Only put money into projects which are registered with Rera
The property growth is back in Dubai along with a fresh investment drive will probably see investors tempted to overlook mistakes made within the aftermath of the international financial meltdown in 2008.
Traders should study the real estate marketplace and commit just in jobs that are registered with Dubai Land Department, Rera, informed an Emirati monetary adviser.
Salah Al Halyan draws up a shortlist of 'must-checks' traders need to consider before cashing in on the growth.
Halyan, who is also the founder of baizat.com web site, said several traders claim they are stuck in projects and the contracts are written in favour of developers once they face issues including delays in handing over models or handing over with no agreedupon specifications or even if projects do not take-off as decided.
He said it is significant for both events to comprehend and examine the provisions of contract and follow the obligations. In Addition, traders ought to see the sites to make sure the project is tackled as agreed.
It's just as crucial that you maintain all records, which could serve as evidence in case anything should happen to fail in a subsequent stage. Involving oneself in a project on verbal promises will not assist in resolving issues, he added.
Halyan stated investors should investigate about the developers and their standing on the industry before purchasing a project. You can do that by simply checking with former investors or just by an internet search, he added.
Halyan suggested investors to examine several jobs and evaluate the pricing and other details before selecting one. He also prompted investors to only involve themselves in projects which are listed with Rera.
If, just in case, an investor finds a delay in a job or discovers the programmer has left the country or isn't answering his calls, he then should hasten and inform the competent authorities.
Halyan also urged investors not to place all their cash in one single project and they must exercise patience in the event the creator happens to depart the state as Interpol cases and legal procedures will demand time.
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