Emaar Rivera at The Valley Phase 2
Emaar Rivera The Valley Phase 2- Starting From 4.78Million AED. Click Me!

Tips To Avoid Dubai Property Scams

We will learn about the scams in Dubai. Property scams are rare in Dubai, almost 1/1000, but that particular scam can ruin your life-saving and hard-earned money

Admin
Admin, WriterAbout Author

Dubai is one of the best city-states in the world. Being the best in the world comes with great effort, and the people of Dubai have been working very hard to make their business grow even further. Making suitable investments as an investor is much more challenging, but here in Dubai, real estate property investments are safe for long-term and rental purposes.

Like every business investment, real estate investment holds some risks, too, but they are rare, so it is always safe to take precautions. One of the most significant precautions a man can take to save money is avoiding scams. Yes, in this article, we will learn about the scams in Dubai. Property scams are rare in Dubai, almost 1/1000, but that particular scam can ruin your life-saving and hard-earned money.

Let’s discuss how to avoid getting scammed in the Dubai real estate market.

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. 

How To Find The Best Real Estate Company

Finding the right real estate company is all you have to do to make the process safe and seamless. Now let's look at some of the proven ways to find the best real estate company in Dubai. Here you go-

Check Online

Times have changed now; 20 years ago, it was challenging to find a developer in Dubai for investors from outside the world, but today, it is easy because every developer and builder has their website. These websites will cover all details, including their government registered number.

Find reviews online for a particular property. There are many property review pages about properties in Dubai. Go through the online material, such as brochures and 360 ° room views, to know correctly what you will invest.

Look for Recommendations

Asking people or talking about properties is okay; ask people who have recently bought property in Dubai. Anyone who purchased a property most likely visited many developers before deciding to buy a specific property according to his needs.

By doing this, you will get an idea about current trendy properties in Dubai, and brokers will recommend various properties to you according to your budget and property-buying strategy. But before buying a property, be ready for what you need to buy.

Check Credentials

Checking finances is the most considerable precaution in real estate. If you are trying to buy property in Dubai and your bank credentials need to be better, it will be unfortunate as no bank will provide you with loans. 

There are strict rules for credentials, especially for outsiders.
It is advised that a person keep his record clean and pay all his instalments on time to be in the good books regarding finance with whichever bank they works with to handle their finances and assets. Always check your credit score and pay on time.

Call Multiple Companies

Why stick to one particular company when you can get a chance to explore the whole real estate market of Dubai? It’s always better to have choices for our home and offices; you may get a better price and place if we explore even further.

There are many websites online that will tell about developed properties and under-construction properties in Dubai. These websites work according to the manual given by the user, such as location and price.

Trust Your Instincts

It is always best to trust your instincts; sometimes instincts are blessings from the almighty, and he might warn you about something. 

If you feel that a person is a fraud and they are not a good man, leave the deal right away. It’s best to trust ourselves over tempting offers given by fraudsters.  
 

Conclusion

Now you know how to tackle scams in Dubai while buying property and investing in Dubai real estate. Your journey to be an investor in Dubai's real estate market continues; Dubai's real estate market is vast and needs understanding. 

Learn more about Dubai's real estate and understand Dubai's trends to increase profitability by making a suitable investment. Firstly, understand your needs and place in the Dubai real estate scenario and decide according to your financial condition and planning. 

If you are someone who wants to prevent yourself from any property investment-related scam, get in touch with us at Dubai Housing today!

Share Our Post
Emaar Rivera at The Valley Phase 2
Binghatti Aquarise at Business Bay Dubai
Golf Meadow at Emaar South Dubai
Golf Verge at Emaar South Dubai
Emaar Address Grand Downtown
You might also like
 15 Things To Do Near Dubai Water Canal
Admin
Admin, WriterAbout Author

15 Things To Do Near Dubai Water Canal

The only way to define Dubai is as a metropolis going through the biggest urban...

 Real Estate Market Trends 2023
Admin
Admin, WriterAbout Author

Real Estate Market Trends 2023

Dubai's real estate market trends are expected to experience moderate growth in 2023, following a...

Top 10 Places To Visit In Summer In Dubai
Admin
Admin, WriterAbout Author

Top 10 Places To Visit In Summer In Dubai

Dubai is the most popular city in the United Arab Emirates, known for its giant...

Town Square Dubai Apartments For Sale
Admin
Admin, WriterAbout Author

Town Square Dubai Apartments For Sale

Town Square, designed & built by Nshama, is regarded as one of the greatest family-friendly...