Want to avoid property scams in Dubai and make your investment completely safe? Here are some of the most effective tips that you must take into consideration when venturing into the Dubai real estate market:
Avoid Vague Advertisement
When you are looking for property in Dubai, you will come across several listings and advertisements for apparently high-rated properties that are available on the rates, which are too good to be true. It can be a waterfront property or even a villa as well. And the location of these properties is also very accessible. The advertiser or the agent will also urge you to buy the said property at the earliest as there’s a huge lineup of buyers/investors waiting for it.
There’s a huge chance that such offers are signs of real estate scams. Firstly, you should know that property rates in Dubai are on the higher side. So, if you’re getting a real estate unit at insanely low rates, it needs a lot of inspection before you take the plunge.
Hire a Licensed Agent
First time home buyers in Dubai are more prone to getting scammed by property agents simply because they are unaware of the fact that every real estate agent in Dubai has to be registered with DLD. This department is tasked with making sure that the agent is verified, and then the license is given to them. So, when you are dealing with a registered and licensed real estate agent, the chances of getting scammed lessen up to a great extent. Still, you need to do a lot of research on your part before finalising a property.
You can check and verify a realtor’s broker ID at the DLD portal.
Don’t Make a Hasty Decision
It’s never recommended to make a hasty decision when it comes to dealing in the real estate sector, be it in Dubai or anywhere else. Even if you’re 100% sure about a project’s prospects, it is still recommended to take some time and then sign on the dotted lines, as this is one area where a lot of scams and frauds take place.
If you suspect even the slightest of doubt, make sure it is fully cleared before you are buying that property. Talk to the developer or existing owner and share your concerns with them. If they are unable to clear your concerns, choose from the many other options available at your disposal.
Opt for Cheques Instead of Cash
While bank transfers and cheques have become the popular mode of transactions in the Dubai property market, many people still use cash for this purpose. This is because of the convenience it offers, with the most prominent being no waiting period. Depending on the availability, one can pay cash at any given time to the other party. However, this comes with a drawback as well – increased risk of fraud.
Using cheques, on the other hand, can help to prevent scams. This is because there are high chances that the scammer’s details can be traced if you have made a payment using a cheque.
Also, in the case of post-dated cheques, they can be cancelled to prevent further loss.
Be Thorough When Checking & Viewing Listings
This is another area where there’s a high probability of getting scammed. It may happen that the property listing you are looking at doesn’t exist at all or belongs to someone else. The agents/representatives of such properties are scammers. Therefore, you need to be very careful in this regard. Check the listing for the said property on multiple portals before considering it.
Also, when you are viewing a property, be very diligent. Thoroughly inspect each and every part of the property when viewing it. Also, view it multiple times for your satisfaction. It’s best to hire a professional home inspector to know about the real condition of the property.
Get Your Contract Legalised
An effective way to avoid being scammed is to legalise your contract. If the agent or representative of the property shows hesitancy in legalising the contract, it’s a clear ‘red flag’ you must pay attention to.
In all, the chances of getting scammed can greatly be reduced if you are buying directly from the developer. So, choose a reliable and reputable project after thorough deliberation and research. There are numerous real estate projects in Dubai, including Stella Maris tower, that offer lucrative opportunities for both new entrants and seasoned investors. Pick the one with the best potentials and make your investment safe.