Does any one have any idea what sort of rent we may be able to obtain for a one bed 924sq ft in fairfield when completion takes place . I personaly feel we will be looking at October . Are rents normaly paid upfront for the year with 4 bankable cheques or has the market altered this.

Does any one have any idea what sort of rent we may be able to obtain for a one bed 924sq ft in fairfield when completion takes place . I personaly feel we will be looking at October . Are rents normaly paid upfront for the year with 4 bankable cheques or has the market altered this.

Honestly, with rent prices going down...expect anywhere from 110k-120k aed and 130K if you are lucky. I was hoping I would get something around the neighborhood of 150k return, but of course this was last year. Now I'm probably going to move out of my current flat and live in PI.

And yes, usually its paid upfront either 1 or 2 checks, however there are lot of places (like better homes) now offering month-to-month options. Not sure what the details are exactly but worth checking out.

07/March/2009

Park Island

http://i39.tinypic.com/rjfdoh.jpg

http://i40.tinypic.com/1493tvt.jpg

I have a url for a photo and I canot seem to upload it can any one help .When I try to insert the picture its coming up with a square with a red cross in it and i can then request to show the picture . Where am i going wrong.

08/March/2009

Park Island

http://i41.tinypic.com/zk1vyt.jpg

http://i43.tinypic.com/1zdsr3d.jpg

http://i44.tinypic.com/e7nxfq.jpg

http://i44.tinypic.com/23uy23r.jpg

Imre, what can i say your are the best. PI is looking fantastic each day,,:banana:

I have a url for a photo and I canot seem to upload it can any one help .When I try to insert the picture its coming up with a square with a red cross in it and i can then request to show the picture . Where am i going wrong.

Hi worktopcreations

After you upload into the tinypick.com, you get a display of the links. Be sure you copy/paste the IMG link and not the URL link displayed. Hope this helps :)

I have a url for a photo and I canot seem to upload it can any one help .When I try to insert the picture its coming up with a square with a red cross in it and i can then request to show the picture . Where am i going wrong.


http://www.tinypic.com/

or

http://www.imageshack.us/

and after just copy the right line here.

I had the same problem yesterday , always came the square with a red cross probably the internet was slow.

http://i41.tinypic.com/oqg18h.jpg[/IMG]


Ok so ive uploaded the picture .How do I make it smaller. Thanks for help

Honestly, with rent prices going down...expect anywhere from 110k-120k aed and 130K if you are lucky. I was hoping I would get something around the neighborhood of 150k return, but of course this was last year. Now I'm probably going to move out of my current flat and live in PI.

And yes, usually its paid upfront either 1 or 2 checks, however there are lot of places (like better homes) now offering month-to-month options. Not sure what the details are exactly but worth checking out.

By the time this development handsover expect 1 bed rent about 75-90k per annum. Handover of this development will flood 1000 units onto the market so don't expect to rent quickly.

Not to mention all the other developments that will be ready by mid or end of 2009... Marina Quays etc. Another 1000s of appartments. Those delays by Emaar are quite expensive...

Does anyone want to sell a 2 bed in this building?

Still sell my one bed 1105 at right rate 924 sq ft Fairfield

what price you are looking for/

found on the expatriates.com

Category: Real Estate For Sale

Region: Dubai (DUBAI MARINA)

Description: Dubai Marina – Sanibel
One bedroom Unit no UG05
726 Sqft Great Garden View & free parking Space
Close to Marina, OP 826888.00 SP: OP
80% paid 20% on completion Date MAR 2009

One bedroom Unit no 105
726 Sqft Great Garden View & free parking Space
Close to Marina, OP 831888.00 SP: OP
80% paid 20% on completion Date MAR 2009

One bedroom Unit 205
726 Sqft Great Garden View & free parking Space
Close to Marina, OP 836888.00 SP : OP
80% paid 20% on completion Date MAR 2009

Dubai Marina - Blakely
Unit no UG01 One Bedroom
932 Sqft + parking , Marina View
OP: 960,888.00 SP : OP completion Date MAR 2009


One bedroom Unit no UG05
726 Sqft Great Garden View & free parking Space
Close to Marina, OP 826888.00 sp: OP
80% paid 20% on completion Date MAR 2009

One bedroom Unit no 305
726 Sqft Great Garden View & free parking Space
Close to Marina, OP 841888.00 Sp: OP
80% paid 20% on completion Date MAR 2009

Unit no 101 One Bedroom
932 Sqft + parking , Marina View
OP: 968,888.00 Sp: OP
completion Date MAR 2009

Unit no G06 One Bedroom
938 sqft Marina & Garden view + parking
OP 917,888.00 SP: OP completion Date MAR 2009

UNIT NO 603 TWO BEDROOM APARTMENT
1463 SQFT MARINA AND GARDEN VIEW
2 SIDE BALCONY
completion Date MAR 2009
OP: 1,731,888.00 SP: OP

DM FAIFFIELD Hot deal
2 MASTERBED ROOM APARTMENT FULLY MARINA VIEW
BEAUTIFUL UNIT 1302 SQFT Unit no 703
OP: 1,636,888.00 SP: OP completion DaTE MAR 2009

I think before the handover we will see more units even less than the OP..

This is quite shocking!

And even at OP prices there are no buyers...

what is official completion date now and when last payment?
Anybody checked inside, is there progress in finishing?

^^

Handover is officially July 30th - final installment due on that date.

Emaar will contact with an update at the end of June.

There is absolutely no way they are going to be able to handover in July so expect yet another delay until Oct-Nov at earliest.

Forget them above, prices in PI are coming off DAILY. Today expatriates.com Fairfield Full Marina View. 1347 SQ FT at 1.4 MIL DHS. So after a haggle should be well below 1000 psf call him on 055 647 3758.

Great time if you are holding some folding!

Does anyone know if developers will reduce or increase the annual maintenance fees. Also what do you think it will be at handover.

Does anyone know if developers will reduce or increase the annual maintenance fees. Also what do you think it will be at handover.

Right now, I believe EMAAR is about 30aed psf. I have to believe that Park Island will be below that, so i'm hoping around 25aed psf, but you can never tell these days what is going to happen.

...prices in PI are coming off DAILY...

This is not the time to sell your property. Wait out the storm. With the dirham depreciating (alongwith the US dollar), oil prices climbing and the US trying to lead an economic recovery, we should be out of the woods soon. :cheers:

^^ hopefully but most people have different financial situatons so...

Googly, I share your optimism, as an agent already see certain properties on the rise. For example Marinascape. There was a sale of a 3 bedroom Apartment for AED 2.2 million, but now I can't find anything below AED 2.8 million. As it is a small project the good deals were gone quicker, bigger rojects will just take longer time until endusers or long term investors are settled in...

Well some progress - the crane on Sanibel is coming down :banana:

Ive just spoken with my agent today and he informs me the opposite. He said the prices are not increasing and are due to reduce by a further 20% . He also said rents are about 120,000 aed per year for a one bed 05 type. Your feedback would be appreciated.

I agree with your agent - I dont expect prices to bottom before the end of the year and only then if the world situation stabilises.

120k sounds like a very good price at the moment given the reduction in demand and over supply.

Ive just spoken with my agent today and he informs me the opposite. He said the prices are not increasing and are due to reduce by a further 20% . He also said rents are about 120,000 aed per year for a one bed 05 type. Your feedback would be appreciated.

I agree with your agent - I dont expect prices to bottom before the end of the year and only then if the world situation stabilises.

120k sounds like a very good price at the moment given the reduction in demand and over supply.

It just depends on if your agent is trustworthy... or they want to push you into a sale... true - prices arent rising... but another 20% drop is questionable... 120K seems excessively high in these market conditions...

120k is achievable for Marina Promenade presently, this is not a bad benchmark to use as a comparable (albeit completed) development.

Of course as we know PI is incomplete, I would not expect these units to reach 120k when the complete, whenever that may be..

All this talk of rental values for PI is premature. I dont see handover before the end of this year. At that time, rents for PI should be more than those in MP since this will be a new project with one year warranty.

Just be patient and wait for better days.

All this talk of rental values for PI is premature. I dont see handover before the end of this year. At that time, rents for PI should be more than those in MP since this will be a new project with one year warranty.

Just be patient and wait for better days.

I disagree; my contract right now states a July handover, which they won't make. But a Sept / Oct handover is definitely possible IMO.

