City of Arabia

[zhouguoyaogeorge]

Originally Posted by John Alexander

Hi George,
Thanks for posting the info about Arabian Crowne on the forum. Can you find out from MED wether they have pre registered the individual apartments in the owners name with the Land Department of Dubai while the project is off plan. I have been informed by an estate agent that they cannot put my unit on resale market if it is not pre-registered with the Land Department of Dubai.

Hi John

I have 3 unit's studio in dubai international city. i am waiting for register in dubai LAND DEPARTMENT . this is ready project. the land department take 1%(O.PRICE)+320AED charge. for register fee.
john where you get it this INFO? PROJECT ARABIAN CROWNE already registered in land department. i think individual register should be waiting complation .

[John Alexander]

Originally Posted by zhouguoyaogeorge

Hi John

I have 3 unit's studio in dubai international city. i am waiting for register in dubai LAND DEPARTMENT . this is ready project. the land department take 1%(O.PRICE)+320AED charge. for register fee.
john where you get it this INFO? PROJECT ARABIAN CROWNE already registered in land department. i think individual register should be waiting complation .

Hi Goerge, I meant pre-registeration of the units while they are off plan. I have had a reply from MED after so much pushing. My inquiry has been forwarded to the relevent department. One of the selling agents have informed me that they cannot put my unit on the resale market if it is not pre-registered as an off plan unit with the land department in Dubai. This is because they cannot transfer it to the new purchaser if it is not pre-registered.
As far as completed units are concerned there is no problem as you own it yourself.

[sat]

My brother - in - law Mr Dhillon is selling the following units in City Of Arabia

1 BED WADI TOWER 26TH FLOOR 837 SQ/FT WADI WALK VIEW - 1250 AED PER SQ/FT

I&M TOWER 30TH FLOOR 840 SQ/FT WADI WALK VIEW - 1250 AED PER SQ/FT

If anyone is intersted please contact either myself on tel - 00447803249092

Or him on tel no - 00447758251106

[DAYFox]

I heard that there is a lot of strong interest in City of Arabia projects again...
anyways, i dont want to awake a wrong hype here, i will check by myself when i will be in Dubai, wich will be in two weeks time though

[chiquita]

I got a reply from MED that escrow account is under process. She didn't say when it is completed.

Originally Posted by DAYFox

I heard that there is a lot of strong interest in City of Arabia projects again...
anyways, i dont want to awake a wrong hype here, i will check by myself when i will be in Dubai, wich will be in two weeks time though

[memo123]

I don't understand why should I register off-plan property .I believe registration of property applies on handing over the unit and not before .
please correct me if I am wrong. why would i register a fish in the sea?

[junaidrafique]

I have G Tower Floors in COA going for 11 00 per sq ft if anyone is interested.

[John Alexander]

I had a newsletter from Property wire which said that last month nearly half of the agents in Dubai did not sell a single property.

So the global credit crunch is affecting Dubai properties to a certain extent.
Although the dollar has become stronger Euro and pound have weakened against the dirham so that is turning new investors away.

So no wonder there are not many people buying off plan resales in Dubai at the moment.

[John Alexander]

Has anybody heard this latest news about off plan properties in Dubai. The number of distress sales are increasing with people selling at the original purchase price or even 5% less than the purchase price as they can no longer keep up with the payments because of the global credit crisis.

They would sell it what ever they can get rather than defaulting with the developer if they do not keep up with the payments.

[TommyC]

Originally Posted by John Alexander

Has anybody heard this latest news about off plan properties in Dubai. The number of distress sales are increasing with people selling at the original purchase price or even 5% less than the purchase price as they can no longer keep up with the payments because of the global credit crisis.

They would sell it what ever they can get rather than defaulting with the developer if they do not keep up with the payments.

That's why we are joining up to do what we can to see a change of the regulations that said a certain amount of money would be returned. In the same situation; No financing and payment dates coming up?

If you haven't done so, please send an email to investorslaw13 at hotmail.com, we're already over 130 investors on the list and we will take action shortly. Law 13 was changed to protect developers when the crisis hit, meaning a lot of investors now will lose all. Only we, ourselves, can do anything about it now... Join up! Thanks!