What we are seeing in Dubai, as witnessed in other burgeoning property markets around the world, is the presence of unscrupulous operators out to make a fast buck. Everyone understands that business implies profits, which if earned honestly in a professionally regulated manner, then we all win. However, we refer to the fast buck gained to the detriment of the investor through murkier means.

Dubai can become of victim of its own success when the perception is that whatever you buy is bound to do well. So often a potential investor presented with a deal that sounds too good to be true allows rational thoughts of pre-purchase financial due diligence to fly out of the window – and you can bet there is always some slightly left of honest supposed realtor who will take advantage. We know it allegedly happens at every level of business in every profession but the booming Dubai Real Estate market can act as a honey pot for smooth operators.

The checks and balances that investors carry out when buying elsewhere seem subject to scant regard. I am amazed at the number of Dubai property buyers who complete without a lawyer or even a financial advisor in sight. Professional bodies offer the third party perspective that can highlight the potential pitfalls of a transaction and certainly remove the blinkers normally imposed by 100 per cent grade ‘A’ pure avarice. Greed is one of the most powerful human instincts, be it for money, love, power, good looks, fame etc. So a professional advisor (preferably not involved in the deal) can hopefully proffer some common sense and remove the dark glasses before you part with your hard earned money.

Investors can be so overwhelmed by the complexities of the ‘great opportunity’ that they are unable to see the potential downside no matter how hard they look. Here a professional adviser (if he is worth his salt) should be able to identify the negatives and if you are unhappy with the prognosis; seek further advice. This is not a course of action exclusive to the medical sector; a second opinion could avoid the need to place your wallet in intensive care. An expert point of reference is crucial; do not accept a proposition merely because friends and family have already done so bathed in green light. The lemming approach plays directly into the hands of the unethical.

There was a recent instance in Dubai where a sentence of 30 years imprisonment was passed for the act of selling fictitious developments; and the Dubai judiciary is to be commended for dealing with the criminal aspects of the case involving innocent financial loss with the severity which they deserve. Aside from protecting the real estate market, premeditated deception if left unpunished, undermines the credibility of the overall business environment within the United Arab Emirates. Hopefully this precedent sends out a strong signal to malpractitioners in search of unjust rewards - that Dubai is not the place to try it.

Further protection should be achieved with the advent of the property law which needs to take effect along with a level of regulation designed to root out potential unsavory business practice. The main players within the Dubai property market must undoubtedly take steps to protect their businesses and indeed adopt some form of self-regulation which will underpin the real estate sector in the present absence of strict Federal guidelines. Otherwise with the Abu Dhabi market hot on the heels of Dubai, not to mention other developments around the GCC, the possibility of future misdemeanors remains.

We cannot stamp out the aspirations of individuals to make money at your expense through iniquitous means. However it is possible to increase your awareness of their existence and throw a web of caution around a pocket under siege. Assistance from professionals who can offer an unbiased view before you hand over large sums of money is purely practical – buying property is likely to represent the largest investment you will ever make. If your property dreams are to come to untroubled reality, do the ground work and momentarily leave the glittering prizes to one side.