Simply purchase projects which are registered with Rera
The property growth is back in Dubai and a new investment drive will probably find investors tempted to neglect mistakes made in the aftermath of the international economic crisis in 2008.
Investors should examine the real estate market and invest just in projects that are registered with Dubai Land Department, Rera, cautioned an Emirati financial adviser.
Salah Al Halyan draws up a short-list of 'must-checks' investors need to think about before cashing in on the growth.
Halyan, who's also the creator of baizat.com site, said several traders claim they truly are trapped in projects and the contracts are written towards developers once they confront issues such as delays in passing over models or handing over less the agreedupon specifications or even when projects usually do not take off as decided.
He said it is significant for both parties to understand and examine the provisions of contract and adhere to the duties. In Addition, investors ought to see the sites to make sure the project is undertaken as agreed.
It's equally crucial that you retain all files, which may serve as proof in case anything were to fail at a subsequent stage. Involving oneself in a project on verbal promises don't aid in resolving issues, he added.
Halyan stated investors should investigate about the designers as well as their reputation on industry before buying a project. You can-do that by simply checking with former traders or merely via an internet research, he added.
Halyan recommended investors to analyze several projects and compare the costs and other details before picking one. In addition, he advised investors to simply involve themselves in projects which are registered with Rera.
If, in case, an investor locates a delay in a job or discovers the programmer has left the state or is not responding to his calls, he then should accelerate and advise the competent authorities.
Halyan additionally advised traders to not put all their money in one single job and that they must exercise patience in the event the designer happens to leave the country as Interpol instances and legal procedures will demand time.
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