I decided to share the recent case that happened to one of my old clients of mine, who decided to sell his 1 bedroom apartment that is still under construction, because it will prevent you from doing very serious mistakes and let My client messaged me saying that he was selling his property through an agent in Dubai, being outside of the country. The broker received the check from the buyer and now he stopped getting in touch…. Here is the story. As the client was outside of the country, he decided to give a POA (Power of Attorney) to a broker. The transfer was made, the buyer’s check had been handed over to the broker.  When the broker deposited the check to his account, the bank freezed it, so he couldn’t transfer the money to the seller.  After some time the broker stopped replying the seller’s messages and picking up his calls.  Luckily, the story ended up well and the seller finally received the money. But there are many other examples when the outcome wasn’t that optimistic.  Mistakes that this case illustrates The broker shouldn’t represent the buyer or the seller (be a POA) and be a broker in the same deal. This obviously creates a conflict of interests and is agaisnt the law.   The check should never be issued to the broker’s name. The reason is stated above. The check should only be issued to the seller’s name, however, in case when the seller is a non-resident and has no bank account in UAE, the 3-rd party (for example, legal firm) can represent the seller and in that case the check can be issued under the name of that firm and then the firm transfers the money to the seller’s bank account that is in his home country.    The buyer should never  transfer the money to the Real Estate account or broker’s personal account or even to the seller before the transfer. Managers checks are the safest way to make a transparent and legal real estate transaction. 

The Dubai real estate sector has seen staggering growth in 2022. High investor demand and increased rental occupants have led to an increase in property prices in the city. Not only the sale prices went up, but rental prices also have shown a steady increase in almost all areas of Dubai.  Bellow are the most affordable areas to live in Dubai when you’re a tenant. Jumeirah Village Circle This area remains one of the popular and the most affordable areas in Dubai to rent and apartment or a townhouse.  There is plenty of competitive supply, still many plots are under development or empty, therefore the prices remain quite affordable.  You can rent a studio apartment here starting from 27,000 AED a year. Prices for townhouses start from 155,000 AED a year with several checks.  Town Square Nshama Family oriented master-community with all the required infrustructure for a comfortable life. Here you can find one of the most affordable townhouses starting from 150,000 AED a year as well as studio apartment starting from 26,000 AED a year. Dubai Sport City Dubai Sport city is another affordable area, located near JVC. You can find many competitive apartments and cosy family homes. Prices to rent a studio apartment starts from 25,000 AED a year, when a townhouse will cost you minumum 125,000 AED a year.  Dubai Investment Park DIP features mostly apartments. Though the area is not that large and hosts not many buildings, rental prices there remain one of the most affordable in the city.  You can rent a studio apartment starting from 22,000 AED a year with multiple checks.