Property & Investment in Dubai: Your questions about the market

[glover]

For the DEWA bill, i think you can give them the deposit receipt instead, the one you got when opening the account!! try that.

Originally Posted by True Blue

Did anyone notice the closing comments?

http://www.emirates247.com/news/emir...08-06-1.470325


I tried to register my tenancies with Ejari, however they wanted a copy of the tenants Dewa bill in their name. Just crazy as this means waiting at least a month for the bill to be issued, by which time I am back in UK.

[DUBAI INVESTOR]

The bortom line is that the judicial system is illprepared to deal with the flurry of complaints levied their way and nor do they have the experience or resolve to fix the problems. Excerberating the problems is the avalanche of new laws, draft laws and regulations that many times contradict themselves, the reason posters in this forum get into lengthy debates on what is right or wrong. Incidentally the same thing happens in the Dubai courts.

The only way forward and SAVING Dubai's fragile property market is to issue clear directives that all stakeholders have to abide by, whether expat or Emirati investor, UAE courts, lawyers ,RERA and all the way up to Sheiik Mo. No secret exceptions allowed as in Emaar and Nakheel excempt from The Escrow account Law etc. The Dubai property market has been up and running for almost 10 years so there are no excuses. I propose to bring in a team from a established market and let the run the system for a few years of conjunction with local employees. A system like this was used successfully back in Europe in the 1700's.

Clarity in the market will bring stability and eventuality more prosperity to Dubai, something that benefit us all, emirates and expats.

To answer TB earlier posting, I have reduced my UAE holdings in light of what I see as a deteriorating market and also started posting on this site using a VPN service to cloak my identity, wasn't there just 50 people arrested accused of undermining the state of UAE ? U all still out there guys ?? : )

[Dubai_Steve]

Lots of positive talk in the property news I see recently

Some assets in Dubai’s property market are now undervalued, and it is realistic to expect that prices can regain their 2008 highs, one of the emirate’s most prominent property bosses has claimed.

http://www.arabianbusiness.com/dubai...ef-468563.html

The Dubai property sector is showing strong signs of recovery following the 2008/2009 crash that hit Dubai investors during the international financial crisis. Citing a report from property management company Asteco, Alicia Buller, Editor of gulfbusiness.com said "the real estate market in Dubai is finally showing signs of a return to positive growth, the market is indicating that these increases in property values are being driven in communities populated by expats, reinvigorating investment in the United Arab Emirates."

http://www.traveldailynews.com/pages...and-apartments

Dubai real estate market has achieved a 21-percent increase in activity during the first half of 2012 compared to the same period of 2011, Arabian Business reported.

http://www.menafn.com/menafn/1093543...ivity-up-21-H1

[unknownpleasures]

Originally Posted by Dubai_Steve

Lots of positive talk in the property news I see recently



http://www.arabianbusiness.com/dubai...ef-468563.html



http://www.traveldailynews.com/pages...and-apartments


http://www.menafn.com/menafn/1093543...ivity-up-21-H1

Hey great news......is it true? Anyone experience a change yet?

[unknownpleasures]

Originally Posted by MarkWass

Don't think so..

He's not responsible for making the laws including this draft proposal.. just gave his views on why, what and ..ahem... when...

I imagine most lawyers would say similar.

You would be very surprised who has a hand in such things! Draft laws are made up by lawyers......that's where they all come from in the first place!

[I Know]

UAE banks may reconsider lending to Brits after High Court case

UAE mortgage lenders may be reluctant to lend to British expatriates, with some considering demanding power of attorney so they can foreclose on defaulters’ properties, after an Abu Dhabi bank failed in its attempt to extradite a British woman who had defaulted on her mortgage and absconded to the UK.

http://www.arabianbusiness.com/uae-b...se-469049.html

[True Blue]

This article is verging on racist. Never heard of anyone going to jail for defaulting on a mortgage. No wonder they failed to extradite her. The banks need to take more care over ascertaining the true value of the asset and writing in conditions to the mortgage that allow them to repossess the asset and sell it to pay the debt. It was not her fault that the value of the property fell by so much, in fact it was caused by the banks. How many bankers have been jailed for all the shit they have caused around the globe?

I have a neighbour who defaulted on their mortgage and ended up divorcing and walking away from the house. The house is now worth £200k less than what they paid for it (not their fault) but neither will ever get a mortgage again even if they remarry with other partners. If they jailed people for defaulting on their mortgages in the West, they would need to build many more prisons.

[Morten_Denmark]

Be careful with requests as below - want to pay in four payments - re-rent the apartment in 1 payment and your second payment bounces back and you cant do anything about it. Just ask for 1 payment :-) Also they offer 50% over market price. If stuff sounds too good to be true its often because its not true :-)





Hi,


Good Day!



I hope you are doing well.



