Broker's cheat sheet: Top 5 answers to clients' objections when buying real estate in Dubai
Many people are separated from buying an apartment in Dubai only by their own fears. A professional broker is able to dispel the client's doubts in a few minutes and explain difficult to understand points. Let's start, perhaps, with the most popular question.
"Why do I need a broker if I can buy real estate directly from the developer?"
People who are not familiar with the profession believe that a broker is a person who makes money from the client. Such a formulation is inherently wrong. After all, the agent, on the contrary, acts as a partner. It is he who accompanies the potential buyer through the real estate market and protects him from mistakes.
At the initial stage of work, the broker learns about the purpose of acquiring real estate: whether the client considers housing for himself or makes an investment in the apartment for further investment. In these cases, the specialist faces different tasks.
– If the client wants to move to Dubai and live in a new apartment, it is necessary to take into account the availability of infrastructure in the vicinity, transport accessibility and proximity of important social facilities.
– If the client plans to come several times a year on vacation, it is worth considering real estate near the beach. For example, the neighborhood Dubai Marina.
– If the client's goal is to earn money from renting residential real estate, the agent is useful to conduct research: what areas are popular among foreigners, what types of housing (apartments or villas) are in demand.
Of course, the buyer can deal with these issues on his own and spend a lot of time and effort. But it is far from a fact that as a result, he will find the perfect apartment on all parameters. If a person will buy real estate directly from the developer, then he runs the risk of getting an unbiased picture. Most likely, the developer's employees will hide the nuances in order to sell an apartment in this particular residential complex.
Broker is not interested in selling real estate of a particular developer. But he knows such subtleties as:
– The presence of an escrow account* with the developer;
– The city planning plans for a particular property;
– Approximate interest that the client will be able to earn on the investment in the future.
Also, the intermediary will help to collect the necessary documents and formalize the turnkey transaction.
"I will have to collect a lot of documents as the property I am going to purchase is located abroad"
This is one of the most common beliefs that brokers encounter when dealing with clients. In reality, it's not that scary. The documents needed to buy real estate in Dubai can be counted on the fingers of one hand. So, for the transaction, the buyer will need:
– A valid passport;
– Scan of the propiska from the passport of the Russian Federation. It is necessary for registration of the SPA contract (sale and purchase agreement);
– A valid e-mail;
– A valid phone number.
"Suddenly, the construction of the building in which I buy an apartment will be frozen indefinitely?"
At the moment, almost all real estate developers in Dubai are keen to complete their projects within the required timeframe. On what attributes you should choose a developer:
– Look online for information on how many projects the developer has delivered on time;
– Evaluate the experience of the company;
– Find information about how the developer works with clients;
– Find its finished projects.
Important! The client's contract should note the timing of key construction phases and the date on which all work will be completed.
In Dubai, a person buying an apartment, apartment, villa, townhouse or penthouse is protected by law. For these purposes, the Land Department has been created here. Under its control are all transactions and real estate. After the client concludes a deal with the developer, his money will be sent to an escrow account and will be kept there until he receives the keys to his apartment.
The developer is not allowed to withdraw this money from the account until the construction is completed. This is regulated by the Dubai Land Department. Therefore, developers are incentivized to meet construction deadlines and hand over the apartment to the buyer. An escrow account cannot be opened in favor of the developer if there is a breach of contract.
"The UAE is a Muslim state, so you will have to live under Muslim laws"
There are two laws in the UAE: for locals and for expats. For newcomers, European international law applies. However, you still have to respect the country's laws. For example, in some public places it is forbidden to wear open clothes or show feelings. Or in Ramadan it is not recommended to eat, drink or smoke in public places. In order not to get into trouble or not to get a fine, it is worth getting acquainted with the norms of behavior in a particular emirate in advance. However, not everything is as complicated as it seems at first glance. For example, in clubs girls can safely be in a short dress, and on the beach - in a swimsuit.
"I won't be able to rent out my apartment or leave it as an inheritance."
Many people think that by buying an apartment in the UAE, they are taking the land for rent. However, this is not the case. Freehold zones are very common in Dubai. A client can buy an apartment in such a zone and get full ownership rights. That is, subsequently formalize a gift, inheritance or resell their property.
In addition, customers who buy housing in the UAE for more than 750 thousand dirhams, become residents with their families. They are issued a resident visa, that is, they have the full right to open an account in the UAE, to live without regime restrictions, to go to work. In general, to use the full range of services.
We told you about the top answers to the typical objections of clients when buying real estate in Dubai. Ideally, a broker should be prepared for any questions from a potential buyer, know the answer to them and dispel any concerns during the conversation.
* An escrow account is a certain type of special bank account. It holds money until the parties' obligations are met.