Tuesday 20 October 2015

Sell Dubai Apartment

Sell Dubai Apartment

If you would like to sell a Dubai apartment you are not alone. Selling a property in Dubai has once again become relevant. A lot of people bought apartments in Dubai back at the start of the centure (it only became possible to purchase property there in 2002). 

In 2015, however, developers around the Emirate were forced to contact property owners relating to an existing, but increased, 'Registration Tax' introduced by the Dubai authorities in 2013. The 4% registration tax was to be paid before the end of June 2015, otherwise penalties would be imposed. This deadline was later extended to the end of October 2015.

Quite a few recipients thought this was a request to complete on their properties. This took many of them by surprise as they had presumed that they would never receive a property in the Emirate.

One way or the other, the communication has brought a new impetus for those who have put deposits on property in Dubai but who do not now wish to complete on them for one reason or another. Quite a few developments in Dubai were very popular with UK and Irish based property investors, such as Bermuda ViewsEagle Heights and Profile Residence in Dubai Sports City in particular.

The market for property in Dubai, much like elsewhere in the world, dropped off a cliff after 2007, hence the lack of building activity. In fact, Dubai stayed in growth mode until 2008, but when the decline came it was spectacular. Since 2009, and particularly since 2013 there has been something of a pick-up, although there are signs that this is starting to tail off somewhat now with Dubai recording the largest fall in property prices in the world, at 15.5% in the first half of 2015. For a more in-depth analysis read Diarmaid Condon's Dubai Property Prices article.

If you do need to sell a property in Dubai, whether it has already completed or you've just put a deposit on the unit, then we may be able to assist.

We have contact with a number of investors in the region that are actively looking for property around Dubai. If they are interested in purchasing your unit or your option on a unit, then they are in a position to act quite quickly. This is a huge advantage, because under normal market conditions you could be waiting an awfully long time to sell your property or interest in a property.

If you would like to see what you can achieve for your unit drop a mail to info@diarmaidcondon.com stating the development, unit number, size and stage of completion (as far as you are aware) and whether you've paid the Registration Tax. We'll then see if we can find an interested buyer. 

Sell Dubai Apartment

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