FAQ's on Selling Residential Property in Abu DhabiHome > Residential > Sell > FAQ's on Selling Residential Property in Abu Dhabi
What properties does Better Homes deal in specifically?
Better Homes sells, leases, and manages both residential and commercial property. This includes leasehold, freehold properties, land, hotels, towers, and communities. However, only those properties specifically located in leasehold areas are available to non-UAE nationals to purchase in Abu Dhabi.
What can I do to fasten the selling process?
First impressions are very important. Get your home in perfect condition. Make all necessary repairs before putting your home on the market. Most home buyers want to buy a home that’s in 'ready to move in' condition, without having to arrange for fix-up work.
Can I resell this property?
Yes. Leasehold ownership provides the owner with the right to rent for 99 years, and with right to sell to sell that right. However, there are slight deviations in rules and regulations levied by different developers. While some developers allow resale of property only after a certain number of installments have been paid, others levy a fixed transfer fee charge on the buyer or seller.
What premium can I expect on a resale?
Resale values are difficult to predict, as the market is immature. However, properties currently available for resale are achieving premiums of between 10 and 25%.
What does 'base price' mean?
The base price is the price at which the developer released the property for sale initially.
What does 'selling price' mean?
The selling price is the price at which the property is currently on the market.
What does 'premium' mean?
The premium is the difference between the base price and the selling price. In other words, it is the initial investor’s profit. For example, the developer originally sold the property at AED 1,000,000 to Mr. Smith. After a period, Mr. Smith now wishes to sell it at AED 1,200,000. The premium is AED 200,000.
When selling should I disclose the original price I paid for my property?
Usually, the buyer will want to know the original price of a property to determine the premium and its investment potential. As most lenders in the market do not lend on the premium, the original sale price will be needed to secure finance.
What are the projected appreciation values over the next two to five years?
It is difficult to project the appreciation values, as the market is so new. However, we are confident that when the market stabilises, property in Abu Dhabi will represent a good investment in the long term.
Does Better Homes charge a fee?
Yes, we charge an agency fee of up to 3%.
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 base price of the property.
*To be confirmed with the developer and Abu Dhabi Lands Department. |
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