UAE -Dubai: Walid Al Zarooni, the real estate expert, suggested Arabizing all real estate sales contracts in the Emirate of Dubai, which will have a significant positive impact on increasing the momentum and keeping pace with the real estate boom in the emirate. The move is important for enhancing safety and confidence in the sector’s attractive investment environment.

Al-Zarooni, who is also Chairman of the "W Capital" real estate brokerage, said that the real estate developer should be obligated to issue initial or final contracts in Arabic, not only in English. Arabizing should also be applied to emails sent by the developer to alert the buyer of the date of installments, payment of fines or the date of unit hand out.

Al-Zarooni added that Arabizing sales contracts can also boost the market, provided that the contract mentions clearly the rights of the real estate developer towards the investor with full transparency, noting that some investors are not fully familiar with the English language, and may be subject to losing their rights in favor of some developers who are not committed to the market rules.

Al-Zarooni suggested that the regulators receive and implement the recommendations and suggestions regarding the drafting and Arabizing of contracts, in the interest of both the investor and developer alike.

Walid Al Zarooni, the head of one of the major real estate brokerage firms that has marketing contracts with major real estate developers in Dubai, indicated that contracts can be written by law firm offices accredited by the Dubai Land Department.

He stated that most sales contracts tend to be drafted by the real estate developer themselves, resulting in the large number of items and their complexity. This is one of the main reasons for the investors and people fail to pay in the future due to their lack of understanding of the terms of the contract well. He confirmed that many people are reluctant to invest in real estate due to the complexities they may face in considering an investment chance.

-Ends-

About “W Capital”:

“W Capital Real Estate Brokerage” was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies.

Since its inception, the company has sold over AED 200 million of properties to major developers.

About Walid Al-Zarooni:

Walid Al-Zarooni is the founder and Chairman of W Capital Real Estate Brokerage. A certified real estate expert from the Dubai Real Estate Regulatory Agency “RERA”, he is the author of “Secrets of the Smart Real Estate Investor”.

Al-Zarooni is one of the first  experts to harness social media to raise the  public awareness about  real estate. He provides almost free advice on a daily basis, as well as latest news and updated information through videos and posts on social media platforms such as "Instagram" , "Snapchat" ,and Twitter, on which he is very active.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.