a survey/inspection of the property by a certified professional before they commit to purchasing. You can decide to accept such offers if reasonable.
The top overall searched areas for villa/townhouse sales in August were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land.
Legal Affairs
Required Documents
Below are some important documents for the sale process.
Form A | Broker’s Contract Agreement / Listing Form
Form A is one of the essential documents required for sale flat in Dubai. When you enlist a real estate agent, you must sign an agreement with them. Form A is one of the RERA forms you will require at this. This document formally authorizes the agent to market and brokering of your property. Form A includes property details, service charges, agent commission, payment schedules, mortgage status of the property (if any), and listing details. Once the Form is signed, it is submitted to the DLD’s system for approval. A permit number is issued after acceptance, and the seller can proceed with property advertisement.
Real Estate Sale Agreement Template
A real estate sale agreement template is a legal document that outlines the terms and conditions of a real estate sale transaction in Dubai, United Arab Emirates. This document is typically used by buyers and sellers of property in Dubai as a way to register and protect their interests and ensure that all aspects of the sale are agreed upon.
The template typically includes essential information about the property, such as the names and contact information of the parties involved (Buyer/Seller), a description of the property, the purchase price, and any conditions or contingencies associated with the sale.
Download Link: https://dubailand.gov.ae/media/l3wmqb2p/contractf2021.pdf
Form F | Purchase Agreement Contract (Buy an Apartment in Dubai)
Form F, or Purchase Agreement Contract, is the sales contract between the Buyer and seller of the apartment. It includes all the terms and conditions. Which both parties approve/accept. These details include the property details, price, other associated costs, names of the parties, the transfer date, and other essential elements of the contract. A dated and duly signed with the agent(s) as a witness, FORM F is a legally binding contract for both the Buyer and the seller. It is necessary to thoroughly check the accuracy of all the details mentioned on Form F. The Buyer also makes the down payment as a commitment to purchase at the time of signing this Form. The other option can be payment plan arrangements with the seller.
Sale Registration Process for Apartments and Flats in Dubai
Here are the brief steps for the apartments and flats in Dubai Sale Registration Process Via the service center.
For Individuals
- Electronic No Objection Certificate (eNOC) from the developer in the freehold areas (through Dubai Rest Application)
- Emirates ID Card of Buyer & seller (For identification only, no photo is taken) or valid passport for Non-residents
- Power of Attorney in case they are appointing someone on their behalf.
For Companies
If the company is not previously registered, it must be registered by applying for the registration of a company.
Service Request Process
- Step 1: The customer needs to visit one of the Real Estate Registration Trustee offices in Dubai
- Step 2: Submit all required documents to the Service Agent
- Step 3: The transaction data is entered into the system by the Service Agent
- Step 4: Customer pays the required fees and receives a receipt for the payment
- Step 5: The receipt is delivered to the customer through email Via the Dubai REST app (Dubai Real Estate Self Transaction)
No Objection Certificate
A property seller in Dubai requires a No Objection Certificate (NOC) to complete the sale. DLD needs a NOC from the property developer, whereby the developer assures that the seller has no remaining debt or liabilities towards them and hence, they have no objections to the sale of the property. The NOC fee is a part of the cost of the sale of property in Dubai.
Apartment For Sale in Dubai Transfer of Ownership
The last step is the ownership transfer at Dubai Land Department. All the concerned parties: the seller, the Buyer, and the agent(s), must visit the nearest DLD trustee’s office for the transfer. At this stage:
- The Buyer pays the remaining amount of the purchase price
- The seller pays the transfer fees to the DLD
- A new Title Deed is issued in the name of the Buyer.
Closing Day
As the day you move out of your property (the day the new Buyer takes over the possession) approaches, you’ll need to make sure to:
- Schedule the elevator in advance for your move-out date. There may be time and day restrictions, so it’s best to do this early!
- Let your property manager know you’re moving and cancel your monthly maintenance fees.
- Notify the utility companies of your upcoming move.
- Cancel your home insurance coverage, effective after you receive confirmation that the sale is complete.
As you approach the day when the new buyer will take possession of the property, you’ll need to make sure to:
- Book the elevator in advance for your move-out. There are usually time and day restrictions, so you will want to do this early.
- Inform your property manager that you are moving and cancel any monthly maintenance fees, DEWA, EMPOWER, Internet, or Phone services you may have.
Conclusion
Choosing the active time of the year to sell the apartment is key for fast sales. Check DLD monthly stats to get an idea of the real estate activities index. Prepare your property for viewing (clean, repair, upgrade, and make it tidy). Engage a qualified and registered Real Estate Agent. Ensure careful examination of the legal documents, evaluation of the property market value, and plan to advertise and list the property for sale on established listing sites. For viewing, be flexible, and prepare the place as welcoming as it can be. Avoid unnecessary communication with the visitors/potential buyers or try to negotiate with the buyer’s agent. Leave the discussions with your Agent to handle queries or offers professionally. Lastly, carefully evaluate the offers and conditions and decide accordingly. When vacating the property, ensure to cancel or move the internet or other services you may have.
Also Read:- Can Foreigners Buy Property in Dubai, UAE?
