search the site
 daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > Continental Forums > دار زايـــد United Arab Emirates > Other Emirates Projects > Northern Emirates

Northern Emirates Projects in Ras al-Khaimah, Umm al-Quwain, and Fujairah



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old July 18th, 2017, 07:57 AM   #2621
kimo99
Registered User
 
Join Date: Jun 2008
Posts: 69
Likes (Received): 5

I have been investing in real estate for 20 years in different parts of the world, I would have to say investing in this region is the worst decision I have ever made. Many of my friends ask me about hot deals they were offered in the UAE, my simple answer is, stay clear from it, it is a trap. This region has no clear laws to protect investors, I tried many times to take Select to court over the last 5 years but every law firm told me I donít stand a chance in winning the case. The 1st question you should ask when investing in any country what laws there are to protect you in case anything goes wrong? Unfortunately in this region there are none or very vague laws that are not being practiced.

It is hard to admit but for many of us in the Pacific project it is a waiting game for prices to pick a bit so that we can get rid of these invistments.

Quote:
Originally Posted by Nabz1236 View Post
Hey guys looking for some advice

Is now a good time to buy into Pacific Apartments on Marjan Island?

The building and apartments are complete and being handed over to owners.

I've been offered a resale unit at a really reduced price than what the developer is currently selling at.

A few things which are concerning are:

Estate agencies are marketing the Apartments very cheap for rent e.g. Studios for 25k which is driving the project down.

Secondly the high community service costs I believe in the first year it's 18.4 AED per sqft that's very high.

So as an investor if it's low rental income and then high service cost what would you really be left with at the end?

I think with Pacific it might be a buy now and hold on to it for capital appreciation in so many years.

What do you guys think? Any feedback and comments would be appreciated.

Also anyone who is already invested what's your strategic plan?
__________________

ali999, RedWayne28thfloor liked this post
kimo99 no está en línea   Reply With Quote

Sponsored Links
Old July 18th, 2017, 12:47 PM   #2622
Nabz1236
Registered User
 
Join Date: Jul 2017
Posts: 4
Likes (Received): 0

Hi Ben thanks for your offer will definitely message you for some advice.

Also Kimo99 unfortunately I already have property in Royal Breeze Al Hamra so I know what you mean with the laws. It was very frustrating when Al Hamra decided to pass on the FEWA upgrade charges to owners for seven years. So as an investment your not left with much at all. I know some owners have taken them to court but yet again nothing has come of it so far.

Let's hope there is some capital appreciation in the Pacific development. I think it maybe a mid to long term thing though.
Nabz1236 no está en línea   Reply With Quote
Old July 19th, 2017, 02:38 PM   #2623
ispcallaghan
Registered User
 
Join Date: May 2017
Posts: 8
Likes (Received): 0

Guy, please stop complaining, stop cry!! instead you need to enjoy.
Have you waited 8 years for the completation ??? the developer is not perfect ? we know all these things, but finally we have the project completed instead a lot (thousands) of other investors (in other projects) have only sand ..
so please be happy!
I will repeat again : the location is beautiful, not go down with rental, not think price in dubizzle are correct, this is a new Project so there is no history about rental prices and agents can non compare with Al Hamra village which is OLD.
Keep the rental high or keep the unit empty . This is my advice
ispcallaghan no está en línea   Reply With Quote
Old July 20th, 2017, 07:15 PM   #2624
Ben.Murr
Registered User
 
Join Date: Jul 2017
Posts: 2
Likes (Received): 0

Quote:
Originally Posted by Nabz1236 View Post
Hi Ben thanks for your offer will definitely message you for some advice.

Also Kimo99 unfortunately I already have property in Royal Breeze Al Hamra so I know what you mean with the laws. It was very frustrating when Al Hamra decided to pass on the FEWA upgrade charges to owners for seven years. So as an investment your not left with much at all. I know some owners have taken them to court but yet again nothing has come of it so far.

Let's hope there is some capital appreciation in the Pacific development. I think it maybe a mid to long term thing though.

Thanks Nabz1236. I visited the site today and met with a couple of owners who are also interested in some help managing their apartments. As mentioned Im nearby, NOT an agent and have a vested interested in the project. DM me and I will sure try and help.. Ben
Ben.Murr no está en línea   Reply With Quote
Old July 23rd, 2017, 07:26 PM   #2625
ali999
Registered User
 
Join Date: Mar 2009
Posts: 15
Likes (Received): 3

Having invested hugely in Al Marjan Island, Ras Al Khaima RAK, UAE since 2008 I had plenty of time to reflect and would like to share my thoughts. I hope this will make others thinking of investing in RAK or Dubai or UAE and GCC in general to rethink.

