9 Tips To Prevent Dubai Property Scam
It is simple to prevent Dubai property scams with the help of these 9 tips mentioned right below -
Attend Property Exhibitions
Property exhibitions are a great choice to explore different properties; such properties are 99% genuine because no scammers can dare to enter an exhibition where every developer is legit. Even though these developers and builders are competitors, they know they can identify any unknown party well.
That is why choosing a property from the exhibition in Dubai is a wise choice because sometimes they provide offers that are not available anywhere except for exhibitions. In Dubai, there are many property exhibitions held yearly.
Verify the Developers
It's nice that you are a developer fulfilling your property needs. But there are slight chances in Dubai that these developers may act negatively with you once you are done with payment and entertain you less than before. This type of scam is not punishable, but yes, this happens.
Developers first take your payments and promise guaranteed chances and construction for your property. But even after months, the work is not complete, nor can you see any progress, and if you ask them about the matter, they will ask for more money.
Research Well
Every wise person and investor will tell you to research where you are investing. What type of research is required in real estate? Firstly, you need to visit and check previously built properties from that developer or builder.
If those properties are still in good shape, inquire with the help of residents still living in those apartments. If they are happy with their home even after years, you should be investing with that developer.
Do Not Fall For Unrealistic Offers.
Suppose a property is priced around 500k AED and a developer and broker offer you a similar property in price much less than it's a big no to work with those dealers. The price of a property is dependent on how much luxury it provides, the number of amenities, and the area.
If the area is a prime location, it will cost a lot. It is almost impossible to get such high-demand properties at low prices. If the price is low, the construction and the material will be of low quality.
Visit The Site
If you are buying a property that has yet to start its construction, you still need to confirm the location where the property will be constructed. As an investor, you have the full right to know the area and the premises of the construction site from the dealer.
Suppose you are buying a property that is under construction. Then congratulations, you won't be scammed about the property's location. Still, it is wise to visit the construction site occasionally to check whether the work is going smoothly.
Do Documentation
It is advised to all investors that no individual should make any means of transaction of financial assets, and the transfer of money should only be done with proper documentation. A dealer may ask you to pay a visiting or service fee.
Such fees and receipts should be low in all aspects and affordable for the investors. A government-provided document should be held to document the transaction of money or other financial terms or investors.
Choose a Trustworthy Realtor
There are many real estate businesses in Dubai, and most of them are well and good, but some may have an opposing point of side of doing business. Yes, there have been many fraud cases in Dubai real estate businesses.
A trustworthy realtor will always keep open communication with you and will not force you to buy property that is not good according to your plan. Another positive point of good real estate developer is their way of doing transactions. Keep these things in mind.
Get Professional Advice
In a city like Dubai, you will find an expert who will help you find the best property. There are special experts in Dubai, excluding property dealers and real estate brokers. The work of these professionals is to find clients for their respective companies.
But beware of these professionals, too, because they may tend to loot you and sell you properties of selective builders only. To avoid such fraud, it is advised to choose a broker who works for different firms.
Get Official Receipts
As we discussed earlier, do documentation and confirm the payments. Both of these factors will be considered authentic in court only if you have official receipts on which a developer member, a middle person such as a broker, and you as an investor are all involved.
This will create a proof of transaction where you can easily state that these people were present at the time of the transaction in case of any fraud in the future or the requirements are not fulfilled. Such receipts are highly valuable in court as proof against the criminal party.