I am Looking for my client few unit for RENT (Please see below)





· 2 Units of 1-2 B/R must have a nice view



· 2 Units of 2-3 B/R, furnished or unfurnished, open budget



· 1 Unit of 3-5 B/R, want to move ASAP





All these Units we are looking for our corporate clients, Emirates Airline Staff, Dubai Petroleum, Luke Oil, Samsung, ADCB, LG, NBD, Thrakees Group, Fairmont.....





Please Let me know if you have the above property for RENT.

[Imre]

Luke Oil

What a rubbish, more companies doing the same business now, just wondering why the RERA /Dubai Police allowed this ?

They are offering high rentals without any knowledge and viewings..

[Morten_Denmark]

Originally Posted by Imre

Luke Oil

What a rubbish, more companies doing the same business now, just wondering why the RERA /Dubai Police allowed this ?

They are offering high rentals without any knowledge and viewings..

It always end bad for bad people as in bad karma. They will eventually get caught. I forwarded the correspondence to RERA - after enough mails from various people I hope they will react

[johnsmith20054]

Thanks for the information. I am also looking property in dubali and i get good information from this forums


Real Estate India Property

[beer51]

Hi

Has anyone tried registering their rental contract online on the ejari system, is it difficult as it used to be.

thanks

[Imre]

Originally Posted by beer51

Hi

Has anyone tried registering their rental contract online on the ejari system, is it difficult as it used to be.

thanks

Its getting complicated , 2 Ejari at the moment

The old still the same , online system but before you need a training ( 500 AED) then you will have an access to the system or you can do it through property management companies or owners representative also can do it.. I think its still 160 AED.


The new Ejari for tenants , actually its just an attestation of the tenancy contract for new visas or visa renewal , its easier you need title deed or affection plan,DEWA or other utility bill and tenancy contract and cost around 195 AED, if I remember right.Youi need to visit the Land Department for it.


The rules changing weekly now , its really hard to follow..DEWA is the same , you will never know what kind of documents/details will they ask when you visit them Just like a lottery ..

[beer51]

Thanks Imre.

Is there a time limit to when the tenancy contract has to be registered on the ejari system. Common sense tells me within 1 month of signing the tenancy contract but this is Dubai.

[I Know]

Nakheel said to sell Palm plot for $109m


Dubai developer Nakheel said on Sunday it had sold a plot of land on Palm Jumeirah for AED400m ($109m).

The 305,704 sq ft plot was bought by a local investor the company didn’t identify, Bloomberg reported.

Nakheel said the sale showed there were "clear signs of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah".

http://www.arabianbusiness.com/nakhe...9m-469522.html

[Opus 2009]

Originally Posted by beer51

Hi

Has anyone tried registering their rental contract online on the ejari system, is it difficult as it used to be.

thanks

Pretty complicated - it all needs to be translated in Arabic!

[I Know]

Dubai Brit sees 12-year jail term for swindle cut

A British executive who was found guilty of embezzling AED2.4m (US$653,400) from a Dubai World subsidiary has seen his 12-year jail sentence reduced by half by a Dubai appeal court.

Michael Bryan Smith was originally given a ten-year prison sentence for abusing a public office and an additional two years for forging salary transfers and using forged graduate and post-graduate degrees.

Smith, who worked at property developer Limitless from January 2007 to June 2008, argued that Limitless was not a public company when he started his employment and asked for the charges stating he abused public office to be dropped.

In its verdict on Sunday, the Dubai Appeal Court reduced Smith’s sentence by half, but stated he would still be required to repay the AED2.4m he was accused of embezzling.

http://www.arabianbusiness.com/dubai...ut-469668.html

[unknownpleasures]

Has anyone written and received a response re below?


http://www.dubailand.gov.ae/English/Investor_law.aspx

Skip Navigation Links >Home >Draft law on the Protection of the Real Estate Investor

Request for Feedback

Draft law on the Protection of the Real Estate Investor

The Dubai Land Department is keen to provide the best services to its dear customers. We call on those involved and concerned with real estate investment in Dubai to review the draft law on the protection of the real estate investor available at the following link

(Draft law on the Protection of the Real Estate Investor)

Kindly note that the law covers the following phases:

1. Real estate project development
2. Property purchase
3. Completion and delivery
4. Usage by the investor

Participation time is over

[Da23vidgd]

growth just by expanding." growth just by expanding."

[I Know]

Asteco to launch online property auctions

UAE-based real estate consultant Asteco Property Management plans to launch an online property auction website in a bid to lure more international investors to the Gulf state’s property market.

Asteco, which has been operating in the UAE since 1985, said it had signed a deal with US-based LFC International Real Estate Brokerage to offer the service.

“The real estate market in the UAE, particularly Dubai, continues to draw a significant amount of interest from institutional and private investors from overseas,” said Elaine Jones, CEO, Asteco Property Management said in a statement.

http://www.arabianbusiness.com/astec...ns-470008.html