Selling a Dubai Property
Selling a Dubai property has become topical again recently. There had been no word on properties in Dubai for many people since they had bought back between 2003 and 2007. In 2015, however, developers around the Emirate were forced to contact property owners relating to an existing, but increased, ‘Registration Tax’ introduced by the Dubai authorities in 2013. The 4% registration tax was to be paid before the end of June 2015, otherwise penalties would be imposed. This deadline was subsequently further extended until the end of October 2015. Quite a few recipients mistook the communication, which was quite poorly worded, for a request to complete on their properties. This took many of them by surprise as they had presumed that many projects would never complete.
This communication has brought a new focus for those who had put deposits on property in Dubai but do not now wish to complete on them for one reason or another. Quite a few developments in Dubai were very popular with British property investors, such as Bermuda Views, Eagle Heights, Profile Residence (all in Dubai Sports City), the Palm Jumeirah and the Burj Khalifa are other examples.
The market for property in Dubai, much like elsewhere in the world, fell off a cliff after 2007, hence the lack of building activity. In fact, Dubai stayed in growth mode until 2008, but when the decline came it was spectacular. Since 2009, and particularly in 2013 there was a concerted pick-up, but it tailed off somewhat in 2015 as Dubai’s property market recorded the largest fall in property prices in the world, at 15.5% in the first half of 2015. For a more in-depth analysis read our Dubai Property Prices article.
If you do need to sell a property in Dubai, whether it has already completed or you’ve just put a deposit on the unit, then we can certainly assist.
We have a database of contacts via our office in Dubai, actively looking for property in the Emirate right now. These include end users, individual and institutional investors. On receipt of details of your property (or the property on which you have placed a deposit), we will inform the database of the availability of your unit. We normally receive offers on units within a matter of days.
Those on the database interested in purchasing your unit or your option on a unit, are in a position to act quickly. This is a huge advantage, because under normal market conditions you could be waiting quite a while to sell your property, especially if you are looking to sell an interest in a property (deposit).
If you would like to see what you can achieve for your unit, fill in the form below or drop a mail to email@example.com stating the development, unit number, size and stage of completion (as far as you are aware) and whether you’ve paid the 4% Registration Tax (due by the end of October 2015). We’ll then come back to you with firm offers for your property.