Simply invest in projects which are registered with Rera
The property boom is back in Dubai plus a new investment drive is likely to see traders tempted to forget mistakes made within the aftermath of the global economic crisis in 2008.
Traders should study the real estate
marketplace and invest just in projects which are listed with Dubai Land Department, Rera, informed an Emirati monetary adviser.
Salah Al Halyan draws up a short list of 'must-checks' traders need to think about before cashing in around the growth.
Halyan, who's also the creator of baizat.com site, said several traders claim they are stuck in projects and the agreements are written in favour of developers when they face problems such as delays in handing over units or handing over minus the agreed-upon specifications or even if projects don't remove as decided.
He explained it is important for both parties to comprehend and examine the terms of agreement and abide by the duties. In Addition, investors need to see the web sites to ensure the project is undertaken as agreed.
It's equally important to maintain all files, which can function as evidence in case anything should happen to go wrong in a later phase. Involving oneself in a job on verbal guarantees won't aid in resolving issues, he added.
Halyan stated investors should inquire about the designers as well as their reputation on industry before purchasing a project. You can do that by simply checking with former traders or only via an internet search, he added.
Halyan advised investors to examine several projects and evaluate the pricing and other details before choosing one. In addition, he prompted investors to just involve themselves in jobs which are registered with Rera.
If, in case, an investor discovers a delay in a project or discovers that the programmer has left the country or is not answering his calls, he then should accelerate and inform the competent authorities.
Halyan also urged traders to not place all their money in one single project and they have to exercise patience in the event the designer happens to depart the state as Interpol instances and lawful procedures will demand time.
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