Expert's check-list for investors

The property boom is back in Dubai and a new investment drive is likely to see investors tempted to forget mistakes made in the wake of the global financial crisis in 2008.

Investors should study the real estate market and invest only in projects that are registered with Dubai Land Department, Rera, cautioned an Emirati financial consultant.

Salah Al Halyan draws up a short-list of 'must-checks' investors need to consider before cashing in on the boom.

Halyan, who is also the founder of baizat.com website, said several investors claim they are trapped in projects and that the contracts are written in favour of developers when they face issues such as delays in handing over units or handing over without the agreed-upon specifications or even when projects do not take off as agreed upon.

He said it is important for both parties to read and understand the terms of contract and abide by the obligations. Also, investors ought to visit the sites to ensure the project is undertaken as agreed.

It’s equally important to keep all documents, which can serve as evidence in case anything were to go wrong at a later stage. Involving oneself in a project on verbal promises will not help in resolving issues, he added.

Halyan said investors should investigate about the developers and their reputation in the market before investing in a project. One can do that by checking with former investors or simply by an internet search, he added.

Halyan advised investors to study several projects and compare the pricing and other details before selecting one. He also urged investors to only involve themselves in projects that are registered with Rera.

If, in case, an investor finds a delay in a project or discovers that the developer has left the country or is not responding to his calls, then he should hasten and inform the competent authorities.

Halyan also urged investors not to put all their money in one single project and that they need to exercise patience in the event the developer happens to leave the country as legal procedures and Interpol cases will require time.

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