That's not disagreeing...

That's not disagreeing...

it was in reference to the handover not happening this year :)

If you remember how long they needed for the interior and landscaping etc. at MP (1 year after the towers had topped out!) it is quite impossible for them to do handover in 2009...

I was lead to believe the kitchens are all installed and I presume most of the sanitary ware is in place . Can any one state what the inside is like .

You can check the inside from my post dated February 13th. I do believe that they will manage to finish by Oct-Nov this year.

Most probably it will be handed over before Marina Quays

Enrique, if that happens, I will buy you a few drinks:-)

Maarina Quays is supposed to be handed over by November 1st (2009).

jeje, I knew something was going to come from you dirtyharry1, come on, it looks like PI is on a more advanced stage than Marina Quays.

Of course, the 2 towers left in Quays are not as high as the rest of the towers in PI...

Anyway, lets see...

Of course we will wait and see, unfortunately we cannot do anything else.

PI will turn out very nice, there is no doubt about that.

Taken by 28 March

http://i40.tinypic.com/biwj1e.jpg

^^

Cant be taken 28th march.. bay central and marina quays are 2 months behind in that picture

Well they are now taking down the crane on Blakely - so only (!) 3 cranes left to take down.:nuts:

Many times when i drive near PI i stoped to check progress. Not many people working there, i can say in 20-30% efficiency rate. I guess they will hand it over not earlier than nov-dec 2009. Pity thing, that prices continue to go down, 1BR apt 1052 (Blakely and Sanibel *04) available for 870 000, it is below original price. :ohno:

Photos from 22 and 25 march.

http://img19.imageshack.us/img19/570/dsc00002xye.jpg

http://img14.imageshack.us/img14/445/dsc00035m.jpg

http://img11.imageshack.us/img11/3047/dsc00036jnh.jpg

http://img11.imageshack.us/img11/8784/dsc00038zql.jpg

http://img7.imageshack.us/img7/4766/dsc09950.jpg

http://img17.imageshack.us/img17/4411/dsc09970q.jpg

Many thanks williamX for the nice photo update. I'm amzed at how unique and luxurious the PI towers architecture look as Emaar move towards completion. I bet the landscape arrangements and the finishing of the units will be remarkable. I think from what is seen so far, Emaar has done an excellent job.:banana:

There is never lots of activity visible from the outside.This is friday, so normal that it's calm.
http://i40.tinypic.com/29gh4j4.jpg

Many times when i drive near PI i stoped to check progress. Not many people working there, i can say in 20-30% efficiency rate. I guess they will hand it over not earlier than nov-dec 2009. Pity thing, that prices continue to go down, 1BR apt 1052 (Blakely and Sanibel *04) available for 870 000, it is below original price. :ohno:


Can you please advise where I can find that, I would beinterested to buy it...

Can you please advise where I can find that, I would beinterested to buy it...

That unit was sold out in 3 days, it was desperate sale.
I guess for such price it's real to sell apt quickly. After i found that original price was approx 950K. It means with 80K loss.

Some people are really desperate...

What's the current market price for a 2 bedroom unit in Bonaire? Specifically, 01 unit on a high floor.

01 unit in Bonaire (low floor) i saw for 1.4 mio

What's the current market price for a 2 bedroom unit in Bonaire? Specifically, 01 unit on a high floor.

Hi floors 20+ between 2.1 - 3.1 m.Check them out at B-Homes.com

check dubizzle good deals here.

You can call Rob from Better Homes 050 9039692, he has some extremely good deals there. I snuck in to the site on Friday, the finishings look gorgeous! I didn't get much of a chance to look around too much though and just got into the unit 2 floors above mine at the Fairfield, the other doors were locked. I am no engineer but that building is a loooong way from handover.

I got a letter from emaar this morning asking me to pre-register. Is this mandatory ? I hope we don't get any more "unplanned fee" requests.

If I understand it correctly you would have to do that at the government offices in person you canot do it if you are out of the country .I tried to do it in November .They didnt know what they were doing . We also spoke to rera and they said the new law had not been finalised. They said it would only require registering if we wanted to sell it on ,when the new law comes in.

Thanks worktopcreations,

Just called emaar, they say pre-registration is mandatory for the completion of the hadover, land department rules.:)

Hi,

Do you have any information regarding to handover Park Island? Do you have received any paper?

http://i40.tinypic.com/ftge37.jpg

http://i44.tinypic.com/w21ymg.jpg

http://i41.tinypic.com/316aix1.jpg

http://i41.tinypic.com/s287fd.jpg

Inside Blakely tower!!
http://i42.tinypic.com/b87k2b.jpg

http://i44.tinypic.com/np14ck.jpg

http://i44.tinypic.com/kahd1d.jpg

http://i39.tinypic.com/2z6scgh.jpg

http://i39.tinypic.com/105sg2o.jpg

http://i40.tinypic.com/2mqpamo.jpg

This time next year rodders!!!

Hi,

Do you have any information regarding to handover Park Island? Do you have received any paper?

Hi hourad

No letters on handover yet. So far the handover is scheduled to start July-end/09. This is likley to change to year-end based on construction progress:ohno:.

Great update Pics SAS UK , Thanks a million :):)

Guys, if you purchased your unit after 31/10/08 then you have to register it before completion, if you purchased it before you have to register it before you sell it.
Off plan, 1 % developer 1% invester.

As far as I know anyone can do it including the developer, other developers have offered to do it on behalf of the invester......

I got a letter from emaar this morning asking me to pre-register. Is this mandatory ? I hope we don't get any more "unplanned fee" requests.

If I understand it correctly you would have to do that at the government offices in person you canot do it if you are out of the country .I tried to do it in November .They didnt know what they were doing . We also spoke to rera and they said the new law had not been finalised. They said it would only require registering if we wanted to sell it on ,when the new law comes in.

Thanks worktopcreations,

Just called emaar, they say pre-registration is mandatory for the completion of the hadover, land department rules.:)

Dont hold your breath, its going to be a great development but year end 'inshallah' at least.

Fairways, emaars most recent handover looked finished from the outside for 6 months before handover...


Hi,

Do you have any information regarding to handover Park Island? Do you have received any paper?

22/April/2009

Park Island

http://i43.tinypic.com/33mnd02.jpg

http://i40.tinypic.com/z7fs.jpg

http://i39.tinypic.com/2hx20df.jpg

http://i44.tinypic.com/5ts390.jpg

http://i40.tinypic.com/hstfus.jpg

excellent update imre and SAS UK....

thank you very much :)

looking at these pics... handover not before 1st quarter 2009





...

excellent update imre and SAS UK....

thank you very much :)

looking at these pics... handover not before 1st quarter 2009

...

yes , I think Q1 2010 is possible.

Thanks everybody.
I think, picture of Imre is little old. Because 2 days before I was there and winch of Sinable removed. In picture, winch is showing.
Quality of material in this project is very better that Promenda bldg.
I hope construction will be finish before 2010.

http://i40.tinypic.com/rwhruv.jpg
http://i39.tinypic.com/2isw7dh.jpg
http://i40.tinypic.com/288xcef.jpg
http://i39.tinypic.com/eb3241.jpg
http://i39.tinypic.com/2v7teo4.jpg
http://i40.tinypic.com/2z3xge1.jpg
http://i40.tinypic.com/2z3xge1.jpg
http://i41.tinypic.com/6eg32h.jpg

Hourad and Imre you guys are the greatest..! Muchas Gracias.:cheers:

Hi Hourad,

Is there anything specific you saw in the finishing or the quality of the finishing that grabed your attention. Please let us know.

Thanks everybody.
I think, picture of Imre is little old. Because 2 days before I was there and winch of Sinable removed. In picture, winch is showing.


yes , my pics are old , I took them yesterday:)

They've started taking down the crane on Fairfield today - that just leaves the one on Bonaire and the little one in the courtyard area.

Hope they are taking them down because they don't need them and not because the hire company has not been paid and is repossessing them:runaway:

They've started taking down the crane on Fairfield today - that just leaves the one on Bonaire and the little one in the courtyard area.

Hope they are taking them down because they don't need them and not because the hire company has not been paid and is repossessing them:runaway:

Good banter AppleMac, can't beat a bit of investor confidence....

