How can you benefit from selling with Engel & Völkers?

Ultimately, your own personal circumstances should determine whether you should sell or not. However, suppose you want to choose the point in time when to sell your property. In that case, many market factors will influence decision-making, including the buoyancy of a particular market, interest rates with banks for mortgage buyers, inflation, availability on the market and, of course, the global geopolitical landscape.

Currently, the property market in Dubai is experiencing an all-time high in sales volumes, average price per sq. ft. and new records on prices being achieved and transacted, most notably in the premium segment.

There are many variables to consider when selling a property, but the most important are the price and first impressions - these will ultimately determine how long you'll take to sell.

The more precisely the market price of your property is determined at the beginning of the marketing phase, the faster the whole selling process will be. Being overly aggressive with pricing compared to similar properties on the market and recently transacted properties or having a poor first impression will have a detrimental effect on timelines.

Engaging with an area specialist like Engel & Völkers will reduce the time on the market because we use different tools to determine the right price, including but not limited to the Dubai Land Department data, Property Monitor analysis, in-house recent transactions and most of all, our experience in the local and international markets.

Good to know: If you want to sell your property quickly, you should not set the selling price too high. The more the selling price is raised above the property evaluation, the longer it will take to sell the property.

Selling with a real estate agent significantly reduces your efforts, and in particular your time investment. However, you will need to pay an estate agent fee which is evenly split between you and the buyer.

Engel & Völkers real estate agents:

• know the market and evaluate the exact value of your property

• take the full potential of your property into account, including characteristics and details

• value the individuality and history of each property with an eye for any “hidden values”

• put together a professional exposé with meaningful property descriptions, high quality photos, 3D tours, and clear floor plans

• suggest a target-oriented marketing strategy and utilise carefully selected sales channels

• access an extensive data base with earmarked prospective buyers

• take on all correspondence with prospective buyers and act in their best interests

• confidently take on a selling position and execute price negotiations

• carry out viewings and swiftly find the right buyer

• achieve the highest possible sales price on the market

• check the notarised agreement and prepare the appointment with the notary

When selling your property, you will need the following documents:

• Ownership Document (Title Deed for ready properties and Sales & Purchase Agreement and/or Oqood for under-construction properties)

• Emirates ID and Passport (if applicable)

• Residence visa page (if applicable)

• Mortgage Agreement (if applicable)
  

  These document requirements are relevant to Dubai.

You will not be required to pay tax if you sell a property in Dubai. No income tax will have to be paid.

Absolutely – you can sell your house or apartment when you have an existing rental agreement with a tenant to live there. However, please keep in mind that buying a property does not end an existing tenancy. If you want to buy as an investment, a tenancy is not an issue for the time being. For buyers who seek to move into the property, this is a disadvantage since all landlord obligations are simply transferred over to the new owner.

Yes, you can. In this case, the mortgage will have to be settled before the transfer. Both parties would enter into an agreement that outlines how the mortgage will be settled before the transfer of ownership. Usually, the buyer, the buyer's bank or the seller would settle this liability in order to transfer ownership.

Transfer duration depends on the buyer's and sellers' circumstances, whether either or both parties have a mortgage, and varies from two to six weeks.

We recommend you consult with your Engel & Völkers representative to discuss your current situation and give you an approximate timeline.