Sell Your Property in Dubai

Sell Your Property in Dubai

Sell Your Property in Dubai: Tips for a Quick Sale

Sell your property in Dubai. Selling your Dubai property can be both exciting and challenging. The city's dynamic real estate market offers fantastic opportunities, but to make the most of them, you'll want to ensure a quick and successful sale. In this blog post, we'll share expert tips tailored specifically to the Dubai real estate market.

Set the Right Asking Price

Dubai’s real estate market is known for its diversity. To set the right asking price, it’s essential to consider factors such as:

  • Location: Proximity to landmarks, schools, and amenities.
  • Property type: Apartments, villas, townhouses, etc.
  • Current market conditions: Supply and demand in your area.

A real estate agent with local expertise can help you determine a competitive listing price.

Showcase Your Property's Unique Features

Highlight what makes your Dubai property stand out. Whether it’s a stunning view of the Burj Khalifa, a private beach access, a view over a golf course in Emirates Hills or high-end finishes, emphasize these features in your marketing materials to capture buyers’ attention.

Present a Clean and Tidy Home

Dubai buyers, like any others, want to envision themselves living in your property. Declutter, depersonalize, and deep clean every room to create a welcoming atmosphere. Consider professional home staging to maximize the appeal.

High-Quality Photography

Dubai’s real estate market is highly competitive, and high-quality images are your best weapon to attract potential buyers. Invest in professional photography to showcase your property’s beauty and features effectively.

Leverage Online Marketing

Dubai residents and international buyers turn to the internet when searching for properties. Make sure your home is listed on popular UAE real estate websites, and consider using social media and online advertising to broaden your reach.

Highlight the Community Lifestyle

Dubai is known for its vibrant communities. When marketing your property, showcase nearby attractions, parks, schools, and leisure facilities to help buyers envision the lifestyle they can enjoy in the area.

Work with a Dubai Real Estate Expert

Partnering with a local real estate agent who specializes in the Dubai market is invaluable. They can provide you with market insights, help you navigate legal requirements, and negotiate effectively on your behalf.

Selling your home in Dubai can be a rewarding experience when approached strategically. By setting the right price, showcasing your property effectively, and leveraging the power of online marketing, you can increase your chances of a quick and successful sale. Remember that Dubai's real estate market is dynamic, so staying informed about market trends is key. With the right plan and support, you'll be well on your way to a swift sale in this vibrant city. We are to support you!

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How to Choose the Right Real Estate Agent in Dubai

How to Choose the Right Real Estate Agent in Dubai: A Comprehensive Guide

Investing in real estate in Dubai is an exciting endeavor, but it can also be a complex and daunting process. One of the most crucial decisions you'll make during this journey is selecting the right real estate agent to guide you through the buying, selling, or renting process. With numerous agents vying for your attention, it's essential to choose one who understands your needs, preferences, and budget. A step-by-step guide on how to choose the right real estate agent in Dubai.

Research and Referrals

The first step in finding the right real estate agent is to conduct thorough research. Seek recommendations from friends, family, or colleagues who have had positive experiences with agents in Dubai. Online reviews and testimonials are also valuable resources to gauge an agent’s reputation and professionalism. Look for agents with a proven track record of successful transactions and satisfied clients.

Licensing and Credentials

In Dubai, real estate agents must be registered with the Dubai Land Department (DLD) and hold a valid real estate license. Verify the agent’s credentials through the DLD‘s official website or by asking the agent his/her broker card, to ensure they are legally authorized to operate as a real estate agent in Dubai. Working with a licensed agent provides you with an added layer of protection and peace of mind.

Experience and Expertise

Experience is a key factor when choosing a real estate agent. Look for agents with a significant amount of experience in the Dubai real estate market. Experienced agents have a better understanding of market trends, property values, and negotiation strategies. Additionally, consider agents who specialize in the specific type of property you are interested in, whether it’s residential, commercial, or off-plan properties.

Local Market Knowledge

Dubai’s real estate market is diverse and dynamic, with varying trends across different neighborhoods and property types. A knowledgeable agent who is well-versed in the local market can provide valuable insights into property options, upcoming developments, and investment opportunities. Choose an agent who demonstrates a deep understanding of the areas you are interested in.

Communication Skills and Responsiveness

Effective communication is essential in any real estate transaction. A good agent should be an attentive listener, understanding your requirements and preferences. They should also be responsive to your inquiries, whether through phone calls, emails, or in-person meetings. Avoid agents who are unresponsive or fail to address your concerns promptly, as this may indicate a lack of professionalism.

Negotiation Skills

Negotiation is a critical aspect of real estate transactions, and a skilled agent can make a significant difference in securing the best deal for you. Inquire about the agent’s negotiation strategies and past successes in getting favorable terms for their clients. A strong negotiator can help you navigate through counteroffers, price adjustments, and other negotiations effectively.

