As the trend for investing in/buying real estate Dubai continues to rise, some reports of property scams also emerge. While the numbers are not yet worrisome, property owners/managers and investors, especially foreign nationals, are advised to be vigilant when buying properties and immediately report to authorities any signs of fraud or suspicious activity.
It is true that compared to other real estate hotspots around the world, Dubai real estate is much more affordable and offers higher returns on your investment. However, this does not mean that you can put your money down because the offer looks good. Keep in mind that if an offer looks too good to be true, there’s a chance that it is a scam.
Whether you’re looking for properties online or through other forms of advertisement, always perform a background check before engaging with an agent. Even if you are not familiar with how property management Dubai works, you may look online for useful information and ask your friends or family for recommendations.
Note that all real estate companies and agents must be registered with Real Estate Regulatory Agency (RERA) in Dubai.
Ask to see the property before signing a lease or any kind of contract or agreement with the agent or seller of the property. Aside from verifying the existence of the property, this is an ideal opportunity to check the condition of the place. If you are buying flats for sale in Dubai that have been occupied by someone else, check for existing damages or issues and report them so they can be repaired before you buy the property.
Leave or start looking elsewhere if you’re asked to pay upfront or wire any amount before you see the property or any proof of its existence or any document that proves their ownership of the property. Unless you requested consultation or other online services, a real agent will not ask you to pay until a contract is signed or you have reached an agreement on the conditions of the payment.
One of the best ways to avoid property scams is by making sure that you only transact with licensed professionals and companies like Rocky Real Estate Dubai who don’t have questionable backgrounds.
If you need guidance in finding/buying a new property or you’re new to investing in real estate properties, you may get in touch with one of our experts at Rocky Real Estate whose knowledge and experience can help you obtain the best return on your real estate investment. We can also help you find a residence, office space, or freehold property
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