As an industry expert for over two decades and the host of Golden Nuggets with Silvia Eldawi, I have interviewed a multitude of real estate leaders and exceptional guests as we inform and educate the real estate industry. Here’s a compilation of Golden Nuggets from me and my guests that are useful for home buyers in the UAE.
1. Know Who is Representing You
Who are you acting for?
Peter Rollings – Ex MD Of Foxtons and Former CEO of Marsh & Parsons – Episode #43
In this exclusive conversation with a London real estate industry legend, Peter highlights the importance of clarity in representation when choosing a real estate agent. If an agent charges both the buyer and seller, it can be unclear whose interests they prioritize. Ensure your agent is on your team, working to secure the best deal for you.
“As an agent, you’re either acting for the buyer or acting for the seller if you’re charging both a fee who are you acting for?”
2. Don’t Worry About Short-Term Market Fluctuations
“There’s no better investment that you can make”
Andrew Cummings – Head of Residential of Savills Middle East – Episode #45
In this episode, Andrew urges homebuyers to think long-term and worry less over ‘bubbles’ and short-term market fluctuations. He encourages homebuyers aiming to make quick profits in a couple of years to instead focus on the property’s potential to contribute to their long-term financial goals.
“Look at Dubai through the prism of the future and where it’s come from to where it’s going. Yes, it’s going to go up and down. Every single market in the world does. But you shouldn’t buy a property with the aim of making money in two years, you should be viewing it as a long-term investment. The same way that you do with stocks and shares. No one puts money into an ETF to get rich in two years they do it because it will contribute to their retirement and if you look at Dubai real estate through that prism, then there’s no better investment that you can make.”
3. How to Choose a Specialist
“Reach out to an agent or agency that is a professional within the area”
Paul Christodoulou – CEO of AQUA Properties – Episode #46
When buying a home, start by doing your homework on the areas you’re interested in. Next, pick a professional agent who knows the area well. Check their transaction history, listings, and online presence on sites like LinkedIn. Finally, chat with the agent to ensure they have in-depth local knowledge about things like schools, restaurants, and other community features. This approach helps you find an expert who can guide you to the best decision.
“Understand how many listings they have. If you’re an agent and you’ve got two listings in an area – how are you a specialist?”
4. Renting Vs Buying
“I’ll just do 1 more year… 17 years later!”
Myles Bush, CEO of Phoenix Homes – Episode #47
In this episode, Myles and I discussed how quickly time flies as a renter. Typically, expats come to Dubai with a 2-year plan linked to their visa status, and before you know it, you have been in Dubai becomes more permanent. Make your decision based on your stay. If you’re in Dubai for just a year, of course renting is the way to go. But if you’re here for five years or more, buying a home is a no-brainer! Long-term, it’s a fantastic investment that beats renting any day. So, think about your timeline and make the smart choice!
“That decision is spurred on by how long you are planning to be in this area. If I meet someone and they say, “I’m going to be in Dubai for 1 year”, then I’d probably say rent, to be quite honest. If I meet someone and they say they will be here for 5 years or more, 100% buy!”
5. Off Plan VS Ready Market…
“Off plan should always be 5-10% lesser than the ready market”
Farhan Ali, CEO of EverNest Real Estate – Episode #48
For investors and homebuyers, it’s essential to recognize that off-plan properties should typically be priced between 5-10% less than their ready equivalent. If you have the cash, investing in a ready property is often better, even if it’s 10-15% more expensive. Ready properties provide immediate rental income and eliminate the wait time associated with off-plan properties. Always consider the current market, rental yields, and upcoming unit deliveries in the area before making a decision.
6. Upholding the Highest Ethical Standards
“Everybody has a role to play”
Saleem Karsaz, Founder & CEO of Aeon & Trisl Group – Episode #49
In this episode, Saleem and I discuss Dubai Land Department’s ten principles of real estate business ethics in real estate. Everyone has a role in ensuring ethical practices, from buyers to developers. Avoid unethical behaviors, such as disappearing after confirming with an agent.
To find a professional agent, check their rankings, reviews and specialities. Look for those with good transaction values and experience in the community. Don’t just go for the lowest price; ensure your agent is reputable and knowledgeable.
7. Mortgage Broker Vs Banks
“Use a trusted mortgage broker as opposed to going to your bank”
Mohamad Kaswani, Managing Director of Mortgage Finder and VP of Property Finder – Episode #50
In Episode #50, “The Ultimate Mortgage Masterclass” we talked about why using a trusted mortgage broker is a smart move. Brokers have access to a wide range of mortgage products from various lenders, giving you more options than a single bank can offer.
They can find deals tailored to your financial situation, often with better rates. Plus, brokers handle most of the paperwork and communication with lenders, making the process smoother and less stressful for you. This way, you save time and money, ensuring you get the best possible mortgage for your needs.
And in case your bank Is offering the best rate:
“You can come to Mortgage Finder, we can get you the mortgage through your bank and we’ll get you the same terms just frankly speaking better service.”
Bonus tip: Have your mortgage provider review the purchase agreement. Ensure there’s a valuation clause to protect yourself if the bank’s valuation is lower than the purchase price, preventing transaction failure and loss of deposit.
Silvia Eldawi – Founder of PROPOLOGI
Silvia is a Certified International Property Specialist (CIPS) with over two decades of experience holding Real Estate management positions from London to Dubai. As the visionary Founder behind PROPOLOGI, a community-driven platform for ambitious and aspiring property professionals around the world, she spreads the finest real estate Golden Nuggets to uplevel the industry. Tune in weekly for Golden Nuggets with Silvia Eldawi available across all podcast platforms and YouTube.
https://www.propologi.com/podcast
