Want to avoid property scams in Dubai real estate market for making smart and safe investments? Below, we have listed the six best tips to avoid Dubai property scams in 2022.
Avoid Vague Advertisements
There are many advertisements and listings for supposedly high-rated properties in Dubai offered at great prices when you are searching for property in Dubai. It can also be a popular villa or waterfront property in Dubai. Additionally, these properties are located in an accessible area. Additionally, these properties are located in one of the most accessible areas. A lot of investors or buyers are waiting to buy the said property, so the advertiser will urge you to purchase it as soon as possible.
The possibility of real estate scams is very high with such offers. As the first point of reference, you should be aware that property rates in Dubai are quite high. It is always a good idea to take a lot of time and inspect a real estate unit even if it is available at an insanely low price to prevent scams in the Dubai property market.
Choose Cheques Over Cash
The Dubai property market has become increasingly dominated by bank transfers and checks, but many people still prefer cash. The most prominent advantage is that there is no waiting period. Cash can be paid to the other party at any time, depending on availability. However, this has a downside – increased Dubai property fraud risk.
Conversely, using checks can help in avoiding property scams in Dubai. When you use a check to pay, there is a high possibility that you can trace the scammer’s details, and thus avoid scams in Dubai.
Be Thorough With Viewings & Listings
The chances of getting entangled in Dubai property scams are high here as well. In some cases, the Dubai property listing you are looking at might not exist or belong to someone else. Scammers in Dubai often represent these properties through their witty agents or representatives. Before considering buying this property, make sure it is listed on multiple portals.
It is also important to be very diligent when viewing properties in Dubai. When viewing a property, inspect every aspect of it thoroughly. If you want to know the true condition of the property, you should hire a professional home inspector.
Legalize Your Contract
The legalization of your contract will help you in avoiding Dubai real estate scams. A hesitancy on the part of the agent or representative to legalize the contract is an obvious red flag. When the contract is legalized, there is less chance of getting entangled in a fraud or scam in the Dubai property market. A lease can be registered with the Dubai Land Department for legalization with the Dubai government. For more information, visit Ejari’s website.
Avoid Hasty Decision-Making
Getting scammed in Dubai is another possibility in this area. When it comes to real estate in Dubai or anywhere else, never make a hasty decision. If you’re sure a project’s prospects are good, however, you should still take some time before signing the dotted line, since scams and frauds are common here.
Make sure there are no doubts before buying property in Dubai if you have even the slightest suspicion. Share your concerns with the developer or current owner. There are many options available to you if they are not able to resolve your concerns.
Hire A Trusted & Licensed Agent
Real estate agents in Dubai have to be licensed by the Dubai Land Department in order to sell real estate in Dubai to first-time home buyers. Since most first-time home shoppers are unaware of this requirement, they are more likely to become prone to scams in Dubai real estate.
Upon verification, the license is issued to the best real estate agent by this department. The chances of getting scammed decrease to a great extent when you deal with a licensed and trusted real estate agent in Dubai. Before finalizing a property, you should still conduct a lot of research. Checking and verifying a realtor’s broker ID is possible through the DLD portal.
Final Words:
There has been steady growth in Dubai’s real estate market over the last few decades. Con artists have, therefore, turned Dubai into a haven for scams in the Dubai real estate industry. Being aware of Dubai property scams and avoiding their ploys is essential now more than ever. Following the above-mentioned tips will greatly help you prevent property fraud in Dubai.