My investor confidence in Emaar will soar when we have handover and get the keys. :lol:

I have choosen this thread but it concerns everyone on the Dubai site.
I want to condemn the unbelievable behaviour of most real estate agencies in Dubai for their reckless behaviour. I'm sure 90% of them yesterday where selling bags of rice, or potatoes in their own country, besides being fairly illiterate. Dubai has grown in these last years to attract international investors, instead these guys until last summer were blowing on the fire boosting prices unreasonably higher and now the same guys are dumping the market. I appeal on their conscience to return to their home country and start again their life at the level they left it, which is very poor. I ask Dubai Gouvernment to wake up and to put in place an entity which works and has professional people running it. You have killed at least 50% of the confidence, and by continuing with this dumping mentality you are paving the way to return to the camels. Be aware of it and take responsabilities of how you are presenting Dubai to the rest of the world.

I have choosen this thread but it concerns everyone on the Dubai site.
I want to condemn the unbelievable behaviour of most real estate agencies in Dubai for their reckless behaviour. I'm sure 90% of them yesterday where selling bags of rice, or potatoes in their own country, besides being fairly illiterate. Dubai has grown in these last years to attract international investors, instead these guys until last summer were blowing on the fire boosting prices unreasonably higher and now the same guys are dumping the market. I appeal on their conscience to return to their home country and start again their life at the level they left it, which is very poor. I ask Dubai Gouvernment to wake up and to put in place an entity which works and has professional people running it. You have killed at least 50% of the confidence, and by continuing with this dumping mentality you are paving the way to return to the camels. Be aware of it and take responsabilities of how you are presenting Dubai to the rest of the world.


This site has seen so many "obvious" examples of disonest realestate egents trying to destroy property values to help increase their returns. Owners
in the market as end users and long term investors will never be phased by their twisted schemes. I think that Rice or potato backgrounds are irrlevant, honesty and decency is what is counts.Returning to the days of camels for this region or horses for other regions is a possibility, but make no mistake that the days of the camels has been and will always be a source of pride for people of this region.
and the reason for it's success.

http://i40.tinypic.com/rmlim9.jpg

Nice picture charlie. Many thanks. :)

I need some advice please. My lease comes up for renewal at the end of August. My landlord only wants to give me another one year lease. As I am not sure when these properties will be handed over what do I do?

Any suggestions? Does anyone know anything about estimated handover date as it is definitely not July and there is no transparency from Emaar.

I need some advice please. My lease comes up for renewal at the end of August. My landlord only wants to give me another one year lease. As I am not sure when these properties will be handed over what do I do?

Any suggestions? Does anyone know anything about estimated handover date as it is definitely not July and there is no transparency from Emaar.

I don't know what to tell you..I'm in the same situation as my lease ends this November, so I have to decide if I need to renew for another year. It seemed like EMAAR was going to handover PI at the end of this year but they have slowed down a lot.

At their current pace, handover at year's end seem unlikely unless they seriously pick up the pace. My suggestion is to go ahead renew your lease for another year or move elsewhere as other places are now offering month to month leases (check better homes).

هلاهلاهلاهلاهلاهلاهلاهلاهلاهلاهلاهلاهلاهلاهلاهلاهلاهلا

therr is no more pictures????????

Does anyone know how much work is actually being done inside? Because, from the outside there is very little (or close to none) work being done. I don't see too many workers outside and I'm just hoping all the workers are inside.

EMAAR was making great progress on PI but they have sure slowed down a lot. I was really hoping for a 4th qtr handover but that now seems highly unlikely.

Does anyone know how much work is actually being done inside? Because, from the outside there is very little (or close to none) work being done. I don't see too many workers outside and I'm just hoping all the workers are inside.

EMAAR was making great progress on PI but they have sure slowed down a lot. I was really hoping for a 4th qtr handover but that now seems highly unlikely.



I went past there yesterday towards early evening and saw a few workers leaving so although I hope I am wrong, I think that there are very few workers working on the buildings.

I was really hoping for a 4th qtr handover but that now seems highly unlikely.

The rule of thumb is that after all the cranes leave, it takes one full year till handover. Therefore, dont expect handover till summer of 2010. :ohno:

I've been reading this forum for a while eager to find out when i can expect to get my apt, which i bought late spring 2008. So i've lost hundreds of thousands on the value...boohoo me! But since I'm an end user then its no biggie.

Except here's the snags
1. Paying large mortgage since last year for something i cannot use and paying rent in meantime.
2. Job security now not so great so if job goes then it will very difficult to pay mortgage and unable to rent it out to help with mortgage payments.
3. To default on mortgage is criminal act in Dubai so potential imprisonment.

Thanks Emaar. As if the recession wasn't bad enough, Emaar's inability to deliver anywhere near their promise means many people are potentially ruined simply because they decided buy an off plan property using a mortgage.

Delivery of the apartment will not solve my job security concerns but it will give me a way of avoiding potential imprisonment.

Living the dream, eh?

If I check the Emaar jobsites in the marina nowadays obviously the workforces have been cut tremendously - the Quays, PI, the Marina Mall. Furthermore most of the few workers leave by 18.00h at the latest. Last year the sites were much busier nearly 24h six days a week. Emaar seems to be very relaxed about the progress of those developments - but ok, nothing and nobody can harm them since there is no compensation or penalty. Sad, but fact.

PI looks good from outside, but till handing over it will take indeed some time. That was the case with Golf Towers and with Marina Promenade (1 year after the 6 towers had topped out).

I have some questions about pre-registration Interim Real Estate Register of Dubai (received letter from Emaar )

The pre-registration procedure is simple and easy. You are requested to visit the Emaar Property Transfer Department at Emaar Business Park Bldg 1 with the original Emaar Sales Agreement and a valid UAE identity. In case of an authorized person, a notarized and attested Power of Attorney is required. For registration of a company, an attested True Copy of the Power of Attorney along with company documents should be provided.


Can I transfer money to Emaar and not going to Dubai ?

Or can I combine pre-registration with handover process later ?

Are there any penalty if I delay this pre-registration ?

I have some questions about pre-registration Interim Real Estate Register of Dubai (received letter from Emaar )

The pre-registration procedure is simple and easy. You are requested to visit the Emaar Property Transfer Department at Emaar Business Park Bldg 1 with the original Emaar Sales Agreement and a valid UAE identity. In case of an authorized person, a notarized and attested Power of Attorney is required. For registration of a company, an attested True Copy of the Power of Attorney along with company documents should be provided.


Can I transfer money to Emaar and not going to Dubai ?

Or can I combine pre-registration with handover process later ?

Are there any penalty if I delay this pre-registration ?

And another question as U'm in the same boat. When does this have to be done by, anytime before handover?

hi, ParkIsland will not be complete. You have the right to renew for just 3/6 months more.. Any problems speak to RERA. good luck

I totally agree with what you are saying. Real Estate brokers control this market and there bad vibes and pessimistic views on real estate in Dubai can destroy such a young market.
Below is an email i recently emailed to a few of my investors and past clients (12,000 of them)

Dear Sir/Madam,
Good day from Egeen Properties! I’m sure you will be happy to hear that the UAE property market is finally starting to stabilize a little after a huge drop in prices over the last few months. Here at Egeen we had a record month for the year 2009 and sold 22 units this month. Out of 22 properties sold 19 are ready units (or ready within the next 4 months) and 3 units are off plan.
Now things are stabilizing investors and end users are feeling more confident and are now looking to find the homes of their dreams at affordable prices. 99% of the distress sales have left the market and in some area’s we are even witnessing price battles again. Day by day more financial institutes are lending and I’m happy to say the market seems to be recovering. I personally feel that the market is back on track and between now and then year end the market will be fully recovered and back on track.
To enhance the sale of you home we advise you to upgrade the older units and make them look attractive. I was recently approached by “business 24-7” to give my opinion on renovating you house to make it feel like a home. Here’s the article:
http://www.business24-7.ae/articles/2009/4/pages/16042009/04172009_d7d2aaf12c704ae4a03534214a425b92.aspx
Now back to business, we have many clients looking for properties and would appreciate it if you are interested to sell to kindly complete the below form and email it back to me. I will then list the property and work on selling it for you immediately.

LISTING AND ENQUIRY FORM

Please complete & email to Mark@egeenproperties.com

To list a property kindly complete the below form (RENT & SALE):

Owners name
Owners Mob
Project Building/Location
Unit Type
Beds
Floor/St
View
Net Selling Price
Status
Remarks

Ps. If you would like to know a little more about Egeen Properties and who we are, feel free to visit our website at: www.egeenproperties.com

Good look and I’ll look forward to hopefully doing business with you soon.

