Security, trust and construction delays are the main areas of concern for property buyers in Dubai, a new survey has revealed.
The study found that more than 50 per cent of purchasers were most concerned about security and trust issues. Construction delays, a problem throughout the emirate, emerged as the second most common cause for concern with 19 per cent saying this was their main worry. The survey of 2,000 people was carried out for Better Homes.
“The results are not all that surprising and, given the high values of real estate transactions, it’s right that people err on the side of caution,” said Managing Director Ryan Mahoney.
“When compared to some more established markets the sector in Dubai is still relatively new and in any such market there are always likely to be concerns.
“Some construction delays are unavoidable, but as competition increases we are seeing more projects completed on schedule.”
“I would advise potential buyers to always purchase from established developers and through reputable real estate agents to reduce any unnecessary risk.”
Mahoney welcomed the increasing level of regulation of the market.
“Regulation in the industry here has come in leaps and bounds in recent months. There is still a long way to go but the establishment of the Real Estate Regulatory Authority and the implementation of the key escrow law have helped tighten things up.
“These moves have put the market on more of an equal level when compared with our more developed international counterparts. Dubai is becoming a safer place to invest,” he added.
Security and delays main concerns