Secondary Market
...the purchase of a completed property.
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The Secondary Market consists of completed properties that can be rented out or occupied quickly and easily. Properties in this market are often already rented out, making it an exciting investment opportunity for you.
The Secondary Market consists of completed properties that can be rented out or occupied quickly and easily. Properties in this market are often already rented out, making it an exciting investment opportunity for you.
If you intend to purchase a used property in Dubai, it is advisable to be present in person. Alternatively, you can grant power of attorney (POA) to a trusted individual, a friend, or a broker. This power of attorney can be granted via a video call and usually does not require a notary or embassy.
However, if you wish to sign the purchase contract, you should plan for about two to three days for the entire process.
However, if you wish to sign the purchase contract, you should plan for about two to three days for the entire process.
O1
Inform Yourself
Once you have decided on a property, you will receive all the necessary information. Typically, all documents are carefully compiled directly by the developer.
O2
Purchase Decision
To secure a unit, you must pay a reservation fee. This payment can occur at the project's launch during Off-Plan Sales.
O3
Contract Signing
The first payment is typically due within 7 days of purchase and ranges between 10% and 20% of the total price.
01
Inform Yourself
When it comes to buying a property on the Secondary Market, it is important to plan carefully. You should gather all the available information about the property, its surroundings, and even the current tenants, if possible, to ensure a successful purchase.
It is advisable to personally inspect the property before making the purchase to assess its condition. Additionally, it may be beneficial to hire an independent appraiser or have the property inspected by a professional to ensure that you make an informed decision..
It is advisable to personally inspect the property before making the purchase to assess its condition. Additionally, it may be beneficial to hire an independent appraiser or have the property inspected by a professional to ensure that you make an informed decision..
02
Purchase Decision
After making the purchase decision, a contract is drafted based on the property's details and the new owner's information. This contract is sent via email and must be confirmed by both the seller and the buyer, which can be done online. The respective real estate agent prepares the purchase contract. It is essential to note that the Dubai Land Department always prepares the purchase contracts; therefore, individual agreements or clauses are impossible.
However, special supplementary agreements, such as taking over existing tenants after the purchase or assuming an existing kitchen, can be noted in the contract. After the official confirmation of the purchase contract by the Dubai Land Department, the buyer has four weeks to sign and return the contract.
For security, the buyer and the seller must deposit 10% of the property's purchase price with the broker, referred to as a security cheque. It is important to note that if either party, the buyer or the seller, fails to meet this 4-week deadline, the other party will receive the deposited 10%, minus 2%, for the broker, effectively making it 8%. However, if both parties agree, it is possible to extend the 4-week deadline.
However, special supplementary agreements, such as taking over existing tenants after the purchase or assuming an existing kitchen, can be noted in the contract. After the official confirmation of the purchase contract by the Dubai Land Department, the buyer has four weeks to sign and return the contract.
For security, the buyer and the seller must deposit 10% of the property's purchase price with the broker, referred to as a security cheque. It is important to note that if either party, the buyer or the seller, fails to meet this 4-week deadline, the other party will receive the deposited 10%, minus 2%, for the broker, effectively making it 8%. However, if both parties agree, it is possible to extend the 4-week deadline.
03
Contract Signing
The purchase contract is signed by the buyer personally or by a Power of Attorney (POA) holder at the Trustee Office of the Dubai Land Department. Typically, this process takes only about an hour, as the transfer of ownership and payment of the purchase price is usually handled promptly. The process may take longer in exceptional cases, especially when bank financing is involved.
To make the process comfortable for the client, amenities like coffee and cake are often provided, and there's an option for a taxi service to pick up the client from their hotel. Interestingly, in time constraints, officials from the Dubai Land Department can conduct the purchase process at the client's hotel or airport. However, this service comes with significant additional costs.
To make the process comfortable for the client, amenities like coffee and cake are often provided, and there's an option for a taxi service to pick up the client from their hotel. Interestingly, in time constraints, officials from the Dubai Land Department can conduct the purchase process at the client's hotel or airport. However, this service comes with significant additional costs.
… how to easily pay for a property in Dubai
Payment Process
The purchase price is typically paid on-site through a manager's cheque. Such a cheque is debited directly from a bank account on the spot and, therefore, cannot 'bounce.' Payment of the purchase price from Germany is generally only possible if the money is transferred in advance to a bank account in Dubai, such as the account of a power of attorney holder (a friend, real estate agent, etc.).
In this case, an Escrow account is not required as the payment is immediately debited. An Escrow account is typically only used when reselling an Off-Plan property.
In this case, an Escrow account is not required as the payment is immediately debited. An Escrow account is typically only used when reselling an Off-Plan property.
Over 30 years of experience in the field of developers, brokers, and real estate consulting.
Over €1 billion in revenue in the German-speaking region alone.
Best access to top projects in Dubai.
You buy directly from selected developers with the highest construction quality.
Best terms through bulk deals.
We invest successfully in the properties offered in Dubai ourselves.
Customized offers for you Buy-Sell-Manage Company formations Assistance with visa applications, second residences, and company formations through our international network of legal and tax experts.
Therefore, we are your ALL-IN-ONE partner for long-term success!
Over €1 billion in revenue in the German-speaking region alone.
Best access to top projects in Dubai.
You buy directly from selected developers with the highest construction quality.
Best terms through bulk deals.
We invest successfully in the properties offered in Dubai ourselves.
Customized offers for you Buy-Sell-Manage Company formations Assistance with visa applications, second residences, and company formations through our international network of legal and tax experts.
Therefore, we are your ALL-IN-ONE partner for long-term success!
DOWNLOAD OUR SECONDARY MARKET GUIDE
An exclusive and free guide to the secondary market in Dubai
We did create a guide to the secondary market in Dubai. It is a free guide that will help you understand the secondary market in Dubai. It is a must read for everyone who is interested in buying a property in Dubai. The guide is available in both English and German.
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