My investment has resulted in huge financial worries and a lot of stress. I had invested all my savings and more. It has cost me financially but it also costs me in terms of my time and psychology health. Fortunately, I am over the worse but would like to share my experience in the hope others could avoid similar fate. I have invested in RAK unwisely and naively.

Consider the following

GCC region
I don't want to get political but you can't ignore the political reality of GCC region as could pose a risk to investors. It's interesting to note that all GCC countries are governed by one man rule with absolute power and virtually no accountability. The rule is usually supported by a family who sees the country as its own. The prevailing law of the country primarily targeting the poor and the foreigners especially the cheap labourers from the poor South Asian countries.

The recent crisis in the GCC where one king of Saudi took action against another emir of Qatar with no regards to any regional or international laws or any need for mediation. There was no debate or consensus etc. There was no consideration given to the very poorest labourers who left stranded. Most likely the common folk will suffer. Its not going to impact much the elite on either sides. Now the same emir wants to to pursue emir of UAE in international court as I suppose there's is no mechanisms regionally. This shows how lawless the region is. There is no accountability or Rule of law when it comes to the ruling elite as long as they pledge their allegiance to their western masters who likely to deem this current crisis as family matter between GCC.

Also worth considering the ethical aspect of investing in reality sector which employs cheap labour. These labourers often work in a very poor conditions for very little money. They are forced to work long hours in extreme heat. These labourers have paid a lot of money to get to GCC with often misinformation and false promises. These are often poor uneducated simple people. In GCC they are at the mercy of their sponsors who are usually GCC citizens. When they are surplus to requirements they are simply abundant expecting them to sort their own arrangements for travel back to their home countries acquiring further expenses which they have to pay back.

UAE
UAE is said to be a federal state but this is only in a name when it comes issue relating to individual emirate. Unlike a conventional federal state UAE is made of autonomous individual emirate such as Dubai and Ras Al Khaima (RAK). Each emirate is governed by emir supported by his family. As in GCC countries these emirates are almost independent states when it comes to matters like reality sector. Like in GCC these autocratic rulers have absolute authority and no accountability. The emir can decide how and who can run its agencies. Such decisions are not usually based on abilities rather on connections to the emir.

Dubai and RAK
Dubai has tried to develop rules etc to compete with other destinations. RAK is also trying to follow its footsteps. However as stated above ultimately the emir can override any rules. The emir can decide to pardon a criminal as he seems fit. This is well illustrated in the case of Al Marjan island development. This was initially envisaged to be completed or at least the infrastructure about 7 years ago. The infrastructure is still in the process of being developed with the latest promise of the whole island being completed by next 8-10 years. This has allowed developers to declare force majuere. This has protected the developers but has cost investors like myself dearly. There is very little recourse for investors when things go wrong.

Developers
The whole convoluted and complex set up of UAE seems to be an advantage to developers based in UAE. A developer can be based in one emirate like Dubai and have a project in another emirate like RAK. The lack of accountability means the master developer can proceed as it pleases allowing developers further protection as they use this as FM. This has been illustrated by khoie property and select group who are both based in Dubai with developments in Al Marjan. Both declaring FM blaming the master developer for their incompetence and mismanagement. Developers are able to take advantage of the cheap labour with no regards for any welfare or ethical issues to keep cost down. This only helps their profit and not for the benefit of investors.

Given the situation above Why would anyone want to invest in UAE or GCC. This is particularly when the GCC investors are looking to the west to invest in safer heaven like London etc where there is rule of law, stability and accountability. Where the queen can't interfere in any sector. I have become wiser at my own expense and will be looking to invest closer to home in England for my future investment.
__________________

RedWayne28thfloor liked this post
ali999 no está en línea   Reply With Quote
Old July 24th, 2017, 12:05 PM   #2626
ispcallaghan
Registered User
 
Join Date: May 2017
Posts: 8
Likes (Received): 0

for ALI999

i totally agree with you but i want also to add few things, Real estate sector is a young market in GCC and also when you buy outside your country you must always be smart and well informed of the risk.
so the question is : why did you invest in 2008? just to buy and resell and make a profit, like all people in that period. Without taking care of what you were buying. You were only unlucky. so please stop Complain, this is not the correct place
ispcallaghan no está en línea   Reply With Quote
Old July 24th, 2017, 12:10 PM   #2627
ispcallaghan
Registered User
 
Join Date: May 2017
Posts: 8
Likes (Received): 0

information for Nabz1236

I can give you all the information you want text me my mail [email protected]

Quote:
Originally Posted by Nabz1236 View Post
Hey guys looking for some advice

Is now a good time to buy into Pacific Apartments on Marjan Island?

