Real Estate Agencies

[mazi]

Guys,

If you want to buy a property in Dubai and don't live in Dubai, apparently to book your property, you would have to send a sum of money as deposit to the real estate agent. How safe is that?

Has anybody got experience of reserving a property like that, e.g. while outside Dubai?!

Advice is much appreciated

[Halogen]

Originally Posted by mazi

Guys,

If you want to buy a property in Dubai and don't live in Dubai, apparently to book your property, you would have to send a sum of money as deposit to the real estate agent. How safe is that?

Has anybody got experience of reserving a property like that, e.g. while outside Dubai?!

Advice is much appreciated

Hi,

I used to work for a real estate agent in London called SEA VIEW PARADISE. Let me tell you how these crooks operate. Regarding the 'deposit' or 'reservaton' fee they ask for, the way they used to operate is that they pre-purchase apartments outright from the developer. They then ask you, the investor, to put a reservation or deposit down to secure the apartment. However, this money does not go towards you securing the apartment as 'reservation', neither is it used to contribute towards any payments for the apartment as the properties have already been purchased by the agent . . . the money goes straight into their pockets as their commission.

I'm not sure how other agents operate, but my first-hand experience of agents like Sea View Paradise is of that above.

My advice to you is buy directly from the developer - you avoid paying the agent their cut, so you win financially.

And defintely DO NOT BUY FROM SEA VIEW PARADISE!!!

[dubai-seeker]

Thanks very much Halogen for the info

I am looking for a studio in JLT or Marina but dont think there are any available direct from developers

[Halogen]

Originally Posted by dubai-seeker

Thanks very much Halogen for the info

I am looking for a studio in JLT or Marina but dont think there are any available direct from developers

It's always worth contacting the developers anyway, no matter what phase the development is in - some developers retain some units to sell on later when prices go up or even purchase some back from investors, so always worth approching them, raher than filling in the pockets of real estate agents.

[JakeB]

Its less of a risk if u go for reputable firms like Sherwoods,Better Homes,Landmark.Any deposits best to pay someone high up within the company and not an agent on the ground floor.

[dubai-seeker]

Thanks Halogen and JakeB

[Roshan]

Originally Posted by mazi

Guys,

If you want to buy a property in Dubai and don't live in Dubai, apparently to book your property, you would have to send a sum of money as deposit to the real estate agent. How safe is that?

Has anybody got experience of reserving a property like that, e.g. while outside Dubai?!

Advice is much appreciated

That's dangerous if you are dealing with small estate agents. However there are estate agents who have offices in the UK or agents who have a tie up with agents in the UK.

For Eg : Better Homes have offices in India and probably in UK also. I have attached the link if you wnat to find out how such agencies operate. You could send them a query and they will reply. Dubai Property Real Estate – Rent, buy or Sale Property in Dubai, Apartment and Villa with Better Homes. Manage or Invest in Dubai Property with us.

Some of the good agencies in Dubai with a good reputation are Asteco, Gowealthy, Landmark properties.

Again, start talking to these guys, they have a good portfolio of properties with them and probably if you are interested in a particular on, they would be able to source it for you.

Good luck.

Regards

Roshan

The branch will do the ground work for you and rest assured things will be OK. Pay little more in such cases and avoid risk. The last thing you want is somebody to take a holiday with your money.

[Roshan]

Originally Posted by dubai-seeker

Thanks very much Halogen for the info

I am looking for a studio in JLT or Marina but dont think there are any available direct from developers

Speak to Betterhomes or any good agency who have branches where you reside. I have posted info on another post on this thread.

Regards

Roshan

[mazi]

Thanks very much Roshan for your advice

[jun222]

Hello Mazi,

It is not that much of a problem booking an apartment that you want to buy. When buying usually you send the deposit to the agent in their bank account. who then books the unit for you. Usually there is a booking form which you have to fill out. It is sent to you via mail or fax. Later when the time comes for the next payments you send them the money accordingly. It is not that much of a problem. I work for BARCLAYS REAL ESTATE in Dubai. We have our own development in DUBAI SILICON OASIS. This is the way it goes. We have many clients from the U.K. who invest with us. They send us the money directly to our bank account, send them the booking form, and then its all done. No problems.

If you are looking for a new development we are going to be launching in JBR very soon. Once the details are ready I can send you the information.