Dubai: Are you a Dubai property owner based overseas and wanting to rush through with a potential sale? You can now do so by just granting the Power of Attorney (PoA) rights to a registered broker and get the needful done.
Such PoA rights have become valid as demand continues to rise for ready homes in Dubai and especially those which the new buyer can move into at the earliest. Most of the listed ready units have already been sold in these 20 months, which is why sellers holding such homes and willing to sell find themselves at an advantage. Even if they are based overseas…
By issuing PoAs, these investors want to reduce the risk of losing out on what could be an instant deal and at a definite premium. But it’s only now that PoA rights have been opened up for estate agents to act on behalf of non-UAE based property owners.
“Brokers earlier were not allowed to have a PoA from sellers,” said Hammad Manzoor, Managing Director at Dubai-based Upscale Real Estate.
With that restriction no longer there, this has facilitated an instant increase in transactions, especially from overseas buyers and this has contributed to the momentum we are seeing in the market.
Manzoor’s on-point about the momentum. Sales on a month-on-month basis actually recorded increases during summer, and the release of October numbers affirm that demand levels are staying consistently higher. Dubai has been recording new 10-year highs with each successive month since Summer.
On its part, Dubai Land Department has through its digital processes eased the buying and selling of properties in the emirate. It helps, as most of the deals involve overseas buyers and sellers. Especially in the luxury end of the market, where chances are that the buyer and the seller do everything remotely and with estate agents acting on their behalf to take care of the required paperwork.
“Brokers now have the ability to offer a seamless experience to their clients in line with the city’s ambitions,” said Mohammad Imran Khan, Director at Atomic Properties. “And with Power of Attorney being granted even online and remotely, we have seen a spike in activity, even in the offplan segment.”
Brokers now have the ability to offer a seamless experience to their clients in line with the city’s ambitions, and with Power of Attorney being granted even online and remotely, we have seen a spike in activity, even in the offplan segment.