Dubai is a popular tourist destination in the UAE. The city is regularly visited by tourists, job seekers, investors, and individuals from all walks of life. While many visitors come to take in the city’s scenic beauty and architectural extravaganza, others can be in town for work or to make investments. Regardless of the purpose of their trip, travelers frequently find themselves drawn to the numerous financial options available in Dubai. The Emirate offers several lucrative investment options, with real estate being a popular choice for many.
Foreigners may possess a number of properties in the city, but it is no longer a problem to sell property in Dubai from outside. To assist folks with this, we’ll go through a few efficient strategies to sell a property in Dubai from outside.
BUYING PROPERTIES IN DUBAI
Many individuals are drawn to buying a property in Dubai because of its many benefits. Buying a property in Dubai is extremely alluring due to the excellent rental income, excellent resale value, and tax benefits. Foreigners also invest in real estate, so the prospects aren’t just available to locals.
Some people may own property in Dubai yet live outside. Similar to this, Dubai property owners can have left the country for any cause. However after receiving a tempting offer or for any other reason, homeowners can be persuaded to sell their house.
It is a practical choice in such cases to be able to sell the property from the country of residence rather than traveling to the city. It is a secure alternative given the laws and regulations in existence, provided all processes are followed.
HOW TO SELL A PROPERTY FROM ABROAD IN DUBAI
Efforts have been done by the Dubai Land Department (DLD) to make it possible for foreigners to own property there. Also, there is a procedure to make it happen without attending the proceedings for persons who cannot participate in the selling process. Getting a property appraisal in Dubai is a realistic alternative for sellers since it offers thorough details regarding the property’s value.
To discover how to sell a property in Dubai from outside, let’s follow the steps.
POWER OF ATTORNEY
The most essential document if you wish to sell a property in Dubai from outside is the Power of attorney (POA). You may give someone the authority to represent you or act on your behalf in any commercial transaction using this practical and valuable legal document.
A power of attorney may be used to sell assets like shares, real estate, or automobiles. The power of attorney can be used by asset owners who live outside of the UAE and need to sell their property fast but are unable to travel there themselves.
It is important to keep in mind that, under UAE law, only specific powers of attorney may be given. Moreover, the Power of Attorney is only given for a two-year period. Also, if a foreigner signs a power of attorney outside of the United Arab Emirates, it must be legalized by the appropriate authorities.
WHO IS ELIGIBLE FOR A POWER OF ATTORNEY?
Power of Attorney was granted to real estate brokers and agents, who may now act on your behalf. DLD has, however, added a few additional rules concerning to the Power of Attorney.
Foreigners now need to nominate a friend or a family who is currently residing in the UAE for property transfer in Dubai and other procedures throughout the selling process. The special Power of Attorney enables the designated individual to complete the sale of the property.
Also, a foreigner who wants to sell their property in Dubai from overseas but has no relatives in the UAE might use the services of expert Power of Attorney organizations. The new rules and procedures ensure secure real estate transactions and offer sellers a high degree of security.
DLD ALSO IMPLEMENTED OTHER CHANGES FOR THE SALE OF PROPERTY
Receiving the sales proceeds is yet another important move made by DLD. The sale revenues will not be available to designated agents under the new regulations unless they have received special DLD permission. Getting the go-ahead should come before the property transfer procedure.
Additionally, even if the Power of Attorney specifies that the designated agent is authorized to receive the proceeds of property sales, DLD will still deny the title of transfer. Unless the buyer presents a manager’s cheque in the seller’s name, this cannot be reversed.
Property sellers might request that buyers make the manager’s cheque payable to the Dubai Land Department in order to prevent this situation. In exchange, the government body will give the vendors their share of the money. Yet, the DLD may impose a reasonable fee based on the kind and worth of the property.
Here is all the information you need to sell your property in Dubai while you are away. One of the biggest markets in the nation is the real estate market in Dubai. Property ownership is quite appealing to both locals and visitors due to its many benefits. The designated agents may fulfill all legal criteria, including property exchange in Dubai among others, in addition to the POA, to guarantee a seamless transaction.
Processes like selling, transferring, and property handover are made relatively simple and convenient in Dubai thanks to the legislation implemented by the relevant authorities. Also, they provide both vendors and consumers a high level of safety.