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Marina Pearl

Do I sum up correctly that buying an apartment in Dubai Marina for investment should only be made if there is an unobstructed view? I remember some discussion in the Zumrud thread where people got crazy buying the last remaining studios with no view and quite expensive based on the assumption that this would rent out fast with good ROI.
According to your assessment apartments in Marina Pearl rent out easily, so why is nobody interested in buy it to make 8% ROI??? :eek:hno::eek:hno::eek:hno: The construction work will be finished at some point and then I am sure the price per sqf will raise like in any other part of the Marina. So why is it not selling now?

I must admit, the maths in Dubai seems to be too difficult for me :nuts:


Actually, cugeneva , while I was looking for an apartment in the Marina, I came by Marina Pearl and skipped it right away as an option. It is not just the absence of view. Everything at this building is unappealing. Look at the shops at the ground level ... how ugly, unorganised, and cheapy they appear!

I guess I am not the only one who thought so, given the fact that the apartement you mentioned is relatively cheap.
 

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Burj Dubai
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Property rental index to start early next year


A property index that will recommend rents for different types of homes in areas across Dubai has moved a step closer.

The Real Estate Regulatory Authority (Rera) has completed the formula that will define rent structures and is preparing to launch the index at the beginning of next year.

"The index will stop landlords exaggerating and increasing rents," Mohammed Khalifa bin Hamad, director of Owners' Relationship Management Department in Rera, told Emirates Business on Tuesday.

"Rera has defined the average annual rents for studios, one, two and three-bedroom apartments and compound and single villas."

However the scheme will not be legally binding and is designed to act as an indicator for landlords that shows the fair rent rate for each unit in each building or compound.

Bin Hamad said the move would create transparency over rent rates for each area and would will help investors to prepare their strategies.
Good news. :)
 

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I recently booked an office with Dynasty Zarooni in the highly advertised Ebony Tower.

I have been baffled ever since I bought it because my office space as per my contract is 14,664 sq ft and

I came across a shocking document of MoU signed between DZ and Al Fajer Properties along with the spreadsheet of sales and floor plans which clearly states the floor size to be 11,300 sq ft.

This difference roughly amounts to be 30% and is an indigestible difference.

Transparent calculations have shown that DZ has already or in some cases is currently receiving premiums from the contract.

The part that sends a shiver down my spine is that DZ does not have an escrow account

With the kind of scams going around these days, I have a series of questions starting....

What happens if Al Fajer is telling the truth about the floor space and DZ isn’t
How do we get re imbursed... blah blah... especially if there is no escrow
Who is Hilal Zarooni and Kabir Mulchandani
Why is Gulf News mis representing the facts. Isnt it a very credible news source?
What is the procedure for taking legal action!

Alot of things don’t make sense here and I hope I can find some answers

There is a big “IF” attached to my presumably new office set up i.e if DZ is not a total hoax

In one case, I m losing quite alot and in the second one I stand to lose everything.

Confusion!
FOR THE ATTENTION OF JUNIOR MEMBER : rohitd (aka: Rohit Dadakar)
The nature of the blog comments which you have posted regarding our company have been brought to my attention and I would like to very clearly, formally respond and clarify for the record each of your points to this audience.
The points you have made with reference to the Dynasty Zarooni Inc “Ebony & Ivory” development project located in Jumeriah Lake Towers, Dubai;UAE are incorrectly stated and for that matter I would like to clarify the actual facts pertaining to this project.

1. The “Ebony & Ivory” buildings were purchased by Dynasty Zarooni Inc from Al Fajer Properties LLC. The reference details of these projects are as follows:
Ivory 1 : Also known as Jumeriah Business Center – Plot G3-JBC8
Ivory2 : Also known as Jumeriah Business Center – Plot H1-JBC7
Ebony 1 : Also known as Jumeriah Business Center – Plot H3-JBC9

2. A 20% payment has been made to Al Fajer Properties LLC.

3. The project is Escrow compliant

4. This project has been sold onto Dynasty Zarooni Inc purchasers, who in turn, were assisted by Dynasty Zarooni Inc in the capacity of providing them with a 6 months time period to pay this 20% payment, without charge of any interest. Dynasty Zarooni Inc has already signed unit SPA’s (Sale & Purchase Agreement) with Al Fajer Properties LLC for every unit in the above aforementioned Towers. On receipt of this 20% payment, Dynasty Zarooni shall assign the unit SPA’s to the purchaser of the relevant unit.

