Selling your property in Dubai can be a serious challenge. From valuing the property itself, to hunting down the various Ministries and entities needed to legally sell your property, homeowners looking to sell can be in for a massive headache. Selling property is a serious decision that should not be taken lightly. If you are considering selling your property in Dubai, you will need to be prepared for a number of potential pitfalls.
The Agents
Finding a reputable agent should be your first step in selling your property. Unfortunately, while this step may seem simple, there are a lot of agents for hire that may not have your best interests in mind. Agents in Dubai, and for that matter around the world, have their own agendas. For many, their primary goal is to increase their commission as much as possible, no matter the cost to you. For example, they may push you to agree on a lower offer because the buyer’s commission is higher. Further, with a portfolio of properties to juggle, agents may not make your property their first priority or be as proactive as they can to find you an appropriate buyer.
The Regulations
Property buying and selling regulations in Dubai are designed to protect both the buyer and seller, and are an absolutely necessary component of the property market. However, as with all regulations, navigating the regulatory bodies, forms and legalities of selling a property in Dubai can be complex. Missing a form, or forgetting to register can mean huge delays for property sales. Sellers may need to request a liability letter from their bank, a No Objection Certificate (NOC) from the property developer and visit a Dubai Land Department trustee office in order to block the property into the buyer’s name. Once the property is sold, the seller will need to proceed to the DLD again, taking an original passport, the original title deed, clearance letter, and Emirates ID.
The Market
Real estate markets are in constant flux, and like it or not, your property is only worth as much as someone is willing to pay for it. With property prices falling in many areas of the city, it is a buyer’s market, and you may not get as much as you expect when you sell your property. You can hold out for more, but the reality is that every day your property isn’t sold or rented is a cost to you.
The Offers
If you have tried to sell anything – be it a mobile phone or beautiful property – you know that a major pain point is sorting through “interested buyers.” Low-ball offers, scams and time-wasters abound, and you may spend hours trying to identify serious buyers. Sorting through all of these offers could mean that you end up overlooking someone who is ready and willing to buy your property.
Selling property in Dubai, or indeed anywhere, can be a serious hassle. Thankfully, Smart Crowd give property sellers in Dubai another option to offload real estate without all of the red tape and hoops. With a proven track record of selling properties in Dubai, Smart Crowd can take the headache out of selling your real estate. Find out more at Sell Your Property.
