Unlike before, investors engaging in unfinished developments are exposed to a lot of information. There are numerous third-party listing sites that offer instant access to regulatory information and other public records. Nowadays, buyers are equipped as never before knowing most aspects of the property before committing their money.
Sirdhana Mina Rashid is one of the most recent Emaar off-plan projects in Dubai. Once completed, the properties will feature top of the range amenities with very scenic views of the sea. The project is strategically located, promising high return on investment.
However, some developers feel more vulnerable to legal actions because their properties may not meet expectations. These developers have responded to the consumer scrutiny by obfuscating and withdrawing information where legally possible. In some cases, developers use disclaimers and wordiness to confuse potential buyers. As a buyer, you can leverage on the plentiful public information or lack thereof to identify the best property that will suit your needs.
In Dubai, developers are not allowed to put a property on sale without giving a full disclosure statement. This means that the buyers should be given information such as estimates of when the development will be completed, future service charge and estimates of utility charges. The disclosure statement also includes details of the material and finishes used in the property, description of the common areas of the property and some facilities that the owners will have to pay. The disclosure agreement is very important because the buyer can cancel the transactions due to the failure to provide sufficient details about the property.
Therefore, when hunting an off plan property in Dubai, the information the developer is willing to disclose should be your standard guide. It is advisable to avoid developers who obscure certain crucial information about the property. There are high chances the developer has ulterior motives or their properties does not met basic requirements.
If you find a good property but the information provided is scarce, you should conduct your own research before committing your money. When doing your due diligence, you should get a copy of the developer’s title and copies of the development specifications from the Dubai Land Department (DLD). This will also help you to get more information about the developers such as whether they are embroiled in any lawsuits.
It is advisable to hire a one of the top real estate brokers in Dubai to help with the process. However, you should be exposed to as much information as possible to make a viable decision.