Home Selling Process in Dubai.

  • Better Informed
  • 30 Nov, 2015
Home Selling Process in Dubai.

There are many things to remember when you list your Dubai residential property for sale. For one, sticking a “For Sale” sign in your yard won’t do. The real estate market is a dynamic one, with prices changing constantly. So working with the right agent who can gauge and market your Dubai freehold property for sale is highly essential.

Here are 5 things to consider before and while listing your Dubai residential property for sale.

1. Present your property in the best light.

Look at your property from the point of view of a prospective buyer. Declutter. Ask your agent about staging your home before it sells. Give it a fresh lick of paint, depersonalize the space or rearrange the furniture. Also, have the property inspected before placing it on the market.

2. Pricing it right.

Pick the right price tag. Look at similar Dubai freehold property for sale in the same neighborhood over the past quarter. Pricing your home appropriately from the beginning is key to getting it sold quickly. Overpricing and then dropping the price several times usually leads to Dubai residential property for sale selling at a much lower price than what you set out to sell it for. Most importantly, do not base the price on what you paid for your home, your remaining mortgage payments or the profit you need to make to buy another house.

3. Hire an experienced agent.

Your Dubai freehold property for sale shouldn’t be somebody’s “learning” experience. Work with an experienced agent who has a successful sales record and has the knowledge required to give you the most leverage in the market.

4. Market your property effectively.

Marketing will have a deep impact on your house’s final sale price, so discuss your marketing plan in detail with your agent. Simply sticking a “For Sale” sign and running an ad in the papers for your open house may not cut it. From running a promotional blitz to printing materials such as flyers that buyers can take home to featuring your listing on numerous websites such as ours and posting bespoke photographs and virtual tours online, agents will give your Dubai residential property for sale the leg up it needs to stand out.

5. Know the procedures.

A Memorandum of Understanding (MOU) is signed and a 10 percent deposit is paid. The parties then meet with the developer to apply for a No Objection Certificate (NOC) to sell the property. The NOC is issued against payment of a fee once the developer knows that all service charges have been settled in full. Once the NOC is issued, the parties will be able to go to the Dubai Land Department (DLD) to officially transfer ownership. Here, the purchase price has to be paid in the form of a manager’s cheque payable to the seller on the date of transfer. Then, a new title deed will be issued in the buyer’s name. If the buyer is purchasing Dubai freehold property for sale with the help of a mortgage, then the bank will need to be involved. If the seller has a mortgage on the Dubai residential property for sale, the buyer will need to settle the seller’s mortgage in full prior to applying for the NOC.

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