How to Avoid Dubai Real Estate Scams in 2024?

Scammers are everywhere to manipulate buyers and sellers, and the real estate industry is not something different. Even in an advanced country like UAE, real estate scams are happening. However, the strong policies of the UAE and Dubai governments have actively come forward to demolish these crimes. But still, one should know how to avoid scams in Dubai real estate.

There are various reasons behind these scams. First, since real estate property prices are increasing day by day, they attract wicked-minded people. Secondly, Dubai is one of the most developed cities in the world, and people come here for a profession, business, or living. Hence, property scammers take this chance to trick investors and property buyers. 

However, you do not have to worry about scams if you are well aware of all the necessary things. In this article, we have pointed out some useful tips to guide you in dealing with legit real estate properties. 

Tips to Avoid Dubai Real Estate Scams

1. Always Prefer Written Contract:

You should never trust verbal promises, whether you’re buying or selling a property. When dealing with purchasing, renting, or selling a property in Dubai, ensure you have a written contract authorized by the government.

2. Observe Major Properties:

You should never take the final decision before investigating major projects because tricksters often use the same method of scamming. You can find informations regarding scams and the related properties on the media. Try to avoid those projects that came in scam reports. 

3. Take Help of Professionals:

Dubai has many reliable real estate agents or professionals to help you find a 100% legit property. It is always recommended for new buyers or sellers to take the help of professionals. However, you have to find a trustworthy professional by yourself. Choose someone who is authorized and long experienced.

4. Don’t Hesitate to Quit:

As a property buyer or a seller, you should never hesitate to quit a deal. It is important because most of the times scammers will provide you some amazing properties with a very affordable price. Moreover, they will want you to settle the deal as quickly as possible. In both these situations, or if you find anything suspicious, quit the deal without a second thought.

5. Get a Certified Professional:

When asking help from a Dubai real estate professional, always hire a certified one. However, do not forget to investigate whether the certified authority is real or fake. And if you’re selling the property individually as a seller or tenant, ensure the buyer has a legit profession and bank balance. In case you find something suspicious in the buyer’s background, you can quit the deal.

6. Don’t Purchase with Additional Cost:

Real estate deals often try to make fools of the buyers or investors and sellers. They would tell you that the property has high demand among the investors. Hence, if you pay some extra bucks, the deal will be final for you. But in reality, they are trying to deceive innocent people. You should never finalize a business deal in hurry. Always investigate the whole matter.

7. Look Into the Bank Account:

Last but not least, you must also keep an eye on the bank account. Normally, while making a real estate deal, investors or sellors have to open a DLD authorized bank account. In some cases scammers create fake accounts and the payment transaction happen illegally. At this situation, you’ll have no option other that becoming a victim. Hence, to avoid such mischief, you must maintain the details of your bank account and property.

FAQ:

Q. How do I know if a real estate agent is legit in Dubai?

Ans. Always make sure that the broker is in the list of Dibai Real Estate Regulatory Authority (RERA). In addition, you can check the ‘Broker Cards’ that every legit broker has in Dubai.

Q. How do I find out if a broker is licensed?

Ans. You can make a call to FINRA at the no. (800) 289-9999, or visit the official FINRA BrokerCheck. Besides, these are the Investment Advisor Public Dislosure (IAPD) and state securities regulator for your help.

Q. Can you trust a broker?

Ans. You will rarely find a broker without a legit license in Dubai. And you also check their license. But in some cases, a broker can induce you to make a deal that will benefit them and the client as well.