The Ultimate Guide To
SELLING LUXURY
PROPERTIES IN DUBAI
Selling a property, like any large financial investment, can be daunting. But, PRIME by Betterhomes is here to guide you throughout the entire process. Our bespoke service makes selling your property as simple and stress-free as possible.
PRIME by Betterhomes offers professional guidance, up-to-date market knowledge, access to potential buyers from across the globe, and the highest standards of confidentiality and service. We provide expert and reliable evaluations of luxury properties and have exclusive access to a global network of high net worth individuals.
Whilst one of our Luxury Client Advisors will be happy to advise you, we have prepared the following outline to simplify the property selling process.
Speak to an expert
The first step is to receive a property appraisal from an experienced real estate agent who specialises in your community. This should always be a face-to-face meeting at your property. This way, the agent can take into account the unique features of your home, as well as the current market conditions and recent, comparable sales data. The agent will provide you with a property valuation and advise on the next steps to listing your property.
Go exclusive
When selling a luxury property, listing exclusively with a single agent can often give you the best results. One listing, with premium presentation and marketing, will keep your property looking luxurious and desirable, whilst multiple listings could reduce your power in the market and attract low offers.
It’s also much easier for you to work with one trusted agent, rather than coordinating with multiple agents. Your agent can then deliver a single, aligned strategy to the market and best represent your interests in negotiations.
Prepare your home
Your PRIME by Betterhomes Luxury Client Advisor will advise you on the steps to make your property stand out, prior to the professional photo shoot and viewings. Sometimes a small amount of de-cluttering and ‘window dressing’ can make a huge impact on the impression of prospective buyers.
PRIME by Betterhomes utilises bespoke methods to perfectly capture your home. From professional photography and videography to 360-degree Matterport tours, we are at the forefront of adopting new technologies.
Accept an offer
Your Luxury Client Advisor will inform you of any offers that are received. They can advise you on how to proceed and will negotiate on your behalf. Once you and the buyer have agreed on the terms of the sale, you will enter into a legally binding Memorandum of Understanding (MoU), which RERA calls a Form F. This will outline full details of the contract you are entering into, as well as an agreed length of time until formal transfer. This process is done via the Dubai Brokers App.
At this stage, the buyer will give your advisor a cheque, made out to you for 10% of the total purchase price, as a deposit.
Sales progression
The sales process can be complicated, but we’ve partnered with Clarity, a team of skilled conveyancers, who can manage the smooth sale of your luxury property. Clarity will draft and review the terms of the contract and carry out the various complex legal, financial and administrative duties that ensure a safe and complete transfer.
Obtain a NOC
Before the sale can proceed, you will need to pay any outstanding service charges and obtain a No Objection Certificate (NOC) from the property’s developer. This confirms that there are no outstanding charges and the developer has no objection to the sale. You will usually pay the cost of the NOC, which typically ranges from AED 500 to 5000.
Transfer the property
On transfer day, you will meet your Luxury Client Advisor and the buyer at the DLD transfer office. You will receive a manager’s cheque or cash for the sale (less any outstanding mortgage amount) and a new title deed will be issued to the buyer. At this point, the buyer will receive any keys and access cards and they should settle any overpaid service charges pro rata with you.