How much does it cost to sell a home in Dubai?
Dubai is one of the most appealing housing markets on the planet, with numerous financial backers and purchasers running to the city to exploit its thriving property market. Selling property in Dubai has its own set of costs, but buying property there can be a profitable investment. We will examine the costs of selling real estate in Dubai in this blog.
Real Estate Agent Fees
Real estate agent fees are one of the most significant costs associated with selling a home in Dubai. In Dubai, real estate agents typically take a commission of between 2% and 3% of the property’s sale price. The costs of marketing the property, finding potential buyers, negotiating with buyers, and closing the sale are covered by this commission.
Property Valuation Fees
Prior to selling a property in Dubai, getting a precise valuation of the property’s worth is fundamental. Property valuation expenses can go from AED 1,000 to AED 5,000, contingent upon the intricacy of the property valuation. Licensed property appraisers or surveyors typically conduct property valuations.
If you are selling a property in a community with shared facilities, such as a pool or gym, you will need to obtain a No Objection Certificate (NOC) from the community’s management company. This certificate confirms that all service charges and other fees associated with the property have been paid up to date. The cost of obtaining a NOC can range from AED 500 to AED 5,000, depending on the community and management
Mortgage Discharge Fees
If you have a mortgage on the property you are selling, you will need to pay a mortgage discharge fee to release the property’s title deed. The cost of the mortgage discharge fee can vary depending on the mortgage provider and the outstanding balance on the mortgage.
Dubai Land Department Fees
The city’s property transactions are recorded by the Dubai Land Department. You will be required to pay an administrative fee of AED 580 in addition to a transfer fee of 4% of the property’s sale price when selling it in Dubai. In the event that the property is being sold in no less than three years of procurement, you will likewise have to suffer a 4% consequence expense on the first price tag.
Shutting costs are extra charges related with the offer of a property in Dubai. Legal and title search costs, among other administrative costs, are examples of these charges. The complexity of the property transaction and the fees charged by service providers can influence the cost of closing costs.
In conclusion, selling property in Dubai can be a costly process. Real estate agent fees, property valuation fees, NOC fees, mortgage discharge fees, Dubai Land Department fees, and closing costs can all add up, significantly impacting your final sale price. It is essential to factor these costs into your selling price to ensure you are not left with any unexpected expenses. By doing your research and working with a trusted real estate agent, you can minimize your costs and ensure a smooth and profitable property sale in Dubai.
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