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Real Estate Investors Warned of Misleading Spam Mails

Dubai's RERA (Real Estate Regulatory Agency) has warned investors to avoid spam mails that misinterpret laws relating to real estate and property and encourage investors to halt paying installments to developers.

According to the Agency, some illegitimate groups are attempting to cause harm to the real estate and property sector by distributing bulk e-mails to property purchasers, suggesting them to stop making payments for certain real estate projects. They are targeting purchasers through property forums on internet to increase distressed sales, to snap up low-priced homes, or cause property prices to plummet, the Agency stated on December 17, 2008.

Besides, it is a complicated issue as two separate groups seem to be behind the e-mails, as per the security experts. These are speculators looking to derive prices down and consumer attorneys trying to safeguard property purchasers from paying installments for projects that are likely to be never completed.

Marwan bin Ghalita, Chief Executive Officer of RERA, said that the bulk spam mails are misleading people and consequently, the agency is receiving phone calls seeking clarifications. He assured that RERA would help people whenever any problem arises, as reported by Zawya on December 18, 2008.

Ghalita further said that any investor believing any rumors or joining these groups by halting the payments could risk of losing his investment, as reported by The National on December 18, 2008.

Besides, the experts stated that the spread of such phony information is both extremely misleading and delusive to investors. This would result in investors losing money in case they fail to peruse their contracts or fail to get appropriate legal advice. In addition, by suddenly halting the payment of installments for a project, its long-term feasibility could be endangered.

However, RERA has assured investors that there is no danger to the nation's property market. It also asks investors to only associate with registered real estate developers and agents and always check the authenticity of the origin of e-mails, newspaper articles and phone calls. Moreover, investors could visit the regulator's website www.rpdubai.com and take professional advice.

Related article: Royal Pharmaceutical Society - Fake Anti-swine Flu Drug Spam Rising

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