Off-plan properties in Dubai can be sold by the investor/owner, before and after the project is completed. It must be noted that, if an investor wants to re-sell their off-plan property before it’s completed, they must meet the conditions and criteria set by the developer. Each developer will have their own criteria and this must be checked prior to the purchase of the property.
CAN I SELL MY OFF-PLAN PROPERTY IN DUBAI BEFORE COMPLETION?
In a nutshell the answer is yes, as long as investors meet the criteria set by the developer of the project. Most developers require owners to have 30-40% of the cost paid off before it can be sold to a new owner. Please note that this value can vary from developer to developer.
We recommend to contact us to have this information checked and making sure you are eligible to proceed with the sale. Please note that this information can usually be found in the Sales and Purchasing Agreement (SPA).
WHAT ARE THE STEPS OF SELLING OFF-PLAN PROPERTY IN DUBAI?
Once you have checked you are ok to go ahead with the sale, you can initiate the process by contacting us.
The process is very similar to selling ready properties (secondary market).
Find a Buyer – we can help you with that by offering to our network of clients or listing the property in property sites.
Buyer shall appoint a registered real estate brokerage and sign Contract B. This is one of the RERA forms that must be signed when the buyer appoints an agent to find a property for sale. It's essential to appoint a RERA-certified real estate agent who can show you the properties based on your requirements and budget.
Buyer shall request proof of ownership of the property to the Seller.
Once sale is agreed, the Buyer will need to need to get a No Objection Certificate (NOC) from the developer which registers the new buyer with the developer.
After the price and terms are finalized by both parties, contracts (MOU) will be drafted with the agreed terms, which needs to be signed by both the buyer and seller.
Transfer of ownership is done at the Registrar office of the Dubai Land Department (Trustee offices).
Buyer pays the seller an amount equal to what they have already paid off to the developer (+/- any difference agreed on) in the form of manager’s cheques.
Once the process is complete the buyer will ultimately take over all the outstanding payments once the transfer is complete.
WHAT ARE THE COST OF SELLING OFF-PLAN PROPERTY IN DUBAI?
One of the most important costs to keep in mind when buying off-plan in Dubai is the DLD registration fees.
Buyers will have to pay 4% of the total property value to the developer during the time of transfer, even if it was paid by the original owner. There are other costs associated with buying off-plan in Dubai such as fees for getting the NOC, transfer fees.