Dubai’s real estate market is vibrant and full of opportunities for investors. If you’ve acquired an off plan properties and are contemplating selling it before it’s completed, this guide will assist you in navigating the process. From grasping the essentials to executing the sale, follow these steps for a seamless transaction.
Understanding Off-Plan Property Sales in Dubai
Off-plan properties are real estate purchased based on plans and models before construction is finalized. Buyers typically acquire these properties at lower prices compared to completed units, allowing for potential capital appreciation and customization options.
While off-plan investments can yield attractive returns, it’s crucial to have a clear understanding of the sales process. Here’s how to successfully sell your off-plan property in Dubai.
Essential Documents for Selling Off Plan properties, you’ll need the following key documents:
1- Sale and Purchase Agreement: A signed contract between the developer and the buyer.
2- No-Objection Certificate (NOC): This document, required from the developer, confirms their approval of the sale. It incurs a fee, typically around AED 5,000, and can be obtained via the Dubai REST App.
3- Identification Documents**: Residents need a UAE ID, while non-residents must provide a valid passport.
Setting an Asking Price and Marketing Your Property
Determine a competitive asking price based on current market conditions and similar properties. Consider engaging a real estate agent or brokerage to help advertise the property. They can list your property on major platforms and leverage their networks to reach potential buyers.
Receiving an Offer and Issuing Receipts
When you receive an offer, issue receipts for the down payment and any other payments made. These receipts are essential for the buyer to register the property and finalize the sale with the developer.
Registering the Sale in Dubai
To officially record the sale of your off-plan property, you’ll need to register the transaction with the Dubai Land Department (DLD). This can be done at a service center or through the Dubai REST app. Developers register the sale via the Oqood portal, with the entire process taking approximately 25-35 minutes.
Process via a Service Centre
1. Visit a Real Estate Registration Trustee Centre.
2. Ensure all documents are ready and submitted digitally.
3. An employee will enter the details for auditing.
4. Pay the necessary fees, which include 2% of the sale price from both the seller and buyer, along with additional charges based on property type.
5. Obtain a payment receipt, and an e-Certificate of title will be emailed to you.
Process via the Dubai REST App
For Sellers:
1. Log in to the Dubai REST app.
2. Select the property from your portfolio.
3. Enter property details, upload photos, and provide buyer information.
4. Submit your application and note the booking reference number.
For Buyers:
1. Access the app and select ‘Buy a Property’.
2. Enter the booking reference number.
3. Verify details, upload documents, and complete payment.
Process via Oqood Portal for Developers If you are a developer, register the sale through the Oqood portal:
1. Log in and select the ‘Provisional Sale Registration’ service.
2. Submit necessary documents, including the sale contract and valid ID.
3. Pay the self-registration fees.
4. Receive a Provisional Registration e-Certificate via email.
Fees and Payment Methods
For Sale Registration:
Seller: 2% of the sale price
Buyer: 2% of the sale price
Additional Fees:
– AED 250 for a real estate unit or villa map
– AED 100 for a land plot map outside Dubai Municipality
– AED 225 for a unified land map
– AED 10 knowledge fee per drawing
– AED 10 innovation fee per drawing
– AED 4,000 + VAT for sales of AED 500,000 or more
– AED 2,000 + VAT for sales below AED 500,000
For Developer Registration:
AED 1,000 self-registration fee
Completion of Documents
After the registration process, you will receive:
1-e-Certificate of title
2- Provisional registration e-Certificate
3- Payment receipts
4- Maps, if applicable
Transferring Property Ownership in Dubai
To complete the sale, transfer the property ownership through the DLD. Submit the signed documents to the developer for record updates.
Required Documents:
1- A letter from the seller
2- UAE ID of the owner or a power of attorney if the owner is absent
3- Valid passport copies for non-residents
4- Trade licenses for companies
Service Procedures:
1. Visit the Customer Happiness Centre at DLD.
2. Submit your documents.
3. An employee will enter the transaction details.
4. Pay the fees and receive a payment receipt.
5. The transaction will be audited and approved.
Service Fees
1- AED 250 for a certificate of title
2- AED 100 for a land plot map (outside Dubai Municipality) or AED 225 for a unified land map
3- AED 250 for apartment or villa maps
4- AED 10 knowledge fee per drawing
5- AED 10 innovation fee per drawing
Final Tips for Selling Off-Plan Property Before Completion
Here are some strategies to enhance your chances of selling off-plan properties in Dubai:
1-Competitive Pricing**: Set your price 10-15% lower than the anticipated value post-completion to attract buyers.
2-Flexible Payment Plans**: Offer enticing payment options, such as low initial down payments, to increase buyer interest.
3-Effective Marketing**: Leverage digital marketing to highlight the property’s unique features, location benefits, and the developer’s reputation.
4-Network with Agents**: Work with experienced real estate agents who specialize in off-plan sales to effectively market your property and connect with potential buyers.