Best regards,

Mark Carroll
Managing Director
Mark@egeenproperties.com

I totally agree with what you are saying. Real Estate brokers control this market and there bad vibes and pessimistic views on real estate in Dubai can destroy such a young market.
Below is an email i recently emailed to a few of my investors and past clients (12,000 of them)

Dear Sir/Madam,
Good day from Egeen Properties! I’m sure you will be happy to hear that the UAE property market is finally starting to stabilize a little after a huge drop in prices over the last few months. Here at Egeen we had a record month for the year 2009 and sold 22 units this month. Out of 22 properties sold 19 are ready units (or ready within the next 4 months) and 3 units are off plan.
Now things are stabilizing investors and end users are feeling more confident and are now looking to find the homes of their dreams at affordable prices. 99% of the distress sales have left the market and in some area’s we are even witnessing price battles again. Day by day more financial institutes are lending and I’m happy to say the market seems to be recovering. I personally feel that the market is back on track and between now and then year end the market will be fully recovered and back on track.
To enhance the sale of you home we advise you to upgrade the older units and make them look attractive. I was recently approached by “business 24-7” to give my opinion on renovating you house to make it feel like a home. Here’s the article:
http://www.business24-7.ae/articles/2009/4/pages/16042009/04172009_d7d2aaf12c704ae4a03534214a425b92.aspx
Now back to business, we have many clients looking for properties and would appreciate it if you are interested to sell to kindly complete the below form and email it back to me. I will then list the property and work on selling it for you immediately.

LISTING AND ENQUIRY FORM

Please complete & email to Mark@egeenproperties.com

To list a property kindly complete the below form (RENT & SALE):

Owners name
Owners Mob
Project Building/Location
Unit Type
Beds
Floor/St
View
Net Selling Price
Status
Remarks

Ps. If you would like to know a little more about Egeen Properties and who we are, feel free to visit our website at: www.egeenproperties.com

Good look and I’ll look forward to hopefully doing business with you soon.

Best regards,

Mark Carroll
Managing Director
Mark@egeenproperties.com



Dear Mark,

i totally agree with you, the negative vibe has effected the market of course. but we must keep in the mind that its also a matter of supply and demand, exaggerated prices in the past, high interest rate, high service charges. the prices must be realistic.

i have checked your website and your prices are very high.

2 bedrooms on the palm for 1 million pounds? (REF No. EG02048 )
1950 dirhmas per s/f for a 1 bedroom in dubai marina (when other agents are selling it for 1200 dirhams? (REF No. EG02063 ) (please check gulf news property section)

i am not trying to put you down, but please review your prices. make your sellers have realistic expectations.

Dear Mark,

i totally agree with you, the negative vibe has effected the market of course. but we must keep in the mind that its also a matter of supply and demand, exaggerated prices in the past, high interest rate, high service charges. the prices must be realistic.

i have checked your website and your prices are very high.

2 bedrooms on the palm for 1 million pounds? (REF No. EG02048 )
1950 dirhmas per s/f for a 1 bedroom in dubai marina (when other agents are selling it for 1200 dirhams? (REF No. EG02063 ) (please check gulf news property section)

i am not trying to put you down, but please review your prices. make your sellers have realistic expectations.


In Many ocasions i called Gulfnews contacts for the lows you are indicating but they seem to disappear/change their prices to a much higher price or
not answer at all, or say we will get back to you and never come back.

For accurate home prices, check-out "Actual Sale prices" in the report i attached last month.:)

Dear Mark,

i totally agree with you, the negative vibe has effected the market of course. but we must keep in the mind that its also a matter of supply and demand, exaggerated prices in the past, high interest rate, high service charges. the prices must be realistic.

i have checked your website and your prices are very high.

2 bedrooms on the palm for 1 million pounds? (REF No. EG02048 )
1950 dirhmas per s/f for a 1 bedroom in dubai marina (when other agents are selling it for 1200 dirhams? (REF No. EG02063 ) (please check gulf news property section)

i am not trying to put you down, but please review your prices. make your sellers have realistic expectations.
Hi,

Thanks for the feedback regarding my website. Unfortunately i try to educate the seller as much i can but sometime they just don’t listen.. If a seller insists on a price, what can we do? It’s my duty to advertise the property and should we get any offers we can try to negotiate.. Some sellers just don’t listen and are still under the impression that the market if booming.. If they are serious about selling they will realise after sometime the property is overpriced and then lower the price accordingly.

Mark

Hi,

Thanks for the feedback regarding my website. Unfortunately i try to educate the seller as much i can but sometime they just don’t listen.. If a seller insists on a price, what can we do? It’s my duty to advertise the property and should we get any offers we can try to negotiate.. Some sellers just don’t listen and are still under the impression that the market if booming.. If they are serious about selling they will realise after sometime the property is overpriced and then lower the price accordingly.

Mark

here are my two cents:

- reject a few sellers, the real ones will stick
- do not mix the good with the bad ( realistic with exaggerated prices )
- have a hot list (and show realllly good deals)


best of luck :)

I went to Emaar Sales offices yesterday to enquire about handover and they assured me that it would be in the 4th quarter of this year. Any thoughts on this?

What did you want them to say? I think they told you what you want to hear. Get it in writing and with a personal guarantee from ceo. Then maybe I would believe it.

The latest emaar can postpone without having to return payments with interest to clients is December 15,2009. So i assume they will make sure to handover before this date.

Yes, but that is only for those acceptable - and only in this crisis - that bought at original price...

Just put my 05 Fairfield on with mark at less than 1.2m
Bargain if any one wants a quick deal . All deals direct with Egeen Properties not through me please.


http://www.propertyfinder.ae/188500/

I assume emaar's risk managment practices encourages them to meet the deadline, to mitigate the risk of huge termination loses, in case of further declines in realestate values and possibly a worsening recesion. I think emaar
is pretty comfortable with a year-end delivery.

Hi

Any body have idea regarding service charges of PI?

Hi

Any body have idea regarding service charges of PI?

This was posted by Christian875 on March 16th.

Right now, I believe EMAAR is about 30aed psf. I have to believe that Park Island will be below that, so i'm hoping around 25aed psf, but you can never tell these days what is going to happen.

Today, I went to PI site and I spoke with one manager. He told me most jobs already finished and completion date is not more that 4 month later. I told, you tell me something as I want to listen and he told me, no. I tell you the truth. I hope so.

Today, I went to PI site and I spoke with one manager. He told me most jobs already finished and completion date is not more that 4 month later. I told, you tell me something as I want to listen and he told me, no. I tell you the truth. I hope so.

Thanks for the info. If the construction company completes in the next 4 months (i.e. by beginning of September), we should add another 1-2 months for connectivity to DEWA (thats the time they usually take unfortunately) + 1-2 months for Emaar inspection of the building and owner snagging. This would mean that delivery would be by December 09 / January 2010 at the latest. They might speed up in order not to be in breach of contract and take the last installment asap. I think December 2009 would be a realistic delivery date.

According to Du, http://www.du.ae/en/athome/homeservice-readiness.html , their services should be available in PI:

Dubai Marina - Park Island 392-286 (9QRST) 13-Sep-09 On Schedule

So maybe Q4 is possible after all?

If the construction company completes in the next 4 months (i.e. by beginning of September),


I doubt there is any chance of that at all - there is a massive amount of work still to do and construction progress always slows over the summer and during Ramadan.

Given the very slow progress so far and the amount of work remaining I doubt completion will be until early next year (March?) if we are lucky.

They might speed up in order not to be in breach of contract

I doubt that Emaar cares much about being in breach of contract - they have been breaching their contracts with their subcontractors for the past year so making us wait another few months is not really going to bother them.

Unfortunately I totally agree, especially comparing with Promenade, which looked ready for a year before completion

Totally, I hope construction will be finish as soon as very soon. :cheers:

I passed by PI today very fast and I guess that the last crane is being removed, can somebody confirm this?

I passed by PI today very fast and I guess that the last crane is being removed, can somebody confirm this?

Yes. I saw also.

