Thread: Onslaught On Scam To Win Confidence Of Suspicious Dubai Property Investors

Hi Folks

Dubai’s Real Estate Regulatory Agency (Rera) is cracking down on property developers with out its Registration. According to Rera top official no memorandums of understandings, sale agreements or property contracts will be legally acceptable if they are not registered with the Dubai Land Department (DLD). Even real estate developers who are not registered with Rera or any of the unregistered projects would not permit to sell their properties.

In recent days a higher level investigation into corruption and fraud at a number of Dubai’s leading real estate property companies has shocked second line of investors and buyers. But the stringent stance of Government against culprits is a clear message of no mercy policy to offenders. Following with this Dubai Government has also issued a new mortgage laws which will in effect from next month. According to that law that, henceforth all mortgages contracts must be registered with the Dubai Land Department this includes detailing the size of a loan and the value of a property. There is large number of overseas property investors who purchased property in Dubai with simple forward steps; deposit generally of 10% of the property value is put down to reserve a unit, with the remaining balance paid in stages until the completion date. Now under the New property laws the payment schedule should be laid down in a initial contract. It seems that these laws have designed to protect investors.

How Overseas Property Investors Can Obtain The Best Protection: 3 Things To Follow


1. Ask for Rera registration number & certificate from approved property developers.
2. Ask for Rera registration number for the project & the trust account for the project
3. Always go for approved real estate agents with Rera assigned identity

But it is true that the UAE’s booming real estate market continues to undergo ongoing regulatory and market changes, reflecting its maturity on a regional and international scale. Since the Dubai Freehold law was introduced five years ago the nature of the market has changed considerably.According to Morgan Stanley predicts that property priced in the UAE will fall by 10% by 2010 but for now the driver of property growth in Dubai remains in place.

Cheers
Nawaz