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Sunday 14 March 2010 (UAE)
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Real Estate Agents in Dubai, Property Agents in Dubai
Real estate agents in Dubai operate much the same as anywhere else, and property descriptions suffer from the usual degree of artistic licence eg "needs work" means rebuild it after accidental demolition, "partial view" means you can see the swimming pool next door if you lean out while standing on the balcony railing - safety harness should be worn.
If you want to sound like you know what you're talking about, look for property reports from organisations like Better Homes, Colliers, Standard Chartered, EFG-Hermes, Nomura, Union Bank of Switzerland, etc. Good reading for background and statistics if you're considering a purchase (or a sale), but don't rely on them for market price forecasts. The property agent reports will usually talk the market up, and the investment bank type reports are usually overly optimistic, or give you bad news after the market has crashed and it's too late for you to pull out. After all, they have their own money to worry about so of course they'll buy or sell investments before they tell you whether it's a good idea or not, not after. Nomura reports come across as having a more realistic outlook than many of the others.
Some of the agents that are more established and/or well-known - (dare we go so far as to say they have a good reputation?) - are
- Asteco - tel +971-4-4037700, email enquiries@asteco.com, www.astecoproperty.com. Rentals and sales for Dubai, Abu Dhabi, Ras Al Khaimah and other emirates.
- Better Homes - tel +971-4-3447714, www.bhomes.com. Offices in several locations in Dubai. One of the largest agents in Dubai, well established and has a good reputation. The CEO Linda Mahoney is a well known property figure in Dubai. Rental properties are usually good quality (with prices to match). Sales listings published in a handy book with maps and other useful information. Offers property management services.
- Landmark Properties - tel +971-4-3316161, fax +971-4-3314949, Office 612 in The Fairmont Hotel, Sheikh Zayed Road, Dubai, www.landmark-dubai.com. Deals with property sales and rentals. Offers property management services.
- Sherwoods Independent Property Consultants, tel +971-4-3438002, fax +971-4-3438004, www.sherwoodsproperty.com. Also offers international sales, especially in the UK and France. Head office appears to be Spinneys in Umm Suqeim.
Certification of Real Estate Agents by Dubai Land Department (21 January 2007)
- In January 2007 the Dubai Land Department started to certify Dubai's real estate agents. Only real estate brokers and real estate firms with certification will be allowed to do property deals in Dubai. In theory. In practice it remains to be seen how strictly this is adhered to, especially since real estate agents in Dubai won't all get a license immediately. The first phase of this new system aims to register real estate firms, and the second phase will register real estate agents.
- Goals are to make sure real estate agents are qualified to complete real estate deals, and to have ethical standards for real estate agents, brokers and companies to adhere to with the threat of cancellation of license as a penalty.
And property agents to watch out for - scams, fraud, poor reputation
- If a deal sounds too good to be true, it almost certainly is.
- The bargain of a lifetime can be found once or twice a week.
- Any property agent that doesn't have a landline contact number (mobile numbers in the UAE start with 050, 055, or 056). Having a landline number is no guarantee that an agent is reputable, but not having one is almost certainly a guarantee that they're not reputable.
- Any real estate agent, broker, etc not registered by the Dubai Land Department or Real Estate Regulatory Agency (not Authority) (RERA) of Dubai.
- Any real estate agent that doesn't have a trade licence.
- Any real estate agent that doesn't have an office.
- Having a RERA licence, trade licence, and office does not necessarily mean a property dealer is reputable, but not having at least those items is a bad sign. And there are enough real estate brokers in Dubai and the UAE that you don't need to deal with anyone questionable.
- Georgian Estates (discussion) - general manager and sponsor were found guilty of fraud according to a 7 Days report on Fri 10 November 2006.
Last update Friday 06-Nov-2009
Related pages
- Apartments in Dubai
- Dubai property law
- Freehold property locations in Dubai
- Home loans and property in Dubai
- Palm Islands in Dubai
- Real Estate Agents in Dubai
- Where to live in Dubai
Related websites (open in new window)
- Dubai directory - add your link free