So its Q42009 or Q12010 - i.e. 6 to 9 months from now. If they have taken down the last crane and we could add another 6-9 months for all internal work + connectivity. At Burj Views (DBD) - they took all cranes out in December and are delivering (really) in July (that's about 6 months). Well, whenever it is - I hope things are better then

Has anyone received a letter from Emaar regarding pre-registration with the Land Department? This will cost 3000AED!! Why so much money?

I received it but I really don't understand what is the point of pre registration when you wil have to register the property with Land Department anyway once completed?
The only reason I can see is generating some more money for nothing actually
I don't think I will do this pre registration
Any thaughts on this?

Does it protect the investor if Emaar went under as far as the ownership is registered in your name ?

No one have to pay for this. what this means already delay for handover!!!!!
if they finish on time we can make normal registration it is so funny

No one have to pay for this. what this means already delay for handover!!!!!
if they finish on time we can make normal registration it is so funny

What's funny is that when i asked emaar about this, they said it's mandatory before handover to you is allowed. They say it's the land department law:shifty::shifty:

Not that I would suggest that Emaar are ripping us off...perish the thought! But i suspect that the cost of pre-registering is nowhere near 3000 Dhs and might be as low as 370 Dhs.

Ref: http://www.clydeco.com/knowledge/articles/dubai-real-estate-alert-pre-registration-law.cfm

Also, how can they offer an "introductory cost" when its a government department process that has a fix fee?

Not that I'm suggesting that Emaar is ripping us off...perish the thought! But I suspect that the real cost for pre-registration is nowhere near 3,000 Dhs and could be as low as 370 Dhs.

ref: http://www.clydeco.com/knowledge/articles/dubai-real-estate-alert-pre-registration-law.cfm

Also, how can they offer an "introductory cost" when its a government department process with a fixed fee?

All I know is 3000AED is a joke. How can anyone, Emaar or the Land Department ask for 3000AED to just register a property?

I called RERA and stated that the pre-registration fee is mandatory but the fee itself may vary.

They told me to go to the Odooq website to find the actual fee required to be paid but could not find anything. Can anyone confirm that 3,000aed is the correct pre-registration amount?

^^This 3000 aed registration thing is a new way to get more money...

I only paid 1% in Oct 2008, as outlined here (in first box): http://www.dubailand.gov.ae/ld_website/english/Misc/Fees_English.aspx

Sunny, we paid ours a year ago but on all the completion statements fot The Point they have added 3390 dhs fee.

^^I would look to get that back... that takes the biscuit. No doubt once, if ever, bay central is finished then they will add that to mine!

What's funny is that when i asked emaar about this, they said it's mandatory before handover to you is allowed. They say it's the land department law:shifty::shifty:



There are a lot of low till now from Land Department and when Emaar use those Law?
property is dela. now we have to register and collect the key not look for tower and make pre register to safe investor!!! If they need money to finish project just say that not make a joke.

who want pay go head free

15/May/2009

Park Island

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15/May/2009

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Hi guys,

Is there not ANY chance that PI will be handed over in August as the last letter from EMAAR stated?

I'm planning on taking a months leave and I'm a little worried about doing it in august IF they should be finished by then? Does anyone think this is realistic?

/Peter

excellent update imre and hourad

thank you very much :)

speedpete.... august is impossible.... it won't be before 1st quarter 2010...

Visited dubai took the plunge and pre-registered it was painless except for the AED 3000:ohno:.
passed by the project, february/2010 if we are lucky. I think emaar focused on marina mall for better revenue returns from store rentals and this came at the cost of further delays to PI and other towers. :bash:

Hi guys,

Is there not ANY chance that PI will be handed over in August as the last letter from EMAAR stated?

I'm planning on taking a months leave and I'm a little worried about doing it in august IF they should be finished by then? Does anyone think this is realistic?

/Peter

Highly doubtful---they were making excellent progress but have slowed down considerably. All the cranes are down, but the number of workforce at site has definitely decreased. At the earliest, possibly a late 4th qtr 2009 handover barring a miracle. But at this point, a 1st qtr 2010 handover is more realistic.

Just put my 05 Fairfield on with mark at less than 1.2m
Bargain if any one wants a quick deal . All deals direct with Egeen Properties not through me please.


http://www.propertyfinder.ae/188500/

Now reduced to 1.06m including fees

Now reduced to 1.06m including fees

Dont sell now. Wait till after handover. Property is a long term investment and if I were you, I would wait till the crisis is over.

yes, do not sell, you can reduce your price as much as you want, but there are no buyers for off-plan properties, especially when nobody knows the handing-over date...

prices are different here , from 760k to 1.8 million:)

Better to wait , I think the market is stabilising now (no buyers but in this level also no sellers) , almost reached the bottom.

Just letting you guys know..I went to pay for my pre-registration fee with Amlak and they just called me today and told me to pick it up.

They said it's not required for properties that will begin handover by the end of next month. Now, there is no way in my opinion that handover will begin this summer but this is what Amlak has told me.

So now, I'm going back to get my check but it's interesting news indeed.

Just letting you guys know..I went to pay for my pre-registration fee with Amlak and they just called me today and told me to pick it up.

They said it's not required for properties that will begin handover by the end of next month. Now, there is no way in my opinion that handover will begin this summer but this is what Amlak has told me.

So now, I'm going back to get my check but it's interesting news indeed.

So it looks like Amlak is taking the Emaar announced hand-over date officially as July/09. In this case Amlak's action not to pre-register makes sense as it is so close to handover/registration. Or perhaps Amlak knows of an upcoming miracle that none of us know about:nuts:

i send email to emaar for any question for pre registration, the answer is:
Dear Mr. Alessandro,



We are in receipt of your email and would like to take this opportunity to thank you for your continued loyalty to Emaar and assure you of the highest standards of service at all times.

With regards to your query on pre-registration, please note that your particular project is excluded from the list of properties to be pre-registered, hence, once final payment and hand over is completed, you can proceed with land registration of your property.

Should you require any further assistance related to our procedures, please do not hesitate to contact Emaar Property Transfer contact numbers + 971 4 3661688 or toll free 800 Emaar (36227).



Regards,



Property Transfer Department

Emaar Properties PJSC


escuse for my english, im from italy

i send email to emaar for any question for pre registration, the answer is:
Dear Mr. Alessandro,



We are in receipt of your email and would like to take this opportunity to thank you for your continued loyalty to Emaar and assure you of the highest standards of service at all times.

With regards to your query on pre-registration, please note that your particular project is excluded from the list of properties to be pre-registered, hence, once final payment and hand over is completed, you can proceed with land registration of your property.

Should you require any further assistance related to our procedures, please do not hesitate to contact Emaar Property Transfer contact numbers + 971 4 3661688 or toll free 800 Emaar (36227).



Regards,



Property Transfer Department

Emaar Properties PJSC


escuse for my english, im from italy

Hi Alexpk

Thank you for the information. Just want to be sure, is your property in park-island.?

yes is my propriety faifield 1905

yes is my propriety faifield 1905

Many Thankx alex, i just called Emaar contact center and they confirmed that
they just received on "Wednesday" instructions from the land department on which projects require pre-registration and which dont. Unfortunately i had pre-registered a few days before:ohno: . I hope they will re-imburse:nuts:

Yes, it'll arrive with your cheque for the delay penalties :-)

Guys,

A friend of mine tried to enter to PI last Friday and it was stopped by some of the construction engineers. The feedback he got from them is that PI will be ready by end of July.

He went this week to EMAAR to request an official reply on this regard and he got a letter mentioning that effectively the Handover will happen by end of July.

I'm very confident that this will not happen, any of you have any feedback about it?

Cheers!

A miracle if handover is July. Did they mean July 2009? or 2010?

Emaar has to inform you 4 weeks prior to the last given date of expected handing over... so if it was July 1st they have to inform this week or next week...

I think it is July 31st, so they would call us in theory at the end of June. Nevertheless, I don't think this will be done until Q4 09 or Q1 10.

Maybe they need the last 20% payment... has anybody been inside recently? What about parking area, pool deck etc.? If the appartments and the parking bays are ready as well as the most important common areas it could be possible in 2009, but ok, July 31st is in 8 weeks time...

They normally do handover wilst doing snagging in gymnasium, pool etc.

