Dubai is a global attraction point in the UAE. Tourists, job seekers, investors and people from all fields of life frequently visit the city. While many come to absorb the scenic beauty and architectural spectacle of the city, others may be here for jobs or investment purposes. Regardless of the visiting reasons, it isn’t unusual for people to be tempted towards the many investment opportunities in Dubai. Speaking of investment opportunities in the Emirate, the property market is highly lucrative and a preferred choice for many.
Foreigners may own several properties in the city but selling selling property in Dubai from abroad may have been a concern in the past which isn’t anymore. We will go through some effective ways to sell a property in Dubai from abroad to help people in this regard.
Buying Properties in Dubai
The many benefits of buying property in Dubai attract a large number of people. Good rental income, great resale value and tax exemptions all make buying properties in Dubai highly intriguing. However, the opportunities aren’t limited to locals as foreigners also have a fair share in property investment.
People may own a property in Dubai but reside in a different country. Similarly, property owners in Dubai may have moved to another country for any reason. However, people can be tempted to sell their property after getting an attractive offer or for any other reason.
Under such circumstances, rather than visiting the city, it is a convenient option to be able to sell the property from the country of residence. With the rules and regulations in place, it is a safe option, provided all protocols are followed.
How to Sell a Property in Dubai from Abroad
The Dubai Land Department (DLD) has taken initiatives to enable foreigners to own properties in the city. Moreover, for people unavailable for the selling process, there is a procedure to make it happen without attending the proceedings. It is also a viable option for sellers to get property valuation in Dubai as it provides comprehensive information about the property’s value.
That said, let’s go through the procedure and learn how to sell a property in Dubai from abroad.
POWER OF ATTORNEY
The Power of attorney (POA) is the most essential instrument if you want to sell a property in Dubai from abroad. It is a practical and useful legal tool with which you can grant someone the right to represent you or act on your behalf for any business transaction.
Power of attorney can be used for selling assets such as vehicles, property or shares etc. Asset owners, residing in countries other than the UAE, who want to sell the property quickly but are unable to make it to the country can use the power of attorney.
It is important to note that only specific Power of Attorney can be granted as per the UAE’s law. Additionally, the Power of Attorney is only granted for two years. Moreover, if foreigners sign the Power of Attorney outside the UAE, it should be legalised by the concerned authorities.
WHO CAN BE GRANTED POWER OF ATTORNEY
Real estate agents and brokers were allowed to receive Power of Attorney and act on your behalf. However, DLD has introduced some new regulations regarding the Power of Attorney.
For property transfer in Dubai and other steps during the selling process, foreigners now need to nominate a friend or a relative currently based in the UAE. The appointed person can complete the property sale process by virtue of the special Power of Attorney.
Additionally, a foreigner with no relatives in the UAE wanting to sell a property in Dubai from abroad can hire the services of professional Power of Attorney firms. The new regulations and steps are taken to ensure safe property transactions and provide sellers with a great level of protection.
OTHER CHANGES INTRODUCED BY DLD FOR PROPERTY SELLING
Another significant change made by DLD is regarding receiving the sales proceeds. As per the new regulations, appointed agents will not be able to receive sale proceeds unless they get special approval from DLD. The approval should be obtained prior to the property transfer process.
Furthermore, DLD will block the title of transfer even if the Power of Attorney stipulates that the appointed agent has the authority to receive property sales proceeds. This cannot be undone unless the buyer provides a manager’s cheque in the seller’s name.
To avoid this property sellers can ask buyers to make the manager’s cheque payable to the Dubai Land Department. The government agency in return will transfer the proceeds to the sellers. However, the DLD may charge a fair amount depending on the type and value of the property.
This is everything you need to know to sell a property in Dubai from abroad. Dubai’s property market is one of the largest sectors in the country. The many advantages make property ownership highly intriguing for locals and foreigners alike. In addition to the POA, the appointed agents can fulfil all legal requirements such as property exchange in Dubai among others to ensure a smooth process.
The regulations introduced by the concerned authorities make processes such as selling, transferring and property handover in Dubai rather easy and convenient. Moreover, they provide sellers and buyers with a great level of protection.
That said, if you want to buy a property in Dubai and avail the advantages that follow, there are several options to choose from. Browse through the following:
Stay tuned to dubizzle’s property blog for information about selling property in the UAE and more.
