When placing a property on the market you must first decide on the price that you are willing to accept. Our professional staff are well versed in the market prices for different properties and we recommend that you speak with one of our advisers to discuss the appropriate selling price for your particular property.
Re-Sale Terms
The terms and conditions applied for re-sale differ from developer to developer but it is worth noting them for the 2 largest developers:
Re-sale Of Property in Dubai: You can sell your property or assign your agreement to anybody. This means that they will take over the payments to be made to the developer.
What premiums can I expect on a resale?
Resale properties are achieving minimum premiums of 8%-10%.
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What does “premium” mean?
The premium is the difference between the original price and the selling price; specifically the investor’s profit.
What other costs are applicable?
Other purchasing costs may include a transfer fee to the developer of resale properties. This is usually between 1% and 7% (depending on the development) of the original price of the property.
Examples:
Emaar - any Emaar property can only be re-sold once during the construction period, i.e. Purchaser 1 buys off-plan from Emaar but decides to sell before completion. Purchaser 2 can only re-sell that property after it is complete which means settling the balance outstanding to the developer on the due date. Once the property is complete it can be sold on again at any time. Emaar charges a Transfer Fee of 1.5% (of Original Price) for a property still under construction or 1% (of Selling Price) for a completed property.
Nakheel - any Nakheel property can be re-sold at any time. At whatever stage the payment plan is at, a 10% accelerated installment is applied, i.e. if Purchaser 1 has paid 30% so far to Nakheel then Purchaser 2 has to pay the next 10% payment due on transfer. Nakheel charges a Transfer Fee of 2% (of Original Price).
Transfer
On selling your property, an appointment needs to be arranged with the developer to sign transfer documents, exchange money and pay any fees. This appointment can take up to 3 weeks to set in place and on occasion longer dependent on the agreement between the seller and purchaser.
Legal & Financial
In many parts of the world it is usual practice to enlist the services of a lawyer when selling a property but this is not normally the case in Dubai. Contracts are drawn up by the developers themselves and money is usually directed straight to the developer or through the agents’ own clients’ account. If a client wishes to seek advice on the sale, Dubai Luxury Homes can recommend a local law practice that has worked closely with our clients in the past.
Lending
If you currently have a Dubai mortgage in place for your property, some additional paperwork is required.
Financial
We will normally ask the purchaser for a deposit when he has agreed to buy your property. This deposit is typically non-refundable should the purchaser then withdraw from the purchase.
The deposit is deducted from the total amount due on transfer. On the date of transfer, once the documentation has been signed the balance due will be transferred to the sellers nominated account or by cheque. These transactions are usually routed through our clients’ account to ensure that there are no delays with clients releasing funds.
Whether you are an investor selling individual units or if you are developer looking to sell a building Dubai Luxury Homes is ideally placed to help you achieve the best price for your property.
There’s a large database of ready investors looking for opportunities to invest into the Dubai property market and continue to attract new buyers everyday.
There are various steps that you can take to making sure that our records are quickly updated with your property details. To accept are-sale’ property onto our books we need copies of:
1. The 1st page of your contract with the developer stating.
A. The Owner’s name
B. The original purchase price
C. The completion date
D. If the property is yet to be completed it is needed to see payment schedule.
2. The receipts for the amounts you have paid to developer
3. A floor plan
4. Copy of completion schedule even if you completed on the property.
At Residential Properties Dubai companies not only assist individuals and corporate clients to buy, sell and rent residential properties, but set their selves apart from their competitors through the value added service they provide. The services Residential Properties Dubai offers include; buying, selling, and leasing of residential properties at all levels. In addition Residential Properties Dubai provides residential property management this involves renting out properties on behalf of its clients.