Yes, it'll arrive with your cheque for the delay penalties :-)

This was exactly my centiment initially. Today, I got a letter from Emaar
indicating that all property owners will sooner or later have to pre-register and pay the AED 3000. They made an agreement with the land department to send the contract with the land department earlier for those who pre-registered in PI. They said I should get mine in a weeks time. Well, I'm glad this step out of the way :)

I was told just now that preregistration is exempted only for projects in downtown. Has anyone have an exact information if pre-registration is an obligation for Park Island, and if so are these 3,000 Aed deductable from the registration at the land dept. (1% ??) ?????????:wallbash:

You have to pay 3000 aed pre-registration fee even if you have property in downtown (DBD).

From Emaar property management department ;

Further to our telephone conversation, please note that pre-registration of all off-plan purchases is implemented in line with Law No 13 of 2008 issued by the Ruler’s Court regulating the Interim Real Estate Register of Dubai.

Please note that it is mandatory to pre-register all off-plan purchases and is a pre-requisite for any future transactions, including land registration. If the pre-registration is not applied for now, the fee will be collected at the time of land registration. Please also note that the fee of AED 3,000 is an introductory fee and may be subject to increase in the future.

I wish Emaar put new rules in their website.

If any one sells my 05 one bed on floor 11 Fairfield, ill do you a deal. I will pay your AED 3,000/- registration fee we want to net AED 1,000,000/- Thats a lot of starbucks coffees.

If any one sells my 05 one bed on floor 11 Fairfield, ill do you a deal. I will pay your AED 3,000/- registration fee we want to net AED 1,000,000/- Thats a lot of starbucks coffees.

Wait if you can, i rejected an offer of 1.8 last week for my 2br in bonaire. I'll sell in december

I was told just now that preregistration is exempted only for projects in downtown. Has anyone have an exact information if pre-registration is an obligation for Park Island, and if so are these 3,000 Aed deductable from the registration at the land dept. (1% ??) ?????????:wallbash:

All I know is, I paid the 3k aed pre-registration fee (through Amlak) and Amlak contacted me and told me to get my check back. They said it is not required for PI. I went back to Amlak and got my manager's check back.

Now, if they will come back and reinstate the pre-registration fee again is another story...

Thanks Christian875 for update on the Pre-registration fee, sound good to me.

If any one sells my 05 one bed on floor 11 Fairfield, ill do you a deal. I will pay your AED 3,000/- registration fee we want to net AED 1,000,000/- Thats a lot of starbucks coffees.


Can anyone give me information with regards to access to Fairfield 1105 as we have several agents wishing to show clients since we reduced the price again to AED 953,000/-. Can this be arranged direct with Emaar or are we still looking at Fridays . Are the internal doors open at weekends.

Just had a good walk all around the site and I'm afraid to say that there is very little progress happening. I don't know if Emaar failed to get enough money off the government to enable it to pay its contractors bills and get them to return, but there are no more workers on site now than there was at the beginning of the year. Of course the other reason could be that the government has told Emaar to slow construction so as not to release even more units into a falling market.

Whatever the reason for the slow progress, given that we are almost at July and there is very little work done over the summer months, I would doubt that handover would be before next May given the amount of work remaining and the amount of workers on site.

Still praying that Emaar dont go bust between now and handover whenever that will be.

Emaar going bust is an unreal fear. This brand is almost Dubai itself.

Emaar going bust is an unreal fear.

Yes, well after Lehman Bros, GM, Chrysler, RBS & Lloyds nothing is guaranteed.

We should get further information from Emaar in the next 2 weeks. Obviously, they will provide a new hand-over date.

Yes, well after Lehman Bros, GM, Chrysler, RBS & Lloyds nothing is guaranteed.

Properties and Equities , Apples and Oranges.

Hi all,

I got the below e-mail from EMAAR after requesting the new handover date:


Dear,



Thank you for your email with regards to the completion date of your property at Park Island.



We would like to take this opportunity to thank you for your continued loyalty to Emaar and would like to assure you of our highest standards of service at all times.



Please be informed that we are expecting a small delay in the handover date of your property and we would be able to further advise you on this before end of this month. We will be sending you the project update soon.



In the interim, please do not hesitate to contact us for any further assistance.

Yes, well after Lehman Bros, GM, Chrysler, RBS & Lloyds nothing is guaranteed.

No comparrison buddy. Emaar has some real assets prducing income, even if they are in Hotel and retail, it is still highly profitable. Just think about rents coming in from all the Malls, the 3 Address Hotels and the last payments of their projects they are just handing over like Burj views and soon Park Island. They are also developing the new tallest tower in Saudi Arabia, which should be fairly profitable since Saudi funding is behind it. Buy their stock, I did and already doubled my money in the last 2 months!!!!

Please be informed that we are expecting a small delay....

:lol::lol:

Obviously 'small' means different things depending on where in the world you are sitting.

No comparrison buddy. Emaar has some real assets prducing income, even if they are in Hotel and retail, it is still highly profitable.

LOL - if Emaar were 'highly profitable' they would have been able to pay their subcontractors and keep them on site - as it is they needed to get bailed out by Abu Dhabi. :nuts:

You're right, not th entire company, but anyway, how bad is a bail out by Abu Dhabi? Would you fear over the finances of single states or the US in general? Self explaining...

For those of you who passed by the site during working hours and did not see workers. Could they be in the rooms working on the finishing.? or this is just wishfull thinking.?. I guess i'm hopfull by "small delay".

Yes, well after Lehman Bros, GM, Chrysler, RBS & Lloyds nothing is guaranteed.

lets face it what RBS /Lloyds/GM have become is what Emaar is already, partially state owned! no real comparsion.

15/June/2009

Park Island and Bay Central

http://img29.imageshack.us/img29/1207/imresoltdubaiphotos079.jpg (http://img29.imageshack.us/i/imresoltdubaiphotos079.jpg/)

http://img29.imageshack.us/img29/5846/imresoltdubaiphotos080.jpg (http://img29.imageshack.us/i/imresoltdubaiphotos080.jpg/)

Very little going on here very small workforce. Can someone advise what ones Fairfield and poss post the floorplan to show a 05 unit thanks.

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For those of you who passed by the site during working hours and did not see workers. Could they be in the rooms working on the finishing.? or this is just wishfull thinking.?. I guess i'm hopfull by "small delay".

Well I can seen from my balcony how many buses of workers turn up each morning and for a project the size of PI there are not many.

Can someone advise what ones Fairfield and poss post the floorplan to show a 05 unit thanks.


http://i97.photobucket.com/albums/l212/sids666/Park_Island_Masterplan.jpg


http://i97.photobucket.com/albums/l212/sids666/Fairfield_Suite05.jpg

Many thanks.

worktopcreations@btc just sold his. They are fantastic sonce there is an unobstructed sea view plus a full Marina view, it's amazing, !!!

worktopcreations@btc just sold his. They are fantastic sonce there is an unobstructed sea view plus a full Marina view, it's amazing, !!!

Imre and Apple Mac Thanks for the update.
Worktopcreations,,,,,,,,,,,, Congratulations and best of luck!:)

Thanks to every one for your suport in the sale . I know the price is not fantastic . But the bigest loss is, the comunity spirit which is already building within the project which we wont be able to share in. I think it is a wonderful project and hope to come back in as a two bed owner one day.
I know you will all ask how much ,lets say we did obtain above the AED 950,000 /- That is its true value . If it was worth any more then im sure one of the 22 agents which I have worked with would have obtained it over the past 3 months and 3 agents over 12 months.
I also consider , we have been very unfortunate with sales and the falling prices . If we had sold 12 months ago we would have a 2 bed next week and change in the bank. It is just a poor market. I hope things improve for you all and you make lots of profit.
If any one else wishes to sell please contact me and I can tell you which agents are the best to deal with , The ones who are full of .... and the one who want the sale at OP.

Thanks and good luck to all .:)

Thanks to every one for your suport in the sale . I know the price is not fantastic . But the bigest loss is, the comunity spirit which is already building within the project which we wont be able to share in. I think it is a wonderful project and hope to come back in as a two bed owner one day.
I know you will all ask how much ,lets say we did obtain above the AED 950,000 /- That is its true value . If it was worth any more then im sure one of the 22 agents which I have worked with would have obtained it over the past 3 months and 3 agents over 12 months.
I also consider , we have been very unfortunate with sales and the falling prices . If we had sold 12 months ago we would have a 2 bed next week and change in the bank. It is just a poor market. I hope things improve for you all and you make lots of profit.
If any one else wishes to sell please contact me and I can tell you which agents are the best to deal with , The ones who are full of .... and the one who want the sale at OP.

