City of Arabia

[John Alexander]

Originally Posted by TommyC

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!

On top of that they have brought in this new law that any off plan property has to be pre-registered in the owers name with the land department of Dubai before it can be transfered to the new purchaser as a resale. Most of these off plan are not pre-registered.

In short they have made things very difficult for the existing off plan owner.

Yes the slow down has come to Dubai for off plan properties as foreign investors are not buying any more because of the global credit crunch. The property prices in Palm Jumeriah have gone down by 40% since September this year.

But it did not stop Atlantis rersort from having a £20 million extravagance party in Pam Jumeriah the other day.

The next year will tell us how much slow down takes place in Dubai properties.
Friends difficult times are ahead of us but as Tommy said we will have to find a way out of all this.

[memo123]

What do u mean that we have to register our off plan units , they don't even exist, I or we paid 50% of the amount due but there is no building on site , so I go to register a paper contract, with no deed, I thought we register once we get the keys for the apartment or house?
please clarify
regards

Originally Posted by John Alexander

On top of that they have brought in this new law that any off plan property has to be pre-registered in the owers name with the land department of Dubai before it can be transfered to the new purchaser as a resale. Most of these off plan are not pre-registered.

In short they have made things very difficult for the existing off plan owner.

Yes the slow down has come to Dubai for off plan properties as foreign investors are not buying any more because of the global credit crunch. The property prices in Palm Jumeriah have gone down by 40% since September this year.

But it did not stop Atlantis rersort from having a £20 million extravagance party in Pam Jumeriah the other day.

The next year will tell us how much slow down takes place in Dubai properties.
Friends difficult times are ahead of us but as Tommy said we will have to find a way out of all this.

[John Alexander]

Originally Posted by memo123

What do u mean that we have to register our off plan units , they don't even exist, I or we paid 50% of the amount due but there is no building on site , so I go to register a paper contract, with no deed, I thought we register once we get the keys for the apartment or house?
please clarify
regards

If you read my post it says clearly that with the new regulations if one wants to resale their off plan unit then it cannot be transfered into the new purchaser's name until it is pre-registered with the land department of Dubai as an off plan unit in the existing owners name.

If you do not wish to resale your unit while it is off plan than you do not have to do anything as it will be registered in your name at completion. Then you can resale it if you wish or keep it.

There is a big difference between register and pre-register.

Any way there are no buyers for off plan units at the moment in COA.

[escrow_officer]

Just to make things more clear for you guys.

Under Pre registration, Total Number of Units were registered for every project. A document stating that These many numbers of units would be built for this project.

Under Registration, All developers are giving their Unit holder for each of those pre registered units.
So every holder would be registered for his particular unit. There is no choice given to him as Each n every single transaction for that registered project would go through RERA / LD.

Regards
Escrow

[John Alexander]

Hi Guys,
I was watching sky news today. In there they said that even Dubai is not spared from from the global property slowdown. They said that the property market has slowed down in Dubai and will hit the bottom next year.

This situation is very worring for all of us. I sincerely hope that this slow down does not affect the construction of off plan projects in COA.

Does any one have any more information on this slow down?

[sgmasey]

Originally Posted by escrow_officer

Just to make things more clear for you guys.

Under Pre registration, Total Number of Units were registered for every project. A document stating that These many numbers of units would be built for this project.

Under Registration, All developers are giving their Unit holder for each of those pre registered units.
So every holder would be registered for his particular unit. There is no choice given to him as Each n every single transaction for that registered project would go through RERA / LD.

Regards
Escrow

Hi Escow,

Just to confirm, I made a contract with MED for an apartment in the Windsor project in 2005 and you are saying that the apartment that is in my contract, is registered in my name and therefore I can sell it on at anytime without any paperwork to be completed before I sell, or any reference to MED, it's mine to sell on?

This is quite an important point for a lot of investors and further clarification much appreciated.

Regards
Stuart

[sgmasey]

Originally Posted by John Alexander

Hi Guys,
I was watching sky news today. In there they said that even Dubai is not spared from from the global property slowdown. They said that the property market has slowed down in Dubai and will hit the bottom next year.

This situation is very worring for all of us. I sincerely hope that this slow down does not affect the construction of off plan projects in COA.

Does any one have any more information on this slow down?

Hi John,

Nowhere is immune to this global financial downturn, it's just a question as to what extent. The oil price dropping to around 48 dollars a barrel doesn't help, also the strength of the dollar will also frighten off potential investors, on the face of it an apartment priced in aed, has increased in price by some 25% in the last 9 months, if you are buying in pounds for example, which is great news if the buyers are out there.

Our best hope is that building does actually start in the next 6 months and that by the time the AC/Windsor projects are completed, that we are over the worst of the crisis, fingers crossed.

Regards

Stuart

[John Alexander]

Originally Posted by sgmasey

Hi John,

Nowhere is immune to this global financial downturn, it's just a question as to what extent. The oil price dropping to around 48 dollars a barrel doesn't help, also the strength of the dollar will also frighten off potential investors, on the face of it an apartment priced in aed, has increased in price by some 25% in the last 9 months, if you are buying in pounds for example, which is great news if the buyers are out there.

Our best hope is that building does actually start in the next 6 months and that by the time the AC/Windsor projects are completed, that we are over the worst of the crisis, fingers crossed.

Regards

Stuart

Hi Stuart,
As property is always a long term investment there should be no problems with AC/Windsor units owners as by the time the project could be ready in 2011 the market may be better and then there will be the guaranteed rental covering us for three years until 2014.
The million dollar question is when is the project taking off and will it be ready in time. We can only believe it when we see it.

[sgmasey]

Originally Posted by John Alexander

Hi Stuart,
As property is always a long term investment there should be no problems with AC/Windsor units owners as by the time the project could be ready in 2011 the market may be better and then there will be the guaranteed rental covering us for three years until 2014.
The million dollar question is when is the project taking off and will it be ready in time. We can only believe it when we see it.

Hi John,

Your absolutely right and like you I still feel that this is a good long term investment and of course the rental guarantees will help us no end as these are a minimum 8% guarantee, so if the occupancy rate was 80% for example in the first 3 years we would benefit from the higher rate of return.

I just wish we could get some straight answers from the developer with regard to a build start date.

I'll let you know if and when I hear anything of interest.

Kind Regards

Stuart

[DAYFox]

I will travel to Dubai next week and meet with Ms. Shubha from Galadari and will talk with her about City of Arabia etc.. I will post everything once I come back!
If anyone is interested in joining me, please post here until Friday evening!