How to Sell Off-plan Property in Dubai​?

Selling off-plan property in Dubai is an exciting opportunity for investors due to Dubai’s growing real estate market, which promises good appreciation in property values. Off-plan Properties still under construction have lower entry costs with greater potential returns, which makes them attractive. Many investors buy off-plan properties to resell, considering the rapid development and the demand for Dubai real estate. However, selling them will require strategic planning and knowledge of local regulations. So, here’s a guide on how to sell off-plan property successfully in Dubai. 

How to Sell an Off-Plan Property in Dubai?

Off-plan properties in Dubai can be sold before completion. However, you achieve the minimum payment requirement specified by the developer and get all necessary approvals. Here’s a step-by-step guide on how to sell an off-plan property in Dubai: 

1. Check Your Eligibility to Sell

Before proceeding, you must check if you meet the requirements set by the Dubai Land Department for selling an off-plan property. You are supposed to pay a minimum of 30% of the total cost of the property. If you fall below that but wish to sell, consider spending the difference upfront to meet this requirement.

2. Find a Buyer

Once eligible, the next step is to find an appropriate buyer. It is advisable to partner with a licensed real estate agent or an agency experienced in Dubai's off-plan market. Agents can give one access to a network of potential buyers and will also handle the marketing and negotiations on your behalf.

3. Negotiate Terms of Sale

After finding an interested buyer, the negotiation process begins. It will involve all the important details, including the sale price, transfer date, and special conditions. A solid agreement will make the final steps smoother for both parties.

4. Obtain a No Objection Certificate (NOC)

When the terms of the sale are agreed upon, you should approach the developer and request a No-Objection Certificate. A no-objection certificate confirms that the developer has no objections to the sale, allowing you to transfer ownership legally. 

5. Finalize Contracts

With the NOC, all parties have to sign the official sale contract. It contains the terms of the sale, such as the buyer's payment responsibilities towards the developer. Go through it carefully to avoid misunderstandings later.

6. Transfer Ownership

The final step is completing the transfer of ownership. Here, the buyer will pay the outstanding balance, and the property will be registered in the new owner's name with the Dubai Land Department. After that, the seller will be compensated for the invested sum plus any agreed premium.

Conditions to Sell Off-Plan Property in Dubai Before Completion

The developer must meet specific requirements if you want to sell your off-plan property in Dubai before completion. Most developers require owners to have paid between 30% and 40% of the overall cost of the property before selling to a new owner may take place; however, this requirement can differ depending on the developer, hence the proper confirmation from the particular developer.

Conclusion

Overall, selling an off-plan property in Dubai is a structured process that should be handled with attention to eligibility, lengthy negotiations, and coordination with the developer. With the proper steps and partners, you can seamlessly complete your sale and move on to your next investment!