#UNDER C: CANAL RESIDENCE WEST, 12F-20F Res (5 towers) (Sports City)

[UAE Investor]

Originally Posted by Gavinmanc

I am reliably informed the economy in Dubai is buoyant. This is now reflected in investment property, prices are without doubt rising across the city, investors are buying up property which is increasing value. the future looks very promising right now in Dubai. Every unit in CRW is sold.
Why all the doom and gloom? Things are not nearly as bad as some make out as the future looks much, much better than it did 12-24 months ago.
OK, the developers have delayed construction as a tactical move but we will get our apartments, and its likely they will be valued up.
Try to be more positive, these are the facts.

Prices are rising across some regions in Dubai but not DSC .

And will continue to slide as long as the development is unfinished by DSC ..

my information says that won,t happen..so roping us in with renewed interest in the palm/ downtown/DM and other areas is just nonsense..

One has to bare in mind the huge interest / investing by innocent people in Dubai sports city... was one of the biggest in Dubai..and yet the government just turned there backs on it..period!

[Gavinmanc]

Prices for unfinished units in Sports City will not rise, because they are unfinished and therefore are not attractive acquisitions.
Prices will remain stable until completion, when these units are handed over, they will rise in price, there is no doubt.
It would be unusual for an investor/property speculator to turn to the government for help when a downturn occurs in the market, thats not how it works.

[GTR11]

Originally Posted by Gavinmanc

I am reliably informed the economy in Dubai is buoyant. This is now reflected in investment property, prices are without doubt rising across the city, investors are buying up property which is increasing value. the future looks very promising right now in Dubai. Every unit in CRW is sold.
Why all the doom and gloom? Things are not nearly as bad as some make out as the future looks much, much better than it did 12-24 months ago.
OK, the developers have delayed construction as a tactical move but we will get our apartments, and its likely they will be valued up.
Try to be more positive, these are the facts.

I have not invested in this project but you are missinformed, what you are talking about is property which is 100% finsihed... dont forget about the 500+ cancelled projects and tens of thousands of people waiting for never coming refunds.

[GTR11]

Originally Posted by Gavinmanc

Prices for unfinished units in Sports City will not rise, because they are unfinished and therefore are not attractive acquisitions.
Prices will remain stable until completion, when these units are handed over, they will rise in price, there is no doubt.
It would be unusual for an investor/property speculator to turn to the government for help when a downturn occurs in the market, thats not how it works.

You are correct but we cant even turn to the government for crooked developers....! I dont consider this my fault and I do not think anyone does.

I am more than happy to lose 99.99% of my apartment value due to the global economic situation but I am not going to accept even 0.0001% responsibility for the lack of governance by the UAE government, why should I pay the price for the lack of laws protecting investors? Dubai is like the rest of the Middle East, Just with smoke and mirrors..... it is like a beautiful girl but with rotting teeth!

[kamenoff]

Originally Posted by Gavinmanc

Prices for unfinished units in Sports City will not rise, because they are unfinished and therefore are not attractive acquisitions.
Prices will remain stable until completion, when these units are handed over, they will rise in price, there is no doubt.
It would be unusual for an investor/property speculator to turn to the government for help when a downturn occurs in the market, thats not how it works.

In this situation why the Government promised that our "investments" are secure? Why they don't build the infrastructure. These projects without infrastructure are absolutely useless. Most of the investors in this forum have paid over 75% of the unit price. Where is the justice for the crooked developers? As GTR11 said there is no FAIR law for investors in Dubai and I don't see how investors will return to the market in such hostile to investors environment....

[miser developer]

kamenoff its good for us if they refuse to refund us developers aren't ruler of Dubai and they have to put heavy fine we can mention in petition and in letter don't worry

[Akasha]

Originally Posted by miser developer

kamenoff its good for us if they refuse to refund us developers aren't ruler of Dubai and they have to put heavy fine we can mention in petition and in letter don't worry

erm and who do you think owns the master developer of CRW? Yeah good luck with that. Too political, there will be no recourse - I and other investors have been told that.