Transparency and Integrity

Transparency and integrity are essential traits in a real estate agent. Your agent should provide clear and honest information about properties, market conditions, and potential challenges. Avoid agents who employ high-pressure sales tactics or withhold crucial information. Trust is crucial in any business relationship, and a transparent agent will earn your confidence.

Marketing and Promotional Strategies

If you’re selling a property, consider an agent’s marketing and promotional strategies. How do they plan to showcase your property to potential buyers? Look for agents who leverage digital marketing, professional photography, virtual tours, and social media to effectively market properties. A well-marketed property has a higher chance of attracting qualified buyers.

Commission and Fees

Finally, discuss the agent’s commission and any additional fees upfront. Real estate agents in Dubai typically charge a commission based on the transaction value. While fees may vary, it’s essential to have a clear understanding of the costs involved before entering into a contract with the agent.

Choosing the right real estate agent in Dubai can significantly impact the outcome of your property transaction. By conducting thorough research, considering experience and expertise, evaluating communication skills and negotiation prowess and prioritizing transparency and integrity, you can find an agent who aligns with your goals and facilitates a smooth and successful real estate experience.

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Buying A Property in Dubai Process

Buying Property in Dubai Process

Assuming that you use the services of a Dubai RERA-certified agent, buying property in Dubai can be a smooth and efficient process. The agent will guide you through the entire process, handling any challenges that may arise. The Dubai Land Department, along with relevant governing bodies, has worked to simplify and streamline the property purchase process in Dubai. It's worth noting, however, that the specific details of the home buying process can vary depending on the type of purchase. The detailed transactions processes below, refer to secondary market /resale of property, not off-plan.

Cash To Cash transaction

Cash buyer & Mortgage-free property

Once a property is selected and after mutual agreement on the price, buyer needs to issue a 10% security deposit to the name of the title deed holder, which will be held by the agent and returned when transfer takes place. The broker then prepares the contract between buyer and seller, also know as form F.

Step two and after signing the contract by all parties, the seller then applies for a no-objection certificate NOC from the developer which will state that all services charges and fees are cleared and developer has no objection to the sale. NOC should be in Arabic and addressed to Dubai Land Department. The NOC charges vary from developer to another and ranges from AED 500 to AED 5,000, takes a 5 to 7 days usually and is paid by seller.

The DLD only conducts transfers if both parties to a transaction are GCC nationals; all other transactions must be done through a DLD-accredited RT office. Both parties or their legal representatives, through a valid power of attorney, must attend the transfer. The buyer must bring the following manager’s cheques :

Property Price :

100% from selling price to the name of the seller (Manager cheque). Buyer will get back his security cheque.

Land Department Fees:

4% from selling price + 580 AED (If Apartment, Villa) or + 430 AED (If Land) (Manager cheque).

Registration Trustee Fees: 

4,000 AED + 200 AED (5%VAT) if the price of the property equal or more than 500,000 AED.

2,000 AED + 100 AED (5%VAT) if the price of the property less than 500,000 AED.

Broker Fees:

2% +VAT of the property price

Required Documents:

Original title Deed.

Original NOC from Developer.

Original passport, visa, Emirates ID (seller and buyer).

Signed form F

In the case that the property is rented, the seller must refund the rent security deposit and the balance of the rent, on a pro-rata basis, from the day of transfer back to the buyer. On the other hand, the balance of the service charges must be refunded back to the seller from the day of transfer on a pro-rata basis as well.

Once all payments cleared, DLD then issues the Original new title deed which will be handed over to the buyer along with keys and access cards for the property. The cash-to-cash process time frame can take from One to Three weeks.

Cash To Mortgage Transaction

Cash Buyer & Mortgaged Property

In the scenario of a cash buyer and a mortgaged property, the first step should made by the seller who needs to approach his bank requesting for a Liability Letter which will state the balance of the loan, as well as any fees or penalties. The liability letter has a validity period ranging from 7 to 15 days, depending on the bank.

If the seller does not have the funds to settle the mortgage, then the buyer must do it. Since a cash buyer needs protection against the seller transferring a property to another person, or changing the terms of the agreement after the buyer pays off the seller’s loan, it is important to “block” the property. Once the liability letter is received, the parties must go to the Registration Trustee office to block it.

The parties must bring the following documents and manager’s cheques:

Required Documents:

Original title Deed.

Original NOC from Developer.

Original passport, visa, Emirates ID (seller and buyer).

Signed form F

Liability letter

Property Price :

Liability letter amount payable to the bank by the buyer (Manager’s cheque)Liability letter amount payable to the bank by the buyer (Manager cheque)

Cheque for the seller (purchase price minus liability amount, held by the RT until the transfer is completed)

Blocking Fees:

AED 1,520 payable by buyer to the DLD (Manager’ cheque)

Land Department Fees:

4% from selling price + 580 AED (If Apartment, Villa) or + 430 AED (If Land) (Manager cheque).