The building and apartments are complete and being handed over to owners.

I've been offered a resale unit at a really reduced price than what the developer is currently selling at.

A few things which are concerning are:

Estate agencies are marketing the Apartments very cheap for rent e.g. Studios for 25k which is driving the project down.

Secondly the high community service costs I believe in the first year it's 18.4 AED per sqft that's very high.

So as an investor if it's low rental income and then high service cost what would you really be left with at the end?

I think with Pacific it might be a buy now and hold on to it for capital appreciation in so many years.

What do you guys think? Any feedback and comments would be appreciated.

Also anyone who is already invested what's your strategic plan?
ispcallaghan no está en línea   Reply With Quote
Old July 26th, 2017, 03:21 AM   #2628
Nabz1236
Registered User
 
Join Date: Jul 2017
Posts: 4
Likes (Received): 0

Hi guys,

After research and consideration I'm looking to buy into the Pacific development.

If there are any owners who are looking to sell or owners who who have a large final payment to pay but are looking to get some money back let me know what you have.

I'm looking to pay current market price not what was paid for the apartments back in 2008.

You can direct message me here or email me at [email protected]

Please include which building, floor and apartment number in the email.

Thanks in advance.

Last edited by Nabz1236; August 1st, 2017 at 10:36 AM. Reason: Amendment
Nabz1236 no está en línea   Reply With Quote
Old July 30th, 2017, 02:08 PM   #2629
MOAF
MOAF
 
Join Date: Nov 2008
Posts: 224
Likes (Received): 5

My advice go to the developer, they have quite a few units.
MOAF no está en línea   Reply With Quote
Old August 1st, 2017, 12:44 PM   #2630
kimo99
Registered User
 
Join Date: Jun 2008
Posts: 69
Likes (Received): 5

Summed up very well Ali.

What many people donít understand is that this wealth of information was not available to investors back in 2007-2008, plus Select has tricked investors by basing their sales team in the UK, and lying to investors about the company they were dealing with, I honestly thought I was dealing with a UK company until signing the contract, then the communication started to come from the UAE and the UK team just vanished.

There are many valuable lessons learned here but of course at a very high cost. I know many of the investors donít want to reveal the truth about investing in the UAE in general, but there is a moral responsibility for us as humans to share our nightmare with potential investors so that they donít end up losing their life savings.




Quote:
Originally Posted by ali999 View Post
Having invested hugely in Al Marjan Island, Ras Al Khaima RAK, UAE since 2008 I had plenty of time to reflect and would like to share my thoughts. I hope this will make others thinking of investing in RAK or Dubai or UAE and GCC in general to rethink.


Given the situation above Why would anyone want to invest in UAE or GCC. This is particularly when the GCC investors are looking to the west to invest in safer heaven like London etc where there is rule of law, stability and accountability. Where the queen can't interfere in any sector. I have become wiser at my own expense and will be looking to invest closer to home in England for my future investment.
__________________

RedWayne28thfloor liked this post
kimo99 no está en línea   Reply With Quote
Old August 1st, 2017, 10:55 PM   #2631
ali999
Registered User
 
Join Date: Mar 2009
Posts: 15
Likes (Received): 3

Quote:
Originally Posted by kimo99 View Post
Summed up very well Ali.

What many people donít understand is that this wealth of information was not available to investors back in 2007-2008, plus Select has tricked investors by basing their sales team in the UK, and lying to investors about the company they were dealing with, I honestly thought I was dealing with a UK company until signing the contract, then the communication started to come from the UAE and the UK team just vanished.

There are many valuable lessons learned here but of course at a very high cost. I know many of the investors donít want to reveal the truth about investing in the UAE in general, but there is a moral responsibility for us as humans to share our nightmare with potential investors so that they donít end up losing their life savings.
Thank you for your positive feedback. Exactly why I had invested as I was led to believe I was investing in a U.K. Based company. Even their email in 2008 from SP implying this. I am pursuing them.
ali999 no está en línea   Reply With Quote
Old August 1st, 2017, 10:58 PM   #2632
ali999
Registered User
 
