“Not” to Avoid Things in Dubai Property Market 2024

Who doesn't like to be the property owner in Dubai with the most straightforward process, smooth transaction & huge profits?! But hold your horses. Getting everything perfect under one roof might be the glittering attraction, but lurking pitfalls will be hiding underneath the property investment. But the question is how to identify those red flags. Well, fret not! To precisely navigate your concerns, we have drafted this blog covering all four corners of Dubai real estate. Here, you will have a list of not-to-avoid things in the Dubai property market 2024 through which you can buy, sell, or invest in properties in Dubai without missing a beat!

6 Things to Not Avoid In Dubai Property Market 2024

1- Check Property Credentials before Investing in Property of Dubai:

The most common saying in Dubai real estate is checking the authenticity of property credentials. Investors new to buying properties in Dubai will undoubtedly fall for attractive locations and comparatively low processes, which is, unfortunately, a red flag that needs to be dug! The easiest way to verify the property credentials to avoid regret is to log on to the Dubai Land Department's website, where information about the property is already enlisted. The information covered on this website will be the title deed, certificate number, certificate year, and the status of the owner's name.

This investigation will show whether the ownership of the property is free and clear, legitimate, mortgaged, or otherwise. You may confidently navigate the Dubai real estate market and safeguard your investment by taking these steps.

2- Get alarmed for upfront payment requests:

The Dubai media frequently reports on scammers robbing people of their security deposits and rent. Senior law enforcement officers in Dubai allegedly disclosed the strategies used by property scammers to advertise properties still under construction as available for rent by proposing lower rents. They trick unwary clients into handing over cash or checks upfront and vanish upon receiving the payment.

This alarming trend is still present in Dubai real estate, with victims losing substantial sums of money due to rental scams involving vacant houses or buildings that are not honestly held or owned. It's important to use caution and avoid being tempted by lower offers that call for paying the entire year's rent up ahead.

3- Check the appreciation ratio of Property in Dubai:

However, the ultimate vision behind buying property in Dubai is getting appreciation for your investment. People are often laid away with scams that promise them a hefty appreciation ratio on their purchases. Make sure to check, evaluate, and analyze property appreciation scope. If a seller is attaching the string of your desired property with non-practical appreciation value, this might be the red flag you must avoid in the Dubai property market 2024.

4- Prohibit Avoiding Property Integrity Assessment in 2024:

Comprehensive 'Property Condition Assessment' reports offer thorough insights into the property's state and make recommendations for essential repairs in addition to performing a physical check of the property.' Madmoun,' a cutting-edge verification system that makes it easier for prospective tenants to rapidly and effectively verify property information, has been presented by Dubai Land Development. All authenticated properties must have a QR code as of April 24, 2023, to be used in print and audio-visual advertisements. Customers of DLD can scan the QR code on each real estate advertisement to view the authorized information about the property in Dubai and determine whether it has been sold or rented.

"We are constantly keen on enhancing and ensuring transparency in the real estate sector,"  Bin Ghalita continued. Based on a cutting-edge digital infrastructure and skilled human cadres, we will keep empowering the real estate community of Dubai with proactive, efficient real estate services and integrated data. This would position Dubai as a pioneering example in this industry, keeping pace with best practices and standards worldwide and enabling the real estate sector to thrive and prosper sustainably.

5- Prefer to avoid cash payments:

The most giant red flag to avoid in the Dubai property market in 2024 is making transactions in "CASH". The scammers are willing to take the money in hand so there's no proof of bank transfer when they vanish. Prefer to pay in cheque or bank transfer the money once you seal the real estate deal.

6- Utilize DERI Forms:

The Dubai Real Estate Institution (DREI) has developed Forms A (Seller-Agent Accord), B (Buyer-Agent Accord), and F (Buyer-Seller Accord) as the necessary documentation. Any real estate transaction must start with completing and endorsing these forms, which are formalized by the agents' witnessing and dating of the paperwork.

On the other hand, Form U is used to terminate contracts. Interestingly, the Dubai REST (Dubai Real Estate Self Transaction) program can successfully invalidate Form F. The entire procedure is streamlined thanks to this user-friendly app, which enables landlords, tenants, and investors to undertake real estate-related transactions without physically going to government offices.

Conclusion:

Staying savvy and ahead of the game is the new Dubai Property Market 2024 trend. By having a list of "not to avoid" things while investing in the upcoming year, arm yourself with wisdom & precautionary signs that might lead to property scams and pitfalls. So, keep your eyes wide open, avoid the traps, and let your investments thrive.