Dubai’s real estate market is dynamic and fast-paced, offering numerous opportunities for investors. If you’ve purchased an off-plan property and are considering selling it before completion, this guide will help you. From understanding the basics to executing the sale, follow these steps to ensure a smooth transaction.
Understanding Off-Plan Property Sales in Dubai
Off-plan property refers to real estate purchased based on plans and models before construction is completed. Investors buy these properties at a lower price compared to completed units, benefiting from potential capital appreciation and customisation options.
The off-plan properties can offer attractive returns but require a clear understanding of the sales process. Let’s find out how to sell off-plan property in Dubai.
Key Documents for Selling Off-Plan Property
Below is the list of important documents required to sell an off-plan property:
- Sale and Purchase Contract: A signed contract between the developer and the buyer.
- No-Objection Certificate (NOC): Required from the developer when selling an off-plan property to confirm that the developer approves of the sale. It is issued against a fee, typically AED 5,000, and is obtained through the Dubai REST App.
- Identification Documents: UAE ID is for residents, and a valid passport is for non-residents.
Set an Asking Price and Advertise
Determine a competitive asking price based on current market rates and comparable properties. Engage a real estate agent or brokerage to advertise the property. They can list your property on major portals and leverage their network to attract buyers.
Receive an Offer and Issue Receipts
Once you receive an offer, issue receipts for the down payment and any other payments received. These receipts are necessary for the buyer to register the property and finalise the sale with the developer.
Registering the Sale in Dubai
To officially record the sale of your off-plan property, you need to register the transaction with the Dubai Land Department. This can be done via a service centre or the Dubai REST app. Developers can do this through the Oqood portal. The service time is approximately 25-35 minutes.
Via a Service Centre
- Visit a Real Estate Registration Trustee Centre.
- Ensure all documents are complete and uploaded via the digital treasury.
- The employee will enter the details into the system for auditing.
- Pay the required fees including 2% of the sale value for both the seller and purchaser. You also have to pay additional charges based on property type and sale value.
- Receive payment receipt, and an e-Certificate of title will be delivered via email.
Via the Dubai REST App
For Sellers:
- Open the Dubai REST app, select ‘Settings’ and log in as an individual.
- Choose the property you want to sell from your real estate portfolio.
- Follow the steps to add property details, upload photos, and provide purchaser information.
- Submit your application and note the booking reference number for tracking.
For Purchasers:
- Access the Dubai REST app and select ‘Buy a Property’.
- Enter the booking reference number received from the seller.
- Verify details, upload documents, and complete payment to finalise the purchase.
Via Oqood Portal For Developers
If you’re a real estate developer selling an off-plan property, you must also register the sale through the Oqood portal. Follow these steps to register for off-plan property sales in Dubai:
- Log in to the Oqood Portal and select the ‘Provisional sale registration’ service.
- Submit required documents, including a sale and purchase contract, valid ID, and any additional documents based on your business type. These can include trade licences and shareholder certificates.
- Pay self-registration fees and other applicable charges.
- Receive Provisional Registration e-Certificate via email.
Payment Methods and Fees
For Sale Registration:
- Seller: 2% of the sale value
- Purchaser: 2% of the sale value
Additional fees:
- AED 250 for a real estate unit or villa map
- AED 100 for a land plot map outside Dubai Municipality
- AED 225 for a unified land map with Dubai Municipality
- AED 10 for knowledge fee per drawing
- AED 10 for innovation fee per drawing
- AED 4,000 + VAT if the sale value is AED 500,000 or more
- AED 2,000 + VAT if the sale value is less than AED 500,000
For Developer Registration:
- AED 1,000 for Self-registration fee
Payment Methods:
- ePay
- Sadad Dubai platform
- Noqodi
- Manager’s cheque
Issuance of Documents
Upon completion of the registration process, you will receive:
- e-certificate of title/title deed
- Provisional registration e-certificate
- Payment receipts
- Maps, if applicable
Transfer Property Ownership in Dubai
Finalise the sale by transferring the property ownership in Dubai with DLD. Submit the signed documents to the developer to update their records and officially transfer ownership to the buyer.
The property ownership transfer application by DLD in Dubai helps you register the transfer of the title deed from seller to buyer. Here’s how it works:
Required Documents
- A letter from the transferor.
- UAE ID of the owner or a power of attorney in the absence of the owner.
- Copies of valid passports for non-residents.
- Trade licences for companies.
Service Procedures
- Visit the Customer Happiness Centre at DLD’s main building.
- Submit your documents.
- An employee will enter the transaction details into the system.
- Pay the fees and get a payment receipt.
- The transaction will be audited and approved.
- Once approved, the e-certificate of title or title deed and e-map will be emailed to you.
Service Fees
- AED 250 each for a certificate of title/title deed
- AED 100 for a land plot map (outside Dubai Municipality) or AED 225 for a unified land map (under Dubai Municipality’s jurisdiction)
- AED 250 for apartment or villa map
- AED 10 per drawing for the knowledge fee
- AED 10 per drawing for the innovation fee
Payment Methods
- Cash
- Cheque
- Credit card
- ePay
Issued Documents
- e-certificate of title/title deed
- e-map
Service Time
Approximately 25 minutes
Tips to Sell Off-Plan Property Before Completion
Here are some tips for selling off-plan property in Dubai before its completion:
Competitive Pricing
Price your property competitively, at least 10-15% below the projected post-completion value. This accounts for the risk buyers take and helps generate interest.
Flexible Payment Plans
Offering flexible payment plans, such as low initial down payments, can make your property more appealing.
Effective Marketing Strategies
Utilise digital marketing strategies to build anticipation. Highlight the property’s unique features, location advantages, and developer reputation to attract potential buyers.
Vast Agent Network
Collaborate with experienced real estate agents who specialise in off-plan sales. Their networks and expertise can help market your property effectively and find suitable buyers.
FAQs
When selling a property, try to highlight its unique selling points, such as its location, amenities, and customisation options. You can also offer incentives like flexible payment plans or discounts to attract buyers.
The selling process can vary but takes several weeks to months. That said, effective marketing and competitive pricing can help expedite the process.
Yes. You can sell an off-plan property before completion in Dubai, provided you meet the developer’s requirements and obtain the necessary approvals.
Top projects from property developers in Dubai like Emaar, Nakheel and DAMAC offer a range of options. You can research their developments to identify high-potential properties.
Selling off-plan property in Dubai can be a profitable venture with the right approach. By understanding the process and obtaining the necessary approvals, you can maximise your return and ensure a successful sale.
For your next investment, explore the exciting off-plan projects in Dubai to make the most of the real estate market.
