How to sell property in Dubai?

We can tell those wondering how to sell property in Dubai that it’s not a complex process. The real estate regulations of the United Arab Emirates (UAE) are straightforward, making it easy for foreigners to sell their houses or apartments in Dubai. However, there are still several things to consider before putting your home for sale.

What you need to know about selling property in Dubai

Dubai’s real estate market is regulated by the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD). Before starting your property sales journey, it’s essential to familiarize yourself with the regulations and procedures set by these authorities. It’s important to know that foreigners can sell property in Dubai, just as they can buy Dubai property. There is no capital gains tax to be paid when you sell a house or apartment in Dubai, but there are a few fees you might have to pay to the government.

Sell real estate in Dubai in 8 steps

Selling your house in Dubai involves eight important steps, starting with finding a good real estate agent. Then, several forms must be filled out. Below is a step-by-step guide to selling your property in Dubai.

Step 1: Find a good real estate agent to sell property in Dubai

Working with a good real estate agent is the first and most crucial step. Even though foreigners can sell property in Dubai without an agent, getting assistance from one is still smart. Ensure that the agent is registered with RERA. All RERA-approved agents adhere to the rules and regulations outlined by the DLD, ensuring their professionalism and trustworthiness.

When choosing an agent, consider their expertise in your property’s area and track record. A good connection with your agent is also essential, as you’ll need to communicate your concerns and seek their advice throughout the Dubai property sales process.

Step 2: Fill in FORM A

Once you’ve chosen a real estate agent, you must sign an agreement with them using FORM A. This form mandates the marketing and brokering of your property to the real estate agent, which is comparable with a power of attorney to sell property in Dubai. It includes property details, agent commission, service charges, payment schedules, mortgage status, and listing details. Once FORM A is signed, it’s submitted to the DLD’s Trakheesi system for approval.

Step 3: List your property

The real estate agent will ensure your property is listed on several real estate broker platforms. You can also list the property on several listing platforms, such as our property platform. Listing your property involves providing detailed information, such as its location, size, amenities, and unique selling points. This information is used to market the property to potential buyers.

Step 4: Advertise your property sale

Effective advertising is crucial if you want to sell Dubai property fast, as it will attract potential buyers. Your real estate agent will usually handle this by listing your property on online portals, advertising in local newspapers, and using social media platforms.

Step 5: Negotiate and close the deal

Once potential buyers show interest, you enter the negotiation phase. Let your real estate agent do the negotiations, as they are experts in this and can ensure you get the best deal possible. After agreeing on the terms, you move to the contract-signing stage.

Step 6: Signing FORM F

FORM F, the Memorandum of Understanding (MOU), is the sales contract between the buyer and seller. This agreement contains all terms, such as the price, property details, and selling costs. Both parties must sign this legally binding contract.

Step 7: Getting NOC

Before finalizing the property sale, you’ll need a No Objection Certificate (NOC) from the property developer. This certificate confirms that you have no outstanding debts or liabilities with the developer.

Step 8: Transfer property ownership at the Dubai Land Department

The final step of selling property in Dubai involves transferring ownership at the DLD. All parties must be present, including the seller, buyer, and real estate agent. The buyer pays the remaining purchase amount, and the seller will pay the transfer fees. A new Title Deed will be issued in the buyer’s name.

When is it a good time to sell property in Dubai?

The best time to sell property in Dubai depends on various factors, including market trends, the property condition, and your financial situation. It’s advisable to work and consult with a real estate agent in Dubai and monitor the market closely.

Fees and taxes for selling property in Dubai

When you want to sell property in Dubai, it’s essential to consider the following fees and taxes:

1. Real estate agency fees: The real estate agency fee in Dubai is usually 2% of the property’s sale price. It’s important to mention the cost in FORM A.
2. NOC fees: The fee to obtain the NOC at the Dubai Land Department usually ranges between AED 500 ($135) to AED 5,000 ($1,350).
3. Dubai Land Department fees: This fee, known as transfer fee or transfer tax, is set at 4% of the property’s sale price.
4. Registration fees: This fee usually is entirely paid by the buyer or divided between the buyer and seller. The height of the cost depends on the property’s sale price:
   • AED 2,000 ($540) if the transaction value is less than AED 500,000 ($135,000) and;
   • AED 4,000 ($1,080) if the transaction value is more than AED 500,000 ($135,000).

Buy and sell property in Dubai with Own Property Abroad

Do you want to sell property in Dubai? Own Property Abroad can assist you and ensure a seamless and hassle-free property journey. Thanks to our extensive knowledge and local experience in the Dubai property market, we can help with legal requirements, finding suitable properties, negotiating the best deals, and conducting due diligence.

At Own Property Abroad, we simplify selling property in Dubai for foreigners. Our team of experts ensures a seamless experience. Kindly drop your details below or email us at [email protected]. Let’s start working on your property success story today!

Frequently Asked Questions (FAQs)