Thanks and good luck to all .:)

Please let me know In case you know of anyone that wants a two bedroom, i have it and i'm interested in a one bedroom (fairfield 05), the difference in price can be negotiated. Best of luck:)

Congrats on the sale David, hope you got the price you were looking for.

Sorry you didnt make the sale you were in out top 5 agents and your advice was correct . If any one is considering selling dont forget this guy.:banana:

Thanks David!

Im looking for a 2 bed in PI right now. Have a client who's budget is around Aed.1,650,000/ If anyone wants to sell do please let me know.

cheers!

Please let me know In case you know of anyone that wants a two bedroom, i have it and i'm interested in a one bedroom (fairfield 05), the difference in price can be negotiated. Best of luck:)

HI BAVARIAN,I HAVE A 1BED AND WOULD GLADLY GO FOR 2 BEDROOM,AND NEGOTIATE ON DIFFERENCE.LETS TALK AND MAKE A DEAL OF THE CENTURY.

HI BAVARIAN,I HAVE A 1BED AND WOULD GLADLY GO FOR 2 BEDROOM,AND NEGOTIATE ON DIFFERENCE.LETS TALK AND MAKE A DEAL OF THE CENTURY.

Hi

Is your 1br a fairfield 05 and what floor.? if yes and above 12 floor pls. private message me.

Hi All

First of all, this Forum has been a very interesting read, and the picture updates have been fantastic throught (yes, I read all 930+ posts!!)...

I have just purchased an 03 unit in Blakely (2 br) which I have been told has a full Marina View?? I got it at the original off the plan price which I thought was a bargain...

Is it realistic to expect the building to be handed over in December 09? I know there has been a bit of speculation (Q42009, Q12010), but wanted to see if anyone has an update or has received anything off Emaar....

Also (and apologies for all the questions), but does anyone know how I can register with Emaar as the new owner so I can receive updates directly from them?

Many Thanks to you all...

Naz

It is not realistic to expect handover this year.

As for registering with Emaar - if you bought on the secondary market then the sale should have been done through Emaar (we actually had to go to their office) so they should know that you are the current owner of that unit - they like to know that so they know who to chase for the last installment.

26/June/2009

Park Island

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26/June/2009

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Does anyone have any idea what the 'new' handover date is for Bonaire?

What is this pink part of the roof on the villas? :)

What is this pink part of the roof on the villas? :)


Possibly Thermal Insulation.

Has anybody received new handing-over date?

I just talked to the guy from EMAAR. He said that they have 30 November 2009 as the new date for handover.
However this date has not been confirmed yet and apparently it will be confirmed today or tomorrow latest when they will start sending letters to the owners.
With some extra efforts doesn't sound impossible (if you don't compare it with Marina Quays ordeal :bash:)

I don't know, I have the feeling that later on they will delay it further until end of March 2010...

That is very possible I have to say... specially keeping in mind the latest news about EMAAR's merger with Dubai Holding companies.

I think that we will experience handovers controlled by the government depending on the market conditions very soon.

Generaly that would be highly beneficial for Dubai property market but definitely not for the owners waiting to get their homes to live in

I just talked to the guy from EMAAR. He said that they have 30 November 2009 as the new date for handover.
However this date has not been confirmed yet and apparently it will be confirmed today or tomorrow latest when they will start sending letters to the owners.
With some extra efforts doesn't sound impossible

It is impossible - from Wednesday we are into the reduced summer working hours and then we have Ramadan from end of August until end September.

So unless a magician is going to be onsite for October and November then handover is going to be next year.


I agree with m2 - apart from Emaars well known financial woes I suspect that the government have told them to slow construction.

Does anyone plan to terminate .? Do you think it's beneficial in term of cutting losses considering alternative investments or is the current property valuation for PI too good to terminate.

Hi all,

I just called EMAAR after getting an SMS mentioning about an update on the project. They just told me that the new handover data is October 30th, not sure why it was mentioned on a previous post November 30th.

Moreover, the reason behind the delay is related "as per their comments" to the status of the common areas (not ready). I´m sure this is applicable also to the interior of the buildings.

Hourad, as per your previous post it seems that you went into the building, do you have any picture/comments from the inside?

Regards

I just wish that we could have clarity about the actual handover. If only they could just be honest about the actual handover date. It would make my life easier. I am still in limbo abount renting for a year (which is cheaper) or renting monthly (more expensive option) because I don't know when my apartment will be completed.

Any suggestions?:ohno:

Friday evening, I went inside of Park Island. One of my friends invited me in Marina Terrace. I saw one way from 26 floors of Marina Terrace. Then around 6 o’clock afternoon I decided to go in Park Island. Weather was going to dark.

There are 4 entrances in Park Island right now and I show the entrances in bellow image with blue color. Also, I show in this picture the way of passing with red color. I came inside, then I went to parking, then from stairs I went to 11th floor of Fairfield and I came down. Again Parking. And at least from entrance of 3, I went out.

I took picture from my phone. Resolution of pictures is not clear. I had 3 more pictures from inside of building and you can see it in bellow.
I don’t have information about construction. But my opinion is, Park Island will be finish at end of 2009. Because I saw so many areas still is pending.

Best Regards,
Detective Hourad :)

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Hi all,

I just called EMAAR after getting an SMS mentioning about an update on the project. They just told me that the new handover data is October 30th, not sure why it was mentioned on a previous post November 30th.

Moreover, the reason behind the delay is related "as per their comments" to the status of the common areas (not ready). I´m sure this is applicable also to the interior of the buildings.

Hourad, as per your previous post it seems that you went into the building, do you have any picture/comments from the inside?

Regards


Friday evening, I went inside of Park Island. One of my friends invited me in Marina Terrace. I saw one way from 26 floors of Marina Terrace. Then around 6 o’clock afternoon I decided to go in Park Island. Weather was going to dark.

There are 4 entrances in Park Island right now and I show the entrances in bellow image with blue color. Also, I show in this picture the way of passing with red color. I came inside, then I went to parking, then from stairs I went to 11th floor of Fairfield and I came down. Again Parking. And at least from entrance of 3, I went out.

I took picture from my phone. Resolution of pictures is not clear. I had 3 more pictures from inside of building and you can see it in bellow.
I don’t have information about construction. But my opinion is, Park Island will be finish at end of 2009. Because I saw so many areas still is pending.

Best Regards,
Detective Hourad

http://i42.tinypic.com/289vrbk.jpg

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LOOL thanks Hourad.

thank you Hourad

Any one received the letter yet from emaar with the (next) official handover date? shouldn't we have received it by the end of June at latest?

mine must be in midair.:fiddle:

New official handover date 30 October.

New official handover date 30 October.

Yah just got mine too...but expect another extension (till Q1 2010). There's no way handover will happen in Oct especially with Ramadan coming up.

I make this the 5th official date pushback...(1 original, and 4 new ones...)

I am not sure I can keep up with Emaar anymore!

I make this the 5th official date pushback...(1 original, and 4 new ones...)

I am not sure I can keep up with Emaar anymore!

Do the letters from Emaar come with any kind of explanation what so ever as to why they keep pushing the handover date back? (Apart from the obvious that is which is that the buildings are no where near finsihed!!)...

My wife and I are in the same boat as some of you guys and we don't know whether to rent for another year (starting the end of this month when our current tenancy contract ends), or rent on a monthly basis which could be very expensive if this is going to go on for a further 6 months... :ohno:

Today

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:ohno: GUYS CAN SOME ONE TELL ME WHAT HAPPENS WITH THE PENALTY EMAAR HAS TO PAY US FOR THE DELAY WE ARE EXPERIENCING IN ALL THIS
COUGH UP.OF COURSE I AM :cool:

10/July/2009

Park Island

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GUYS CAN SOME ONE TELL ME WHAT HAPPENS WITH THE PENALTY EMAAR HAS TO PAY US FOR THE DELAY WE ARE EXPERIENCING IN ALL THIS


has to pay? :ohno:

I'm having the same problem. Renting on a monthly basis is twice as costly as renting on a yearly basis - for me. So a realistic date is much more important for me instead of a continous push-forward of the handover date!

