Банкеръ Daily


A Lustrous Company Does Not Guarantee Integrity in Dubai

There are two reasons a European opts to go to Dubai - for active holidays or for active business.

It's as simple as that, the climate is the reason no one visits the capital of the United Arab Emirates just like this - to spend a week or two among the wildlife or to live for some time among the Bedouins in order to get to know their lifestyle, spirituality and cultural traditions. If people travel in the name of unforgettable holiday emotions, there will be problems only if they do not follow the written rules and unwritten moral and ethical standards. In other words - if they act like a British football fans in an Eastern European capital where their favorite team is playing. And where no one dares to tell them anything, for God saves the Queen and the Queen protects her subjects!


If someone is traveling on business, there should be no problems. Not only because the United Arab Emirates are notorious for the generosity of their legislation. If you follow the rules and do not interfere with anyone - do whatever you want and earn as much as you can. However, if you do something amiss, you’ll get it in the neck!


Those who don’t believe…

In fact, there is an exception to every rule.

We receive signals from real people, from different European countries and of different professions. But all of them are united by one ambition - to secure their future by investing some of their honestly earned money in Dubai.


Whether forced by the global financial and economic collapse due to the COVID-19 pandemic, whether because traditionally real estate investments are considered safer than investing in gold and diamonds, it's really not that interesting.


More importantly, their major motive is the business security in the United Arab Emirates


As we said, however, each rule has its exception!


In our case, he is called Chris Ian Whitehead, who contacts his potential clients as one of the managing partners at Gulf Sotheby's International Realty company - one of the most renowned companies in the real estate business not only in the United Arab Emirates, but also on the Old Continent.


The deal is a standard procedure - a plot is being sold, negotiations are under way, draft contracts are being written, details of payment methods, commissions and discounts are being specified.


Naturally, each of the parties to the transaction checks the other. And the way it is done in the world - names, addresses, business, revenue, taxes paid, etc. Checks are made on the basis of officially shared information - business cards, personal and business telephones, email addresses, profiles on social and business networks.


Until the pre-sale contract is signed, everything is fine. Especially with the seller Chris Ian Whitehead. The company website is wonderful, and his profile on the most elite business network - Linkedin - is more than impressive: a student at the University of Canterbury in 1992, today - a "veteran of the luxury real estate industry" and a managing partner at one of Dubai's most renowned companies, Gulf Sotheby's International Realty.


But what has happened eventually? A sad and hideous picture.


The price changes dramatically from $ 1.5 million (for example), jumping suddenly to $ 2.5-3 million. No negotiation option is placed to return to normal market values. The contract will not be concluded between the client and Gulf Sotheby's International Realty, but between the client and Chris's "other" firm, High & Real Estate LLC, which he uses when and if he comes across a client, whom he can blackmail to raise the commission.


The reflection time provided to the buyer by the seller drops substantially. In the sense that, instead of thinking for a month or two whether it is worth investing $ 2 million in a deal, the buyer is obliged, to make that decision in two to three weeks as “take it or leave it”. Otherwise...


Each of Chris Ian Whitehead’s clients has to show up at his office with papers having already been prepared – it is a procedure that costs a fair amount of money for attorneys, notaries, consulting independent brokers, stock exchanges, etc.


And, when the deal fails - because customers have felt they are about to fall victim to fraud - those costs remain at their own expense.


So ... people, be on the alert! And don't be afraid of the severe legislation in the United Arab Emirates, because it defends the interests of legal businesses.

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