Dubai is a popular tourist destination in the United Arab Emirates. Tourists, job seekers, investors, and individuals from all walks of life visit the city on a regular basis. While many visitors come to take in the city’s natural beauty and architectural spectacle, others may be here for work or investment. Regardless of the purpose for their vacation, it is not unusual for individuals to be enticed by the many investment opportunities in Dubai. When it comes to investing prospects in the Emirate, the property market is a popular choice for many.
Foreigners may own many residences throughout the town, however selling property in Dubai from outside was formerly an issue, but it is no more. To assist folks in this respect, we will go through several practical strategies to market a property in Dubai from overseas.
BUYING PROPERTIES IN DUBAI
The major benefits of buying property in Dubai attract a great deal of people. High rental income, high resale value, and tax breaks all make buying property in Dubai very attractive. But, prospects aren’t limited to locals; foreigners also play a role in real estate investing.
Individuals may own property in Dubai yet live in another nation. Similarly, Dubai property owners may have relocated to another nation for a variety of reasons. People may be tempted to let their property go if they receive an enticing offer or for any other reason.
In such cases, rather than visiting the city, it is more convenient to sell the property from the nation of residency. It is a safe alternative with the laws and regulations in place, as long as all processes are followed.
HOW TO SELL A PROPERTY IN DUBAI FROM OUTSIDE THE COUNTRY
The Dubai Land Department (DLD) has made steps to make it possible for foreigners to own property in the city. Furthermore, for those who are unable to attend the selling process, there is a system in place to make it happen without attending the proceedings. Property valuation in Dubai is also a feasible choice for sellers because it gives full information about the property’s worth.
That being stated, let’s walk through the process of selling a property in Dubai from overseas.
POWER OF ATTORNEY
The Power of Attorney (POA) is the most important document if you wish to sell a property in Dubai from another country. It is a practical and valuable legal document that enables you to appoint someone to represent you or act on your behalf in any commercial transaction.
A power of attorney can be used to sell assets such as automobiles, real estate, or stocks, among other things. Owners of assets who live in countries other than the UAE and wish to sell their property quickly but are unable to go to the nation can utilize a power of attorney.
It is vital to remember that under UAE law, only specific Powers of Attorney can be given. Moreover, the Power of Attorney is only valid for two years. Furthermore, if foreigners sign the Power of Attorney outside the UAE, the relevant authorities must legalize it.
WHO CAN BE GRANTED ATTORNEY POWER?
Power of Attorney was granted to real estate agents and brokers so that they may act on your behalf. Even so, DLD has implemented certain new Power of Attorney restrictions.
Foreigners must now nominate a friend or family who is currently residing in the UAE for property transfer and other steps in the selling process. By virtue of the special Power of Attorney, the chosen person can complete the property selling procedure.
Furthermore, a foreigner with no relatives in the UAE who wishes to sell their property in Dubai from outside the country might use the services of professional Power of Attorney organizations. The new policies and efforts are being made to ensure safe property transfers and to safeguard sellers.
DLD ALSO MADE OTHER CHANGES FOR PROPERTY SALE
Another key modification made by DLD is the receipt of sales revenues. According to the new regulations, appointed agents will be unable to accept sale revenues unless they get special permission from DLD. Prior to the property transfer, the approval should be sought.
Additionally, even if the Power of Attorney specifies that the nominated agent has the ability to accept property sales profits, DLD will prevent the title of transfer. This cannot be reversed unless the buyer presents a manager’s cheque in the name of the seller.
To avoid this, sellers might request that buyers make the manager’s cheque payable to the Dubai Land Department. In exchange, the government agency will send the funds to the sellers. Nonetheless, depending on the kind and value of the property, the DLD may impose a reasonable fee.
This is all you need to know about selling a property in Dubai from another country. Dubai’s real estate industry is one of the largest in the country. The benefits usually make property ownership attractive to both residents and visitors. In addition to the POA, the appointed agents must meet all legal criteria, such as property exchange in Dubai, to ensure a seamless transaction.
The restrictions put in place by the relevant authorities make operations like selling, transferring, and property handover in Dubai very simple and convenient. Furthermore, they offer a high level of protection to both vendors and customers.
