According to reports, the real estate market in the United Arab Emirates is anticipated to reach a staggering $0.69tn by the year 2025. Within this market, the residential segment outshines all other segments.
The year 2024 saw the issuance of approximately 10,000 new real estate broker licences in Dubai, marking an unprecedented level and a 100 per cent increase from the 5,000 licences issued in 2018! There are approximately 2,590 real estate developers in Dubai, according to the Dubai Land Department.
As developers scramble to retain market share, the themes of residential projects are changing with times to keep up interest and one-upmanship. At one time it was names of celebrities, sportspersons now it’s haute couture – Armani, Versace, Bulgari, Cavalli and Karl Lagerfeld. So not only you can wear clothes and accessories, now you can own properties with their trademarks. And not to be left behind, 2024 has seen the likes of Bentley, Mercedes-Benz, Lamborghini, Bugatti Pininfarina and Aston Martin announce plans to open luxury branded residences in Dubai.
Real estate brokers
For lovers of nature, environmentalists, and conservationists, there is a lot. Riverside or Forest living is on the cards as well. This is the UAE and the leadership is always exploring groundbreaking science and technology, discoveries that can and will change where we live and what we experience. Throw the proverbial stone anywhere and it will most likely hit a real estate sales person/broker. All nationalities are represented. Offices in prestigious locations, well dressed, expensive accessories, well-spoken sales personnel, expenses accounts, fine dining, and club memberships.
Often the trappings of luxury are used to impress. Scammers use all these as well to lure gullible investors into parting with their money. So, beware!
Property Fraud 1.Fraudulent listings posted by scammers who do not own or represent the properties being advertised. Often, they ask for upfront payments or deposits. 2. Fraudulent Property Documents scammers may present fake documents, such as ownership certificates, title deeds, or lease agreements, to convince buyers or renters of the legitimacy of the property. 3. Rental Scams involve individuals who offer properties for rent, collect deposits, and then disappear. 4. Misrepresentation of Property Value Sellers/agents might intentionally misstate the value or condition of a property to inflate prices.
Do your homework
Before you decide/commit to buy or rent, do your homework.
Frequent Legal Mistakes: The buyers and/or sellers frequently fail to carry out proper due diligence, rely heavily on agents, or think they can handle legal matters themselves.
Foreign Ownership: While Dubai is welcoming to foreign investors, not all locations in Dubai are allowed to foreign owners.
Off-Plan Purchases: For off-plan purchases, it is the responsibility of the buyer to ensure that the developer is registered with RERA and the monies are kept in an escrow account. BIB