Dubai's Real Estate Overview
Dubai has the world's highest number of Millionaires and this figure is increasing day by day. There are various reasons why a millionaire would move to Dubai as it is a safe haven with little or low crime rate, no taxes, excellent opportunities for investment and crazy returns in real estate.
Dubai government regulates the Real Estate industry quite vigilantly after the Protected content and has implemented quite stringent policies to avoid such a crash again. Dubai Land Department (DLD) which is a government body legalizes all matters of sales and purchase of land and property in Dubai. Under (DLD) operates Real Estate Regulatory Agency (RERA) which is responsible to provide guidelines and regulate the market. Although RERA can impose fines for any malpractice in the market but being an Agency it can only provide guidelines and not rules therefore the market is dominated by Landlords and Brokers. In Dubai the price of the property in the secondary market is set by the landlord or in some cases the brokers who quite expertly assess the property in their own way and label a price accordingly.
There are over 10,000 real estate brokers in Dubai which makes it really competitive to survive and most people in this industry are barely surviving and dream of hitting a home run which will change their life. The real estate brokers in Dubai are of the following types:
1. Experienced brokers who work in designated areas and are more successful than others.
2. In experienced brokers who work everywhere and are less target oriented, their income is mostly coming from Rentals.
3. Cut throat freelancers who are always on the lookout for commission and in touch with strong investors and become the intermediary.
You might find some agents who are quite immoral and will do anything to cut you off from a deal and run away with the commission. Sadly such practices can still be witnessed however now there are ways to avoid this mishap after some guidelines were launched by RERA.
Dubai's real estate market is thriving as more buyers are pouring in the country and with easy payment plans and home loans availability it is not as difficult to be a homeowner as it used to be. The market will continue to rise as the supply of the houses is increasing to meet the demand. Dubai's real estate market is in safe hands for the coming years.