In the last decade, property industry in Dubai has seen some significant fluctuations. There are several instances when the world saw that the property prices took a sharp increase and went to the highest and record breaking prices. At that point in time there used to be a great amount of transactions in property industry and foreign investment was at the highest point. But suddenly the world saw how quickly the boasting prices of properties went down and investors who had millions of dollars under their pillow ended up in bankruptcy. It was a bubble that when got burst resulted in high losses for investors. The causes of that incidence were many and usually it is considered due to the overall depression and slump in property prices worldwide. Further, some analysts attribute the cause of their losses to speculations that permeated the whole of the market.

Properties in Dubai are now returned to their breakeven prices and the markets are now considered much of an efficient nature. This means that there are no chances of getting risk free gains purely on grounds of speculations. Risk free gains are the main cause for the increase in property prices because it results in artificial value of properties. To control the dynamics of market, is must be ensured that proper monitoring takes place for matters that are of risky nature. Like those that have shares in the companies of property industry are only allowed to trade in those shares when they have complete asset backing in the form of advancement of deposit to a dealer in the form of cash.

To buy Dubai properties one needs to visit estate agents or look out for advertisements in the local press. Estate agents are asked to show them properties that they get to know of which fulfils their needs. The agents take a certain percentage from both parties to a property transfer contract as commission calculated on the contract price. Properties to rent in Dubai follow the normal procedure of entering into tenancy agreement. The tenant gives deposit and one month rent in advance while the owner provides the right to use the property to the tenant. Estate agent commission here is now based on the monthly rentals and in this case these agents take one month rent from both the parties. In terms of legality of contracts, those that are entered into for recording sale and purchase shall be required to be cleared from property regulatory agencies while in case where the property transaction is to let it on rentals, the contract has no such legal aspects and is between owner and tenant only. However some adhesive stamps and use of a stamp paper is used for rental agreements in order to make it enforceable in case some untoward incidence happens in the future. The requirements for transferring an ownership to a foreigner comes with an extra layer of compliance that has to be fulfilled. Where the requirement is to fulfill this extra legislation, hiring services of a professional lawyer having relevant experience is a pre requisite.

About the Author:

Andy Roberts one of the top class Business organizer, helps peoples to start company in Dubai or business