5. With reference to the point relating to Area Differentials, it is clearly stated on the Dynasty Zarooni Inc Receipts’ provided to all purchasers, that a typical floor within this aforementioned Tower has the following clearly defined area designation:
Gross Area : 14,690 sq ft
Net Area : 11,314 sq ft
Thus, no purchaser of the Ebony1 (Project: H3-JBC9) will be surprised by this information as it remains entirely transparent to the purchaser throughout the purchase process.

Our records indicate that the blogger (rohitd – Member aka. Mr Rohit Dadakar.) is NOT a purchaser of any Ebony 1 unit in his own name (also known as Jumeriah Business Center – H3-JBC9 ) and thus the blog statement made by this person is wholly unfounded. We would ask Mr Rohit Dadakar to communicate his complete contact details, including passport details, correspondence information so that our Lawyers may take up this matter directly.

We would appreciate that any such queries regarding our companies projects be directed to us in the first instance and we would to happy to address any such genuine queries in order to avoid any misrepresentation in future being aired on the Internet in such blog channels, which are wholly incorrect in fact and furthermore clarify our companies’ standpoint. In future we would kindly request that the Moderator or Active Member within this on-line community, kindly verify that all facts are clearly confirmed in order to avoid future instances of erroneous statements.

N. Vishram
CEO
Dynasty Al Zarooni Real Estate LLC
Dubai; UAE

20th August 2008.
 

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Hi,

For everyone who has been investing in the dubai property market...do you think that the current uncertain Iran crisis will have an effect on the dubai property market in the coming months?

We know that the tensions between Iran and the US have been steadily escalating for the last few months and today there is news that Kuwait will begin evacuation drills to prepare for any emergencies because of a possible threat of war.

Though I have several investments in dubai and was planning on expanding them further...Would it be sensible to hold back property investment for sometime and stay in a watchful waiting period, until things calm down politically?

IMO, if there is some sort of political unrest or prolonged uncertainity in the gulf region, it will have a negative effect on the property prices in dubai. It might even force some people/companies to review their plans of living/operating in Dubai and in turn, disturb the Demand & Supply dynamics.

Is there a cause for concern or am I just being plain paranoid? Please share your opinions.
^^
The risks have always been there in one form or the other. The Iran/US spat is the latest one. During the Gulf War - Dubai boomed! The situation is a lot different now to 20 years ago when people would pack bags and board ship at the smallest hint of trouble. Now many many people have roots in Dubai, have bought property and therefore will probably stick around whatever happened.
 

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Gettin' High
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Many Iranians will flock to Dubai with their money as soon as George Dublya gets his pistols outa heys pants.
 

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Whilst this forum shouldn't be a place to discuss specific issues relating to individuals property deals, I would have to commend Dynasty Zarnooni for proving that they are open to discussion and are available to be contacted.

I have had so many experiences with UAE Government developers such as Nakheel, Emaar and TDIC of Abu Dhabi; trying to contact anyone there is near on imposible. The more developers / brokerages / investment houses that decide to have a presence online and asnwer questions the better.
 

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New Dubai Mortgage Law

Mortgage law boosts investor confidence
Gulf News
Published: August 19, 2008, 23:32


Dubai: The Dubai Government has issued a Mortgage Law that officials say will help better regulate the emirate's growing housing market, partly tainted by project delays and corruption probes.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued the decree, legalising the housing finance sector in a 35-article law based on international best practices.

The law, which comes into effect 60 days after its publication in the official gazette, stipulates that mortgage contracts be registered with the Dubai Land Department, specifying the size of the loan, the repayment period and the value of the property.

The law also requires that mortgages taken out on properties in Dubai be sold by registered financial institutions, and be insured.

Officials and analysts said the law will boost investor confidence in the market and expand the housing finance sector.

"This is part of the government's initiative to support and regulate the market," Arif Al Harmi, chief executive of mortgage lender Amlak Finance, told Gulf News.
 

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Mazaya Holding

Hi, I am evaluating buying Queue Point at Mizin Liwan. This is developed by Mazaya holdings. I'd appreciate if someone can provide me with any positive or negative information on the property or the developer.

Thanks...
 

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Dubai
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Hi, I am evaluating buying Queue Point at Mizin Liwan. This is developed by Mazaya holdings. I'd appreciate if someone can provide me with any positive or negative information on the property or the developer.

Thanks...
Mazaya is a huge company , Sky Gardens (DIFC) was fast and the quality is very good( I havent seen , one of my friend said, maybe the best quality in Dubai what he has ever seen).

another project in the JLT , Mazaya Business Avenue,3 towers, already rising, if I remember good , 2 towers bought the Zarooni Group at the launch.