Join Date: Mar 2009
Posts: 15
Likes (Received): 3

Quote:
Originally Posted by ispcallaghan View Post
for ALI999

i totally agree with you but i want also to add few things, Real estate sector is a young market in GCC and also when you buy outside your country you must always be smart and well informed of the risk.
so the question is : why did you invest in 2008? just to buy and resell and make a profit, like all people in that period. Without taking care of what you were buying. You were only unlucky. so please stop Complain, this is not the correct place
You seem to contradict yourself. Totally agreeing with me yet assuming (wrongly) why I have invested. It's not GCC rule and I am not in GCC so am free to express as I please (within reason of course).
ali999 no está en línea   Reply With Quote
Old August 3rd, 2017, 12:47 PM   #2633
muffin62
Registered User
 
Join Date: Jul 2009
Posts: 87
Likes (Received): 0

has anyone successfully rented out their unit yet? if so, any agents recommendations please? did you get it furnished or rented out unfurnished? which one is better?

many thanks in advance for any answers
muffin62 no está en línea   Reply With Quote
Old August 4th, 2017, 11:21 AM   #2634
Nabz1236
Registered User
 
Join Date: Jul 2017
Posts: 4
Likes (Received): 0

Hi it's better to rent out your unit yourself if you can. Agencies are advertising them and renting them out to cheap. For example studios are being rented out for 25,000 Dirhams 1 bed as low as 35,000 Dirhams.

These prices are even cheaper than Al Hamra in RAK. The community service fees 18.4 per sq/ft for the 1st year means you are not really left with much at all after costs.
Nabz1236 no está en línea   Reply With Quote
Old August 4th, 2017, 11:41 PM   #2635
Tomdxb
Registered User
 
Join Date: Aug 2017
Posts: 3
Likes (Received): 0

Don't be fooled

Quote:
Originally Posted by Nabz1236 View Post
Hi it's better to rent out your unit yourself if you can. Agencies are advertising them and renting them out to cheap. For example studios are being rented out for 25,000 Dirhams 1 bed as low as 35,000 Dirhams.

These prices are even cheaper than Al Hamra in RAK. The community service fees 18.4 per sq/ft for the 1st year means you are not really left with much at all after costs.
Don't be fooled with what you see online. I own and have just rented out my 1 bedroom for a very acceptable return for the first year.

Agents list properties at low rates to drive more leads and interest. When enquiring about the property listed they are all of a sudden gone and they pitch you a higher priced apartment as the cheapest now.

I am looking at my investment in the long term though so happy with the rental return at this time, and with all the activity and plans for the island. The risk was always going to be there but seems on the right track especially with emaars plans creating more interest in pacific
Tomdxb no está en línea   Reply With Quote
Old August 6th, 2017, 07:57 AM   #2636
ispcallaghan
Registered User
 
Join Date: May 2017
Posts: 8
Likes (Received): 0

To all the Owners of Pacific :
Rental are grewing up. .

Select rented few 1Bed for 45.000 dh. Keep in mind as aterm of comparison
ispcallaghan no está en línea   Reply With Quote
Old Yesterday, 03:41 PM   #2637
DK75
Registered User
 
Join Date: Aug 2017
Posts: 1
Likes (Received): 0

Quote:
Originally Posted by Tomdxb View Post
Don't be fooled with what you see online. I own and have just rented out my 1 bedroom for a very acceptable return for the first year.

Agents list properties at low rates to drive more leads and interest. When enquiring about the property listed they are all of a sudden gone and they pitch you a higher priced apartment as the cheapest now.

I am looking at my investment in the long term though so happy with the rental return at this time, and with all the activity and plans for the island. The risk was always going to be there but seems on the right track especially with emaars plans creating more interest in pacific

what was the "acceptable" return Tomdxb?
DK75 no está en línea   Reply With Quote
Old Yesterday, 08:03 PM   #2638
Tomdxb
Registered User
 
Join Date: Aug 2017
Posts: 3
Likes (Received): 0

I'm currently getting 55k AED in my first year. Made it clear that it was a 1 year contract so I can get a better return in my second. Luckily they are planning on staying 1 year so worked out well for me.
Tomdxb no está en línea   Reply With Quote
Old Yesterday, 11:41 PM   #2639
MOAF
MOAF
 
Join Date: Nov 2008
Posts: 224
Likes (Received): 5

Timdxb

That's decent, which estate agent did you use If you don't mind be asking.

MOAF
MOAF no está en línea   Reply With Quote
Old Today, 06:27 AM   #2640
Tomdxb
Registered User
 
Join Date: Aug 2017
Posts: 3
Likes (Received): 0

Directly from the developer


QUOTE=MOAF;141830727]Timdxb

That's decent, which estate agent did you use If you don't mind be asking.

MOAF[/QUOTE]
Tomdxb no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 11:02 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu