Due to technological development, fraudsters now have a more remarkable ability to deceive investors and landlords of real estate fraud in Dubai. Investors and landlords are becoming victims of real estate scams; when this occurs, it is wise to exercise extreme caution by only dealing with reliable companies.
Every year, Dubai remains a magnet for a vast influx of investors from all corners of the world. Entrepreneurs, as well as real estate investors, view this city as a haven for conducting business. With its continuously expanding real estate market, Dubai offers lucrative opportunities. However, it’s essential to stay vigilant as fraudsters often target this sector specifically. For comprehensive guidance on safeguarding yourself from real estate scams in Dubai, visit MyDubai.Media.
Now more than ever, it is essential that we identify Dubai real estate scammers and avoid falling prey to their tricks. In this guide, you will learn how to protect yourself against individuals using illegal and unethical means to obtain money from us using illegal and immoral means.
Keep an eye on RERA Registration
RERA of the Dubai Land Department provides regulatory oversight over real estate agents and developers operating within Dubai. Under RERA rules, all real estate agents and property developers must register. You can check if your company has registered on the official website of RERA.
“Keep this in mind if a real estate agent is not listed on the website, do not conduct transactions with them, as fraudsters may use fake IDs for any transactions they perform.”
Estimate of Value
An Estimate of Value Its If an offer seems too good to be true, it probably is. Scammers use false promises in their efforts to hook investors and homeowners. For your own safety and that of others involved in real estate investments, always consult a reliable real estate agent licensed by RERA who can estimate your home’s worth or offer guidance regarding local market pricing for similar houses that match your desired location.
Before purchasing a villa, ensure you know whether the site includes the entire site or only the part containing the building. Utility bills vary based on this factor.
Real estate agents who market apartments can embellish the living area to include balconies and terraces as well as common corridor space – creating the impression that the apartments are twice their actual size.
One way to avoid property scams is to ensure your contact is legal. For rental contracts, register them with the Ejari of Dubai Land Department; when buying houses, make sure there is a legally bound contract between yourself and the real estate agent providing their services as well as between yourself and the developer and vice versa; in certain instances, a formal contract may also be necessary between both parties.
Many real estate scammers work exclusively in cash to prevent leaving any traces that can be linked back to them and therefore require cash payments for transactions, no matter if your requirements include checks or bank transfers instead. Also, make sure your advance payments are documented and accepted by your agent.
Only use trusted platforms for real estate listings when conducting your own house hunt. This will help avoid scammers and fake listings and ensure an initial filter can be made through the portal itself. However, always be wary of abnormal ads; scammers can often be cunning; this way, you can learn to outwit them!
Relying on a reliable real estate agent is one way to protect yourself from property scams in Dubai. A RERA-licensed agent with expertise will undoubtedly guide you down the right path and keep your best interests at heart.