Property & Investment in Dubai: Your questions about the market

[diku]

Originally Posted by Garden city

Hello there Dubai forumers. I am currently looking at investing in an apartment either in JLT or Discovery Gardens to lease it out. I have couple of questions and any help would be appreciated.

• Any nice dealers for these communities? I know bhomes et. al charge a lot so any local property dealer with good track record?
• Since i do not stay in Dubai if there are any issues with the appartment and the resident complains about it then what is the best way to handle such issues?
• what additional expenses can i expect when completing the purchase of property?
• how long does the paperwork take to complete property transfer?

Thank you

Depending on your budget... Priority is...
1. Dubai marina
2. JLT
3. Discovery Garden

You can find many local agents thru dubizzle... Imre is also known source in SSC

You can give it to management company to maintain your apprt. including rentals. So all issues/disputes will be handled by them (Usually they charge 8-10% of rental contract... Rough estimate)

Additional expenses: 2% to agent, 2% for registration and keep 1% for Misc. Charges For cash buyer (It will differ if you are finance buyer).

Usually it takes 1-2 weeks for transfer... Also it depends on appt. you are buying. (Example.... if seller is financed... than he has to settle first and usually it take 4-6 weeks)

Hope this will help you for basic info.

[noir-dresses]

Wow this thread has surpased 2 million views.

[diku]

Originally Posted by wittyman

Hi,

I have a 1 BR apartment in Dreams Tower (aka Carlton Tower) in Dubai Marina. The current tenant is interested in buying it and wants to know what my asking price is.

I may consider selling but I need to know what market value the unit may have. Looking at sales ads at Dubizzle etc. are not of much help as they can be unrealistic.

The fully furnished unit of about 775 sq ft is located in the mid portion of a low 10s floor and faces the Marina with partial Marina view.

I'd greatly appreciate if anybody provides some insight as to the current market value for this unit.

Thanks and best regards to all..

Tower is in very strategic location but somehow it has not gained much popularity....

Realistically 800Dh/sqft will be OK.... BUT again its a matter of demand and supply... (Who is in need? ) and you can quote accordingly.

Dubizzle price is on an average 5-10% higher than real sale... IMO only

[Parisian Girl]

Banks step in to aid clients offload units as Dubai property deals rise
http://www.emirates247.com/news/emir...05-15-1.458769

[Parisian Girl]

Dubai villa rents post first rise since 2008-09
http://www.arabianbusiness.com/dubai...09-457946.html

[italiano_pellicano]

guys I'm looking to open a gelato bar, which what is the most frequented zone or area , and if anyone knows of any opportunities please send me a private message

I'm thinking the same transfer to dubai and would be interested in a home


thanks and good day

excuse my bad english

[miser developer]

We are the 2005/07 Investors of Dubai Sports City.

Many of us wanted a holiday home in Dubai for our families and before that we were part of the successful Tourism Industry that frequents Dubai every year. Some of us were planning to make Dubai our new home. We are not gamblers or speculators that invested beyond our means.

Our money was supposed to be protected by the escrow accounts. We were promised stadia and infrastructure. It is now 2012 with no end in sight...

The Developers have defaulted on mass scale since according to our contracts our projects were supposed to be completed between 2008 and 2010. Until today we have not received any request for an extension of our contracts and no explanation about why the projects have been stalled. Many of us were asked for more money and some of us were told that the construction was in progress when it was not. Many projects have stalled for years, but those Developers are still allowed to hold our money until "the market improves". Despite numerous contacts with RERA our rights have not been upheld. Furthermore RERA is delaying the cancellation of non-vital projects. We feel that this inaction has an additional negative impact on the Dubai economy and more precisely on its real estate market.

It is our belief that if RERA applied the law equally to Developers and Investors, we would be allowed to choose to receive refund of our money as per our contracts and could then reinvest the money in viable projects. If the Developers have misused the money they should be penalised according to the law.

We, the undersigned hope for the best future of Dubai. As Investors in Dubai we ask:
1. The Government to stop the Developers demands for additional payments beyond those already contracted;
2. To provide every Investor with escrow/trust fund/invested money information in every project in DSC so Investors can make informed decisions,
3. Create new escrow accounts for new payments,
4. Require the Developers to use the money already invested into the projects to complete them;
5.Mediate disputes between investors and Developers and come up with practical solutions -don't send everybody to courts.

[TerryPop]

Signs up in the 6 Marina Residence towers on palm Jumeirah warning people it is illegal to short let and action will be taken.

[Spurs]

Also signs up in discovery gardens buildings about short term rental.

[NeilP]

Latest Dubailand video. Still has Universal and Legoland parks. Come on get them built !!!

http://www.youtube.com/watch?v=XzBuJRRLCMQ

[Imre]

New launch from Emaar on 26th May:




Panorama at The Views

Located in The Views, the established master-planned community of Emaar near The Greens, Panorama overlooks the fairways of Emirates Golf Course, and features 224 apartments that open doors to a vibrant lifestyle for residents. The mid-rise development is uniquely designed guaranteeing that most apartments have uninterrupted views of the green course and the Dubai Marina skyline.