Registration Trustee Fees: cash only

4,000 AED + 200 AED (5%VAT) if the price of the property equal or more than 500,000 AED.

2,000 AED + 100 AED (5%VAT) if the price of the property less than 500,000 AED.

Broker Fees:

2% of the property price + vat

After the mortgage is settled, the clearance letter and original title deed are provided to the seller.

The NOC process then takes place. When received, the parties proceed to the RT office to transfer the property. The cheques are disbursed and the buyer takes the original title deed.

Mortgage to Cash Transaction

Mortgage Buyer & Mortgage-Free property

As per guidelines by the UAE Central Bank, banks may provide finance of up to 80% of the purchase price. Meaning the buyer must have a min. 20% deposit as well as associated fees to contribute to the purchase.

Once the parties have signed the contract and the deposit is handed over, the bank will conduct a valuation or appraisal of the property’s value. The valuation fee generally ranges from AED 2,500 to AED 3,500 and is paid by the buyer.

If the property is valued for at least the purchase price, the bank issues the final offer letter (FOL) to the buyer that includes all the terms and conditions of the loan and mortgage. The buyer arranges with the bank to sign the FOL and issues security cheques to the bank, as required.

The parties then apply for the NOC. Once it is obtained, the bank schedules the transfer at its preferred RT office. The buyer must bring the following manager’s cheques:

Property Price :

20% from selling price to the name of the seller (Manager chq). Buyer will get back his security cheque.

Mortgage Registration Fees:

0.25% per cent of the loan amount, plus AED 290 payable to the DLD

Land Department Fees:

4% from selling price + 580 AED (If Apartment, Villa) or + 430 AED (If Land) (Manager chq).

Registration Trustee Fees: 

4,000 AED + 200 AED (5%VAT) if the price of the property equal or more than 500,000 AED.

2,000 AED + 100 AED (5%VAT) if the price of the property less than 500,000 AED.

Broker Fees:

2% of the property price + vat

At transfer, the bank brings a cheque payable to the seller for the remaining balance of the purchase price. The mortgage is then registered with the DLD. If it is a conventional loan, the title deed is issued in the name of the buyer. If it is an Islamic (Sharia) loan, the lender is listed as the landlord and the buyer as tenant. In either type of mortgage, the original title deed is given to the bank to hold, until it is paid in full.

Mortgage to Mortgage Transaction

Finance Buyer & Mortgaged Property

This is by far the lengthier process scenario, with two mortgages, and two bank probably. That makes the most challenging part is the expiry dates of the documents throughout the process, such as the developer’s NOC , liability letter, valuation and final offer letter.

Once buyer and seller sign the agreement, the buyer’s bank conducts the valuation of the property and the FOL is signed. Next, the seller requests a liability letter from his bank. Once the liability letter is issued, it is sent to the buyer’s bank, which settles the mortgage with the seller’s bank.

After the mortgage is settled and the clearance letter and original title deed have been received, the parties apply for the NOC. When the NOC is ready, the buyer’s bank arranges the transfer.

At the transfer, the seller’s existing mortgage is released. The fee for the release is AED 1,290, which is paid by the seller. The property transfer documents are signed. The buyer provides the cheques, as described previously, and the buyer’s bank issues a cheque to the seller for the remaining balance of the purchase price.

The buyer’s mortgage is then registered and the buyer’s bank retains the original title deed until the mortgage is paid in full.

Feel Ready to Buy or Sell Property in Dubai? Contact us!

Bond JS Properties LLC
Dubai – UAE
hello@bondproperties.co
+971 58 587 4330‬
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How to Dedramatize the Dubai Real Estate Buying Process

The process of buying real estate in Dubai can be overwhelming and stressful, but there are ways to reduce the drama and make it a more manageable experience. Here are some tips that may help:

Get organized: Make a list of what you want in a home and prioritize your needs and wants. This can help you focus on your goal and avoid getting sidetracked by properties that don’t meet your criteria.

Hire a real estate agent: A knowledgeable and experienced agent can guide you through the process and provide valuable advice and information. They can also handle negotiations, perform due diligence, and ensure that all the necessary paperwork is in order.

Get pre-approved for a mortgage: This can help you determine what you can afford and give you a better bargaining position when negotiating with sellers. It also shows that you are a serious buyer and can help speed up the closing process.

Be flexible: The process of buying a home can take longer than you expect, so it’s important to be patient and flexible. Try to avoid getting too attached to any one property, and keep in mind that the right home for you may not be the first one you see.

Communicate with your agent: Keep in touch with your property finder, aka your agent, and let them know what’s going on and how you’re feeling throughout the process. This can help them provide you with the support you need and address any concerns or questions you may have.

By following these tips, you can help reduce the stress associated with buying real estate, and make the experience a more manageable and enjoyable one.

Want to Learn About the Details of How to Buy A Property in Dubai?

Wish to Buy or Sell Property in Dubai ? Contact Joanna Truffaut.

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