|
|
|
|
A Guide to investing in Dubai's Real Estate Market: For newcomers to Dubai, taking the first steps to find a property to buy or rent must be a little daunting. You only need to look in the property section of a paper to get an idea of the number of brokers operating here. Where should you start? How do you know which agencies to trust and what pitfalls to look out for?
Well first of all, I would start by doing a little research into the market; use the internet and property pages of newspapers to get an idea of the type of property and area you would like to live in.
Of course, if you are completely new to Dubai then you may need expert advice on communities here, so you should either speak with people here or contact a real estate agent. But given that there are so many to choose from, how do you decide which company?
A good reference point is the Dubai Property Group, whose members conform to a real estate code of conduct and, as such, operate to a certain standard. In addition, you can ask colleagues and friends to recommend agencies they know or for testimonials on firms they have used.
Otherwise, you could use the internet and newspapers to look for agencies, considering property selection, level of detailed information on properties and communities, and quality of adverts/website to help make your decision.
Beware
There is one thing you should be cautious about: when selecting an agency from newspapers, do not base your decision solely on the fact that they are advertising themselves as award winners. Unfortunately, there is no unbiased, industry-governed real estate awards in Dubai at present.
In fact, if you look carefully you will sometimes see two different companies claiming to be winners of the same award, which makes no sense at all. As well as completely undervaluing the whole thing, it's very misleading to potential clients.
Once you decide on an agency, in order to qualify their expertise, call and ask how long they have been operating in Dubai, and whether or not they are registered with RERA, the Real Estate Regulatory Authority.
If the answer to the latter is no, then change to another company, as only licensed agents are legally allowed to conduct real estate transactions. Even when the answer is yes, you should always acquire proof of registration before proceeding with any transaction.
When dealing with an agency, here are a few things to consider and look out for: make sure that the marketing of the properties they are selling and leasing includes accurate and up to date information, good quality images and informative descriptions.
Are the consultants professional, knowledgeable and able to answer all your questions? Are they willing and able to explain the contents of the forms and agreements along with the client's obligations and consequences of completing them?
While some of this will be difficult to identify from the outset the truth is that all of the above should be answered with a yes. If this is not the case, you need to decide whether or not you are prepared to continue to deal with that company on such a high value transaction.
With RERA providing the industry with its first governing body we are moving towards a more disciplined and legislated sector which is good news for all, and ensures the Dubai market will soon become safer and more credible.
Written by managing director of Better Homes
First published in Gulf News
Related Stories:
Dubai's Property Prices to increase by 20-25% in 2008
Tall buildings help to create denser greener cities
Booming real estate market in Al Ain, UAE
Gulf property craze unfazed by war fears
Abu Dhabi's economy set to challenge global market
Dubai's old localities face testing times
|
|
|
|
|
| Most Viewed in Last 30 Days |
| Syndication |
|
|
|
|
