Scammers’ prospects have grown as a result of technological advancements. As a result, in many sections of Dubai, investors and homeowners are becoming victims of property fraud. In this situation, it is always advisable to exercise caution and engage exclusively with reputable firms.
Every year, Dubai attracts a big number of investors from all over the world. Many people believe this city to be a safe place to do business, from entrepreneurs to real estate investors. Furthermore, Dubai’s real estate market has been steadily growing throughout the years. As a result, Dubai has become a haven for con artists, particularly in the real estate sector.
It is more important than ever to recognize Dubai property scammers and avoid falling victim to their ruses. Let’s look at how you may protect yourself against persons who are attempting to extort money from you using unlawful and immoral methods.
Dubai Property Scams – Tips to Avoid Them Look for RERA Registration
The Dubai Land Department’s Real Estate Regulatory Authority (RERA) regulates the business in Dubai. RERA requires all brokers and developers to be registered. On the RERA’s official website, you can check for registration. Remember that unless your agent is listed on the website, you should avoid dealing with them for any real estate transactions. Scammers may even use forged identification.
Value Estimation
If an offer appears to be too good to be true, it probably is. Scammers frequently use exaggerated promises to entice investors and homeowners. As a result, it’s always a good idea to seek the advice of a reputable RERA-licensed real estate broker. They will be able to assess the worth of your home. If you’re seeking to buy, learn about the market and the average price for the type of home you want in the area.
Official Contract
Another technique to avoid a property scam is to make sure your contact is legal. You should register your lease with the Dubai Land Department’s Ejari if you are renting a property. If you want to buy a house, make sure you have a legally binding contract between you and the agent for the services provided by the brokerage. In some situations, a formal contract between you and the developer may be required.
Cheque Payments
Many real estate scams have one thing in common: they exclusively deal with cash. Scammers will avoid leaving any trace that can be traced back to them. As a result, the majority of them will want payment in cash. There’s nothing wrong with requiring all transactions to be paid by check or bank transfer. Similarly, make certain that any advance payments you make are always documented and accepted by the agent.
Property Search
If you’re shopping for a house on your own, make sure to use only reputable listing platforms. To avoid home rental scams and bogus listings, they will conduct regular inspections on their listings. As a result, initial filtering can be done on the portal itself. However, make sure to look over the postings for any red flags. Always presume that con artists are cunning. You will learn to outsmart them this way.
Having a reliable real estate agent on your side is an excellent method to ensure that you do not fall victim to any Dubai property scams. A RERA-licensed broker with a solid reputation and expertise in the industry will undoubtedly lead you along the right route.