I went to the Liwan site last Friday, only the Queue Point U/C .

I think good developer,I can not say anything bad , I have never had any contact with them.
 

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Amaai
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644 Posts
For people who invested or want to invest in Jumeirah Lakes Towers project, I recently finished my 3d model of the project and now I have the ability to give you an idea what your view will be when the project is completed. Just PM me if you're interested.

 

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Dubai
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good news for the DL investors if its true.

Gulfnews:

Schon offers refunds on delayed projects
Staff Report
Published: August 20, 2008, 23:44


Dubai: Schon Properties, developer of the Dh3 billion Dubai Lagoon project, has confirmed that full refunds will be given to all investors that purchased units scheduled for completion by December 2007.

The refund policy has been extended by Schon as an act of goodwill after confusion amongst some investors in regards to the project phases and revised completion dates, the company said in a statement yesterday.

Delays in completion of Dubai Lagoon have been the direct result of unanticipated civic and transportation infrastructure alterations, which have set back construction and produced scheduling issues, the company said.


"We at Schon Properties applaud and fully support the efforts of RTA [Roads and Transport Authority] and other government agencies to make Dubai a better place and we have re-designed our project to accommodate mandatory infrastructure developments imposed subsequent to the launch of the Dubai Lagoon," said Nasser Hussain, co-chairman of Schon Properties.

Schon has been in discussions with Real Estate Regulatory Authority (Rera) to clarify the situation and reach a fair solution for all parties. While not common practice in the UAE, the revised refund policy was approved by Schon board of directors during a board meeting held on Tuesday, to accommodate investors and demonstrate good faith.

Investors who purchased units with a completion date of December 2007 are eligible for a full refund and are directed to apply for this prior to September 15.

In a recent statement about Schon Properties and the Dubai Lagoon, Marwan Bin Galita, CEO of Rera, characterised the objections of some investors as "a misunderstanding". He said, "Schon [Properties] is a registered developer with us and they have an open trust account and all the money from the Dubai Lagoon [project] is in trust account handled by the Land Department and Rera.

Rera issued a press release this week dismissing reports that the project had been cancelled and pledging continued involvement and monitoring of construction works.

Schon has also confirmed that the agreement with the original contractors Powerline Gulf has been renegotiated to include the first two zones and construction is due resume in the coming weeks.

The first zone is now set for completion within 13 months and the second zone is set for completion within 18 months as of July 28. Negotiations with another leading contractor to handle the remaining zones are currently being finalised of which official appointments by Schon will be announced shortly.

Investors who purchased units with a completion date of December 2007 are eligible for a full refund and are directed to apply for this prior to September 15.
 

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Dubai State of Mind
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Most contracts allow for full refunds if handover is not by a certain date. I know all of Select's contracts do for example. However, most would prefer to resale at a huge profit rather than get a refund :)
 

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Projects that are delayed are the best ones to buy as you get a full refund if its delayed.. Hence why I would buy anything dirrect from a developer as long as I know they cant finish and the contract says I get a full refund..

Even if the price was ever to go down,, You still get 100% of your money back as long as they are late.

No Brainer

Only risk would be a company going under, or running away.
 

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^^ Sorry sale - you lost me! How can it be good if I give my hard earned cash to a developer for several years and then they give it back without any compensation?
 

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Dubai
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building a prison seems good investments in Dubai:)

Gulfnews:

Lagoons CEO Abdul Salam Al Marri faces corruption probe
By Saifur Rahman, Business Editor
Published: August 21, 2008, 14:05


Dubai: Abdul Salam Al Marri, chief executive of the Lagoons - a project by Sama Dubai, a Dubai Government owned real estate developer, is facing probe, Gulf News has learnt.

"We just came to know that he has come under investigation," a source close to Sama Dubai, said.

Sama Dubai's flagship project, the Lagoons - on Dubai Creek has been delayed. The project is expected to house Dubai Towers, Dubai - the four towers at the core of its development.

The news comes amid a government crackdown on bribery and corruption - mostly in the real estate sector.

Police began the probe on three government officials on corruption. Market sources hinted that many more heads are expected to roll.

Dubai government, in a recent statement, has announced zero tolerence against corruption.

"The Government of Dubai will take strict and prompt action against all acts of corruption and bribery wherever they occur in the emirate, whether in the public of private sectors," Dubai's Public Prosecutor said in a recent statement.
 
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