Specialists Check List For Investors
Just purchase projects that are listed with Rera
The property boom is back in Dubai plus a new investment drive probably will find traders tempted to overlook mistakes made within the aftermath of the global financial meltdown in 2008.
Traders should examine the real estate market and invest only in jobs which are registered with Dubai Land Department, Rera, cautioned an Emirati fiscal consultant.
Salah Al Halyan draws up a short-list of 'must-checks' investors need to think about before cashing in to the growth.
Halyan, who is also the creator of baizat.com site, said several traders claim they're trapped in projects and that the agreements are written towards developers when they confront problems including delays in giving over models or handing over without the agreed upon requirements or even if projects do not take-off as arranged.
He explained it is important for both parties to understand and examine the provisions of agreement and abide by the obligations. Also, investors must visit the websites to make sure the project is undertaken as agreed.
It's just as vital that you maintain all files, which may function as proof in case anything should fail at a subsequent stage. Concerning oneself in a job on spoken guarantees won't help in resolving issues, he added.
Halyan said investors should investigate about the builders and their standing in industry before buying a project. One can-do that by checking with former investors or only by an internet search, he added.
Halyan advised investors to examine a few projects and compare the costs and other details before picking one. In addition, he urged investors to only involve themselves in projects which are listed with Rera.
If, in case, an investor discovers a delay in a project or discovers the developer has left the state or is not responding to his calls, then he should hasten and enlighten the competent authorities.
Halyan also prompted traders to not place all their money in a single single undertaking and they have to exercise patience in case the designer happens to depart the state as lawful procedures and Interpol cases will require time.
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