[UAE Investor]

Originally Posted by Akasha

erm and who do you think owns the master developer of CRW?

Yeah good luck with that.

Too political, there will be no recourse -

I and other investors have been told that.

you been told ,so you just except !

What about in arbitration /courts etc

[unknownpleasures]

I don't have any idea what the petition is going to do, anyone know what it really means!

[miser developer]

for refund our invested amount + interest

[basheer.mohammad]

Originally Posted by miser developer

for refund our invested amount + interest

you think just by signing the petition they will refund us? very unlikely

[Akasha]

Originally Posted by UAE Investor

you been told ,so you just except !

What about in arbitration /courts etc

Yes, I and other investors sought legal advice. To go to arbitration could literally take up to and over a year at a cost of over 70,000 Dhs.

The only way for people like me who have a mortgage on the property to get out of it, is if the bank terminates the contract and they won't. Plus as per RERA regulations if a property is past a certain percentage complete, they won't do anything.

The developer has no money left, so where do you expect these refunds etc to come from?

Trust me I have spoken to quite a few property lawyers regarding all of this and they've all said it's pretty hopeless.

[Stephendxb2]

The best course of action was to voice your individual concerns regarding the imminent Dubai Investor Protection law. “Whilst the Investor Protection Law contains several aspects that would help investors for off-plan property acquisitions, these provisions are not stated to be retroactive and therefore may be of little benefit to existing investors, particularly those who have invested in projects which have since stalled or which have been cancelled” That said, RERA did ask for feedback and if enough investors replied – I certainly did. Perhaps, just perhaps they might take a little notice...

[miser developer]

today i got reply from RERA you do also emansoori@rera.gov.ae
yesterday i forwarded e-mail he replied send me an e-mail which is i can read please you also cliam this e-mail was from trust account head section

Essa Al-Saeed Al-Mansoori i am complainting against memon developer i will show you that e-mail

[kamenoff]

Originally Posted by Akasha

Yes, I and other investors sought legal advice. To go to arbitration could literally take up to and over a year at a cost of over 70,000 Dhs.

The only way for people like me who have a mortgage on the property to get out of it, is if the bank terminates the contract and they won't. Plus as per RERA regulations if a property is past a certain percentage complete, they won't do anything.

The developer has no money left, so where do you expect these refunds etc to come from?

Trust me I have spoken to quite a few property lawyers regarding all of this and they've all said it's pretty hopeless.

Akasha,
I was on the same boat and threw out a few thousands to lawyers just to tell me that nothing can be done. Who is responsible for this? There are so many options...take devepolers licenses, auction the stalled projects and so on. The truth is that the Government let us down and unless they sort out the mess they created the investments in Dubai will be misserable...

[miser developer]

yes this is the exact point you said i agreed thats why i selected my user name miser developer

[UAE Investor]

The world still does not know how MUCH the Dubai government exposed investors to loses from 2005 /2008 !

They have to take some respsonabilty IMO

Shiek mo,son thought up DSC ...also had an official visit there recently...

Dubai government would have given the release for off plan sales there 2005/6

Way too early ,while still virtually desert

DSC was and still remains one of the most heavily invested areas in Dubai,many investors choose it over other areas in Dubai...

Most companies who where allowed to build in DSC did not have the finance, to sustain any down fall..they just let any one set up shop and take investors deposits..and now we see the result

including the three directors of DSC ...WHY DON,T THEY MAKE A STATEMENT...WHY DON,T THEY COME OUT OF THERE HIDING HOLES !

[kamenoff]

Good point!

[miser developer]

http://gulfnews.com/news/gulf/uae/cr...flat-1.1050839

[unknownpleasures]

Again, the petition will do nothing if the govt doesn't change what has occurred in the past and make good.