With spectacular views of Emirates Golf Course, Panorama at The Views features large one, two and three-bedroom apartments and three and four-bedroom duplex units. Generous balconies and rooftop terraces add to the comfortable and relaxing lifestyle that awaits residents. Other features include floor-to-ceiling picture windows in the living rooms and bedrooms, state-of-the-art kitchens and elegantly accented bathrooms.

http://www.emaar.com/index.aspx?page...views-panorama

[Sheltie]

Originally Posted by hemelboorder

32Group is a large holding. See: http://www.32group.com .
Their office is in Emirates Towers. And yes, the apartment I was referring to is in Concorde Tower.

I know all about them. I bought from them and have lost all the money I invested. Crooked through and through. I only ever found one other investor who has been to arbitration and court with them. Won the case and is still fighting to get money back.
I went to Emirates Towers office last year and lo and behold there was a plush office, about 20 workers sitting at desks and the marvellous model of the Snowdome as the centre piece. I felt like throwing my shoe through it but didn't fancy getting arrested.

[xingu]

Originally Posted by Imre

New launch from Emaar on 26th May:




Panorama at The Views

Located in The Views, the established master-planned community of Emaar near The Greens, Panorama overlooks the fairways of Emirates Golf Course, and features 224 apartments that open doors to a vibrant lifestyle for residents. The mid-rise development is uniquely designed guaranteeing that most apartments have uninterrupted views of the green course and the Dubai Marina skyline.

With spectacular views of Emirates Golf Course, Panorama at The Views features large one, two and three-bedroom apartments and three and four-bedroom duplex units. Generous balconies and rooftop terraces add to the comfortable and relaxing lifestyle that awaits residents. Other features include floor-to-ceiling picture windows in the living rooms and bedrooms, state-of-the-art kitchens and elegantly accented bathrooms.

http://www.emaar.com/index.aspx?page...views-panorama

Where is the plot for this Imre, any idea?

I am in Tanaro, just wondering if it will affect us, cannot see that it would

[Imre]

Originally Posted by xingu

Where is the plot for this Imre, any idea?

I am in Tanaro, just wondering if it will affect us, cannot see that it would

Its front of Mosela and Tanaro, the sewage plant will be removed later.
If you send me your email id I can send you the details and brochure.

[Cayman]

Originally Posted by Imre

Its front of Mosela and Tanaro, the sewage plant will be removed later.
If you send me your email id I can send you the details and brochure.

Imre,
Any idea what the prices and the payment plans are like?

[Imre]

Originally Posted by Cayman

Imre,
Any idea what the prices and the payment plans are like?

Its with normal Emaar payment plan, prices still havent fixed but starting price can be around 1300-1400 sqft/year.

[Parisian Girl]

Property company opens agents to public scrutiny
http://www.thenational.ae/business/p...ublic-scrutiny

[unknownpleasures]

Originally Posted by Imre

I dont know who is the owner of the company , never had any deals with them ,I know just the Snowdome, Concorde Tower (JLT) and 32G Pharmacy , thats all..

Thanks Imre, cheers!

[hemelboorder]

Originally Posted by hemelboorder

Read here how investors are being squeezed to the max by unscrupulous developers and the government. I have this story first hand and all the documents are with me.

An investor buys an apartment off plan from 32 Group in 2008. That was near the peak of the market. 32Group is owned by sheik Mo himself, but probably other developers are just as bad. The owner decided to sell it last month at approx. AED 400000, accepting a loss of more than 50%.

The total charges for doing the transaction turned out to be a shocking AED 29840!
They consist of issuance of title deed to current owner (2% charged over original price, which was more than 800000), a 'No Objection Certificate' costing 5000, transfer fee for new owner, and several other 'admin fees'.

Believe it or not, but he actually had to 'sell' the place to himself first since there was not yet a title deed but just certificate of ownership.

In total this amounts to 7.5 % of the property value lost in the sales process alone.

How would sheik Mo ever restore confidence in the market if he keeps on pulling these tricks?

This story is even worse, as I just learned. It turns out that the official at 32Group responsible for handling the administration of property ownerships, is using his position to make some extra money for himself. When the seller applied for a No Objection Certificate, that employee approached him saying the price was too low, and that he had a better deal. Which would get him commission somewhere, of course.

At the same time, that very person fails to accomplish his basic duties. The property management company of Concorde Tower, which is hired to collect the service fees from the owners, complained to me that they are simply not being timely updated on who owns which apartment. A very simple task, I would say...

[Imre]

SOLD OUT!

Originally Posted by Imre

Emaar’s Panorama project selling out on opening day in Dubai


Project, sales for which which opened at 9am today, comprises 4 buildings with 15 floors for a total of 224 apartments

By Shuchita KapurPublished Saturday, May 26, 2012

As with Emaar’s previous launches, its new project Panorama in Dubai’s Greens area has attracted the attention of investors.

At 12 noon today, the sales centre was bustling with investors keen to lay their hands on Emaar’s latest offering.

The project, sales for which opened at 9am today, has already seen some parts of it sold-out by 12 noon today.


http://www.emirates247.com/property/...05-26-1.460234