Is the generel consensus in this forum that the handover date will be postponed to Q1 2010? I remember a person in here once wrote that EMAAR has to pay some kind of fee (i'm unsure why?) if the handover was not done within dec09? This COULD be an incentive for EMAAR to get things done before then? But then again....it's Dubai :)

Short term rental does not need to be more expensive. Just find an Apartment with quarterly payments or even monthly. You can do a yearly contract and you will have a 2 months notice period for cancellation according to Dubai law, which can not be changed, no matter what, so there is no need for expensive short-term rentals

Barracuda is right. In the current crisis, many landlord are very flexible in order to find a tenant at all. Emaar is srewing all of us by not supplying a realistic and RELIABLE date of handing over. They do not have a problem in doing that again. Progress has slowed down on most of their developments, not only on PI. For sure some contractors are waiting to be paid...

ok - thanks for the info.

Just a quick note: Are you sure that Dubai law states that the penalty for cancelling your contract sooner than the 12 months are a maximum of 2 months rent? I just checked my contract and here it states that the penalty is 3 months, but that doesn't make it in accordance with the law :).

BR

There is no penalty, only a notice period of 2 months, in which you can still use the premises, therefore no penalty in case you stay the 2 months. # months is the notice period that the landlord has to give in case of a cancellation, which is only possible at the end of the lease from the landlord's side. Anything else in the contract does not comply with the law and can be ignored.

New to this site, I have a 2 bed in Fairfield and am currently renting until handover. Most landlords are flexible, initially we took out a 6 month tenancy which ends in Oct (we had allowed a few months on top of the July proposed completion date) but have just extended that until Jan next year as I don't think it will be ready until Q1 2010. The landlord was quite open to an extension as there is plenty of empty units in the Marina. Don'y bother with agents as all they want is their 5% of annual rent hence why they say the landlord won't consdier it. Talk to the security guys and building managers of the buildings - they know which ones are empty and have the landlord details to hand....

New to this site, I have a 2 bed in Fairfield and am currently renting until handover. Most landlords are flexible, initially we took out a 6 month tenancy which ends in Oct (we had allowed a few months on top of the July proposed completion date) but have just extended that until Jan next year as I don't think it will be ready until Q1 2010. The landlord was quite open to an extension as there is plenty of empty units in the Marina. Don'y bother with agents as all they want is their 5% of annual rent hence why they say the landlord won't consdier it. Talk to the security guys and building managers of the buildings - they know which ones are empty and have the landlord details to hand....

:bash:Dear Mister, I'm a estate agent and your suggestions are fairly unwise. First of all anyone has the right to find the apartment he wishes in whatever way he prefers. If some decide to go to an agency it's because in most cases you have a little more security that you are paying the real owner and going to have a contract at hand. You could go to the security guy but should the guy give out names he is breaching a basic privacy law which in Dubai is not yet imposed but needs to otherwise all those expats who want to pay their properties with undeclared money from taxes are not going to invest in this country. Finally in today's market where everyone seems to be running with someone else money it's wiser to ask an agency who can then assist you should any problem arise. If you think paying 5% is going to change your life then you rather immigrate in some third world country. I'm sure rents are cheaper and malaria or aids are for free.

By the way. Should anyone be interested in a 1 bed Fairfield I have a unit 4, good price, pay onlt 200 K Aed till completion.

That's true, I would never rent something without an agency as a witness and an agent to handle issues such as unpaid DEWA and AC charges etc... Landlords always want to squeeze soemthing out of the tenants in all kinds of ways, so the use of a broker is very much recommended

New to PI and new to the forum!

I too am in the same situation as serveral of you seem to be. I have recently bought a place in PI, and hope to move in when my tenancy contract expires. However this is in December, and judging by recent discussions, it is likely that the handover date will be delayed further.

What I intend to do is speak with my agent, and try to arrange an extension. I think 3 months should suffice. I will be happy to pay 1/4 of the yearly rent plus a premium plus agency fees.

It will be roughly the same price if not cheaper than renting somewhere on a short term basis, not to mention avoiding the inconveniance of having to move twice.

What is the current average price per sq/ft nowadays in PI?

And what are everyones predictions for the property value in the coming years?

:bash:Dear Mister, I'm a estate agent and your suggestions are fairly unwise. First of all anyone has the right to find the apartment he wishes in whatever way he prefers. If some decide to go to an agency it's because in most cases you have a little more security that you are paying the real owner and going to have a contract at hand. You could go to the security guy but should the guy give out names he is breaching a basic privacy law which in Dubai is not yet imposed but needs to otherwise all those expats who want to pay their properties with undeclared money from taxes are not going to invest in this country. Finally in today's market where everyone seems to be running with someone else money it's wiser to ask an agency who can then assist you should any problem arise. If you think paying 5% is going to change your life then you rather immigrate in some third world country. I'm sure rents are cheaper and malaria or aids are for free.

I think you are not selling or renting too many properties nowadays considering your hanger......

:bash:Dear Mister, I'm a estate agent and your suggestions are fairly unwise. First of all anyone has the right to find the apartment he wishes in whatever way he prefers. If some decide to go to an agency it's because in most cases you have a little more security that you are paying the real owner and going to have a contract at hand. You could go to the security guy but should the guy give out names he is breaching a basic privacy law which in Dubai is not yet imposed but needs to otherwise all those expats who want to pay their properties with undeclared money from taxes are not going to invest in this country. Finally in today's market where everyone seems to be running with someone else money it's wiser to ask an agency who can then assist you should any problem arise. If you think paying 5% is going to change your life then you rather immigrate in some third world country. I'm sure rents are cheaper and malaria or aids are for free.


Italydubai

Relax , things will get better for sure.

Friday Morning

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17/Jul/2009

Park Island

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I recently bought a plce in PI, and naturally called up Emaar to make some enquiries prior to the transfer.

Initially the representative said that the handover would be on Nov 1st, but then about 5 mins after hanging up, he called back and said that it would infact be on Oct 1st.

Now judgeing by recent comments, the popular concensus is that it will not even be handed over until circa Q1 2010!

Do we really believe that they cannot wrap up in 2 - 3 months?

22/July/2009

Park Island

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I think this is a nice looking complex.

Brilliant Photo Imre :)

I am looking to swap my 1 bedroom apt in Sanibel (12th floor) to a 2 bedroom apartment due to an arrival of a new member in the family. Appreciate if anyone who is interested message me and work out a mutually agreeable deal and i will pay the difference.

Congratulations!!!!

Unfortunately I can't help at the moment.

Still loads to do - talking to the Security guys on site this morning they are saying at least another 6 months.

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Thanks for great pictures! There are not many workers! Who knowes how many people are working in PI now?

Hey guys, Emaar wrote they want to be sure they give you the best quality, therefore be patient .............. another 5 years

Hey guys, Emaar wrote they want to be sure they give you the best quality, therefore be patient .............. another 5 years

Sure for EMAAR Quality (:applause:) as comparred to others (:storm:)
one should be willing to wait, lets say 3 more years?.

Don't Emaar have to pay a penanlty if they don't deliver before a certain date?

No penalty... but you have the right to return the appartment at the original price in case they delay more than 12 months... actually incredible. In Europe they would be sentenced to jail...

No penalty... but you have the right to return the appartment at the original price in case they delay more than 12 months... actually incredible. In Europe they would be sentenced to jail...

Are they not below OP now? - if so it might not be a bad deal.

At betterhomes the small 1 beds start at 860.000 up to 1.400.000 but I doubt that any transactions are being done presently at prices >1.100.000 since you can buy completed ones from Emaar (MP etc.) at 1.300.000. The 2 beds start at 1.400.000 ...

Keep in mind that Emaar itself increased the prices continously during sales. In late 2007 I was offered a 2 bed at 1.750.000 from Emaar which would be a fantastic price nowadays for a property with an unknown date of completion.

Well I just bought one of the waterfront villas at OP.

Have I over paid?

Time will tell...

this explains it all http://www.arabianbusiness.com/563411-burj-dubai-linked-to-4bn-claim-

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I understand the landscape fountain but is that a small pool upstream.?:nuts:

That pool looks quite small and tight to host tenants of around 500 appartments and villas...

Dears,
This area is waterscape. Is not swimming pool. I took below picture on 26/06/2009. During one month, you can compare construction update.

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Dears,
This area is waterscape. Is not swimming pool.


I think you are mistaken there - the blue areas in Kevan's picture is the pool.

If you look at the original models of the development this is the area for the pool.

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:cheers: