How to sell your property in Dubai?

How to sell your property in Dubai?

Monday 24 June 2024Wed 16 Feb
How to sell your property in Dubai?

Got Dubai’s property market on your mind?

May was recorded as one of the most monumental months in 2024 for sales, as sales transactions skyrocketed by 56.7% from last year - that is sure to put selling a property on top of any seller’s mind!

So, if you’ve been thinking about selling but aren’t sure how to go about it - let our in-house experts break down the quick and easy steps to selling with us!

And of course, keep reading to know about the benefits of selling in Dubai.

Why sell your property in Dubai?

Before we jump into the good stuff, it's always important to understand the reasoning behind your sale. Are you searching for quick returns? Trying to pay off a pre-existing mortgage? Planning to re-invest? And lastly, have you thought about long-term rental returns in comparison to sale returns?

Once you’ve considered the above factors and made a decision - now’s time for the good stuff and to think about why selling your property in Dubai is a great decision:

1. Dubai is the world’s most favourable market!

It comes as no surprise that Dubai's real estate market is currently experiencing robust demand, and the most favourable conditions - driven by both local and foreign buyers.

This is mainly fuelled by the city being ranked TripAdvisor’s #1 city in the world for tourists, being tax-free, ranked as the 8th best city in the world to work in and with an ever-growing population, selling during a high-demand period can result in quicker sales and potentially high offers with incredible returns.

At Allsopp & Allsopp in May, we celebrated our highest sales month ever with a 103.1% increase from Q1 2024, and we’re still in Q2!

2. A record-high in property prices

Over the last three years, Dubai has seen a significant increase in property prices, reaching all-time highs in various areas.

This continued growth in property values is projected till the foreseeable future and with the off-plan market currently soaring higher than the secondary market in demand and a lack of supply for secondary units, it provides an opportune moment to sell your property at a premium.

3. A favourable economy for investors

The UAE’s strong economic recovery post-pandemic, coupled with governmental initiatives to boost investment, and the introduction of Golden Visas has strengthened the real estate market. Plus, with new businesses relocating to Dubai, there has been a plethora of reasons contributing to the city’s growth.

This has also fuelled economic stability and contributed to a positive selling environment, offering confidence to sellers about achieving favourable sale terms.

4. A foreign investors haven

Adding on, Dubai's attractive tax policies, such as no property tax and no capital gains tax, have also continued to draw foreign investors. Despite socio-economic tension in the world, Dubai still remains a safe haven for buyers across the globe with attractive payment plans and projected returns.

Another factor, with the UAE’s Golden Visa program and other investor-friendly regulations, there’s a growing influx of expatriates looking to invest in Dubai’s property market, plus with the high returns expected, investors are capitalising on the market.

Selling now could mean tapping into this growing pool of international buyers.

5. Soaring rental yields

If you own a property, and you’re thinking of placing it up for rent - did you know the current market offers high rental yields, making it attractive to investors seeking rental income?

Rental incomes have gone up by double-digit percentages from single-digit percentages and highlighting the potential rental income can be a significant selling point for most buyers looking for investment opportunities.

6. Strong reinvestment opportunities

Selling your property in Dubai could free up capital for reinvestment in other high-yield opportunities, whether in real estate, stock markets, or other investment avenues. This can potentially increase your overall returns.

Plus, if you are selling to re-invest in the property market, there are several new off-plan developments coming up in Dubai which are poised to hold a high spot in returns in the market and can be considered.

These are just a few reasons as to why you should invest in Dubai but if you’re compelled and thinking of taking the plunge, let us help.

How can you sell your property in Dubai? A pocket-friendly guide

Step 1: Find a reliable broker

Before anything else, it is paramount for you to find an agent who you can trust and build, not only a professional but friendly relationship with as they are the ones you need to trust with your sale. It is so important that you feel you can have an open and honest conversation with your agent.

They will share advice and insight into the Dubai property market, and also into data of the area you are selling in and will provide you with market appraisals to show you the prices of properties which have recently sold within your area.

Step 2: Do your due diligence

In your mind, you already have a price you are willing to sell at, but is this achievable and realistic in the Dubai property market? Could you get more?

You want to jump on property portals and have a really good look around to compare your property to those that have sold in your area. Perhaps it would be helpful to look at similar properties in other areas and see what buyers can get for the sale price you have in mind for your own property.

If you check in with our experts, market price indexes will be sent to you on a monthly basis, so you are aware of what is selling in your area and for what price.

Although, if you are curious you can check on our DataHub to find out!

Step 3: Consider exclusivity

We suggest always going exclusive with one broker, as exclusivity with one Dubai real estate broker ensures your property is marketed with one message and in one specific way.

This will avoid the potential of a multitude of differing adverts for your property, some of which can even display a different asking price than you had agreed with your broker. If you choose to market your property with one of our agents, you must sign a Form A, as this gives the agent permission to list the property online exclusively.

Step 4: Get ready to market your property!

Right after setting up your property with an agent, it's time to now market your property.

Ahead of marketing, It is so important to declutter your home before the selling process begins. Since your property will be professionally photographed, you want this to be as clean and attractive as possible. If there are any snagging jobs to be done, we will advise that you complete these before we market your property.

Allsopp & Allsopp put a lot of time and money into the marketing of your property. We can take professional pictures, do 3D tours and virtual tours which may be boosted on our social media channels. We also conduct dedicated team call out sessions, email blasts and SMS communication with our buyers.

Step 5: Time for viewings

Again, make sure your property is in the best condition before a potential buyer comes to view.

We advise you to share property highlights with your broker. Tell them what it is that you love about the home! Perhaps it’s the sunset view from the balcony or the sunrise over your garden whilst you’re drinking your morning coffee. These often help agents sell through.

Step 6: Sign the agreement of the sale

The Agreement of Sale is the first stage in the formation of a formal contract. It is a binding agreement between the seller and buyer in Dubai outlining the terms and details of an understanding, including each party's requirements and responsibilities.

Your broker will run through this with you to ensure you are happy to go ahead before moving onto the transfer stage of the sale and make you aware of your requirements and responsibilities.

The agent will also create a Unified Form F which is generated from the DLD REST App by the broker and this is a contract that is registered with the Dubai Land Department. The Seller may need to take action with DLD to make sure their details are up to take to be able to create a Unified Form F.

Step 7: Time to progress the sale

Once the sale has been completed, a sales progression expert will process the deal by coordinating between you as a seller, the buyer, the developer and the banks involved. And with all the experience they have gathered over the years, they are extremely proactive and know the process inside out. Your sales progressor will make sure all of your documents are in order before beginning the process in order to avoid delays.

The Allsopp & Allsopp in-house sales progression team will be with you every step of the way to ease you through the sale process and make it as seamless as possible from the No Objections Certificate (NOC) from the developer right through to the transfer.

And there you have it, your sale is processed!

What else should sellers know?

If you are a seller with a current mortgage on your property, you can reverse the mortgage as well against your next sale.

How does this work?

Reversing a mortgage as a seller involves a process where the seller plans to pay off the remaining mortgage balance and release the property from the lender's lien.

Key steps include obtaining a payoff statement from the lender, ensuring the sale price covers the mortgage balance, and coordinating with the buyer's title company or attorney to handle the payoff at closing. Understanding this process can help sellers navigate their responsibilities and achieve a smooth transaction.

Can you sell a property at quick notice?

Yes, you can sell a property on short notice, but it requires strategic planning and quick execution.

To expedite the sale, you need to ensure your property is clean and well-presented, set a competitive price, and hire an experienced real estate agent who can market the property effectively.

Plus, flexible viewing times and considering cash buyers can also speed up the process. Additionally, having all necessary documentation ready can facilitate a faster closing, while selling quickly can help you avoid market fluctuations and reduce holding costs, it’s important to be prepared to move promptly once the sale is completed.

So, we hope you found this guide helpful!

And if you are looking for a specialised agent to help you sell your home, we’re here to help! Drop us a line.

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