It certainly won’t be wrong to term Dubai as a magnet for entrepreneurs and investors for the safe environment it has for them. Furthermore, the city of gold, as it is fondly known as, also offers plenty of opportunities for them. There is also an increase in the number of people who want to settle in this region due to the luxuries and amenities they get here. The growing number of multi-story, contemporarily designed residential projects with modern facilities in all parts of Dubai is a testimony to this. With the rising demand of properties in Dubai, there has been an increase in the number of property scams and frauds. While first time buyers or sellers are more at risk of becoming victims of these scams, often experienced individuals also fall prey to them and end up suffering huge losses.
Negating the risk of such scams and frauds requires a certain amount of experience. You can also avoid becoming a victim of these scams by going through these effective tips discussed below. Have a look at them:
You might have come across advertisements by a real estate agent with insanely low offers for properties for sale in Dubai. This is a common tactic adopted by agents to lure in potential buyers and scam them. Stay away from such agents. If the prices listed are too good to be true or unbelievable low for a property located in a posh area, there are high chances that it is a scam.
The agents who carry out such frauds usually persuade buyers to take immediate action claiming to have many other offers from interested parties for the same property. Do not rush into things. Instead, take some time out to do research on the said property and its price. If you find even a slightest of disparity, do not proceed further.
Regardless of the fact whether you want to sell or buy property in Dubai, make sure you are dealing with registered agents only. Never deal with an agent who isn’t registered with Dubai Land Department. Ask the agent you are in talks with to show you their broker ID. Only proceed further if you have verified their details. This step can help a great deal in staying protected against property scams and frauds in Dubai.
Never deal in cash while making payments. Always prefer cheque. This way, in case there’s a fraud, the details can be traced and there are chances, although not very high, to catch the scammer.
The chance of a fraud or scam becomes minimum if you are getting the contract legalized. So, always make a point to perform this step. It is mandatory whether you are a seller, buyer, tenant or landlord. It protects the rights of each party involved.
You can legalize your contract with the Dubai government by registering the lease at the Dubai Land Department. Visit Ejari’s website for this purpose. In the case, the other party or your agent refuses to do so or tries to convince you to skip this step, do not finalize the deal with them. You can land in a troublesome situation in the long run even if they are not conducting a scam.
When dealing with an agent, carefully check their listings and offers. Sometimes, scammers do not put a lot of effort in this regard. They copy listings available at the websites of other real estate agents and paste them on their own portal. Merely contact information is changed while the rest of the details remain the same.
To ensure the dealer is not a fraud, compare the same properties on the portals of other real estate agencies. If they have copied word to word details, there are high chances they are conducting a fraud.
In case, you are all set to buy a particular property, verify all the details of the seller. Ensure they are legally authorized to sell the property. Moreover, also verify if there are any pending debts on the property or not. You can check property deed and NOC in order to verify the ownership of the property and other pending debts. If the seller refuses to cooperate in this regard, you must not move ahead with the deal no matter how lucrative the offer is.
When it comes to buying or selling a property, whether in Dubai or any other city in the UAE, it is recommended to be extremely careful. Only trust reliable real estate agencies as it can help to reduce the risk by a great margin. For the best listings in Dubai and all over UAE and zero risk of fraud, you can trust Zoom Property. We follow an extensive set of protocols and principles to help our clients get the best deals without any risk of fraud or scams.