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The hidden risks of investing in Dubai real estate
Many real estate investors in Dubai recognize the same feeling.
After signing the contracts, everything seems to be fixed and there is nothing to change.
What follows is to wait and hope it works out. Meanwhile, doubts persist, risks are piling up and hidden costs often go unnoticed.
This is exactly what happened to Bianca.
An investment in Dubai that seemed safe
While on vacation, Bianca became enthusiastic about Dubai. The city felt vibrant and promising, and she decided to invest in real estate.
To be on the safe side, she turned to a Dutch-speaking real estate office. The office was well-known in the media, spoke its own language and had a familiar face. For Bianca, that seemed like sufficient proof of reliability.
The prices were on the high side, but she accepted that as the price of security. With the excess value from her home in the Netherlands, she gave the broker free rein:
“I don't know about real estate in Dubai. You are the specialist, just choose two good investments.”
Two properties were purchased and everything seemed to be arranged. Until the first doubt started to gnaw.
What the Second Opinion revealed
When Bianca decided to hire GREM for a Second Opinion property in Dubai, the truth came out.
The contracts she had signed were found to be legally invalid. The mortgage that was presented to her by the broker as a formality turned out to be unfeasible in reality.
And on top of all this, she had paid more than €49,000 in costs that had never been necessary.
Without interfering, Bianca would have been stuck in bad deals and unsustainable monthly payments. Her financial plan for stable real estate income would have turned into a headache.
How Bianca managed to restore her investment in Dubai
Because Bianca acted on time, the situation completely turned around.
With the Second Opinion, she was able to correct errors, prevent further damage and recover the unnecessary costs. The amount of €49,000 was refunded.
More importantly, she regained control, peace and confidence in her real estate investment in Dubai.
The lesson for investors in Dubai real estate
Bianca's story shows that even a broker who looks trustworthy, communicates in his native language and appears in the media does not guarantee a safe investment.
An independent audit can make the difference between an investment that ends in a financial headache file and an investment that offers perspective.
At GREM, we see every day that a Second Opinion in Dubai protects investors against hidden risks and unnecessary costs. Facts and independent advice make the difference.
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