Good reason to invest in Dubai

[Ajmanprop]

Value buys for $100K - finished properties ....of course, for those of you living there employed, and paying rent anyway - it may be compelling.

For non resident investors, I would still urge caution:

- Flip flop on laws. As a non resident buyer, there are other countries that are friendlier to second home owners, visas, access to one's property etc. Nothing to stop say, a new law from being passed that bans foreign property owners from being landlords, or introduce some sort of expensive registration process etc.

- I see a big squeeze taking place in the form of outrageous service charges - almost equivalent to rent on the properties. Number of reasons, why the service charge laws (strata/juristic person) won't get resolved anytime soon. I could be wrong but expect to see a lot of foot dragging on this issue.

[financier888]

Originally Posted by Ajmanprop

Value buys for $100K - finished properties ....of course, for those of you living there employed, and paying rent anyway - it may be compelling.

For non resident investors, I would still urge caution:

- Flip flop on laws. As a non resident buyer, there are other countries that are friendlier to second home owners, visas, access to one's property etc. Nothing to stop say, a new law from being passed that bans foreign property owners from being landlords, or introduce some sort of expensive registration process etc.

- I see a big squeeze taking place in the form of outrageous service charges - almost equivalent to rent on the properties. Number of reasons, why the service charge laws (strata/juristic person) won't get resolved anytime soon. I could be wrong but expect to see a lot of foot dragging on this issue.

There's no foot-dragging on the Strata Law - the rest of legal framework has been enacted and one bank here in Dubai is already set-up to accept Owners Association bank accounts.. RERA has also frozen the current charges and they cannot be raised. The sooner owners take over the management - the better the quality of your service and the lower cost. That party is over!! realisitcally, depending on the project - you are looking at AED 12 to AED 20 psf - again, this is just a range - it depends on the project and size of the common area. This is positive development and step in the right direction

[DoBuy]

Originally Posted by TommyC

Give us a break, alright. Balanced view, really? From what I hear from your increasings attacks on everything that doesn't talk about Dubai like it is heaven on earth simply works as to give us all an idea how slow the sales really are for you. So why don't we all just say everything is perfect and try to get more people into this pyramide scheme, be sure to keep track of my part of the commission!
.

Tommy C you're really not that bright are u.Had you read my posts properly you would have seen that I conceeded long ago Dubai was and is in a bad way.
Plus its going to get worse.
As for the commision.Well, If I lived in Dubai and worked in real estate then you may have had a point.However I dont.Sorry.

[Ajmanprop]

Originally Posted by financier888

There's no foot-dragging on the Strata Law - the rest of legal framework has been enacted and one bank here in Dubai is already set-up to accept Owners Association bank accounts.. RERA has also frozen the current charges and they cannot be raised. The sooner owners take over the management - the better the quality of your service and the lower cost. That party is over!! realisitcally, depending on the project - you are looking at AED 12 to AED 20 psf - again, this is just a range - it depends on the project and size of the common area. This is positive development and step in the right direction

Agree it will certainly be a positive development for all involved - the sooner the law passes.

See the attached (Gulf News, Feb 5th 09) - residents barred from their own parking lot.
Gulfnews: Service charge plays the villain at JBR

An excerpt: "The Strata Law due to added regulations has not actually been ratified yet, meaning that residents are still at the mercy of the developer. Asking the Dubai Land Department and lawyers when ratification will happen draws a blank. "

[MASHH]

Originally Posted by sasherwani2

ahem..

calm down will ya?

I am not depressed at all. I did make "some" investments in Dubai but kept most of the valuable "eggs" out of this risky market. I knew the returns here were higher but the risks were much muCH higher. What I didnt know that this was a place where laws change overnight and you could be ripped off your entire investment.

I suggest you challenge the information I provide. Attacking me wouldnt get you nowhere. Good luck !

i swear everytime i see saherwanis posts i laugh so muchh, i really wonder whether ur an alcoholic, on drugs, but am 100% sure ur not thinking right...see ur talking abt ur investments and frauds., to me if u had a property fraud case in Dubai i wudnt call that an investment i wud call that " i wanna make money so fast in any property and leave" and this is your case exactly...can u plz tell me which developer u dealt with, on what basis did u do your investment...what is the definition of an investment in your "vocabulary" if you have one...

other ppl like you will support you ofcourse coz they are like u "they wanna make money so fast in any property" but the fact is you dont know nothin abt properties nor investments and ofcourse you have no idea what Dubai is...

Fact is prices are down, people are selling, defaulters will start and some cases i know abt they already started, it will get worst god knows but in general it seems things will get much worst, but please dont come here and act as a hero you and your supporters as i dnt understand how such a "genius" (thats what u appear to be as you did see the recession coming and most of the ppl didnt) and u still did get a fraud case...why u didnt sell and made ur money and left? why? and i really wonder what are your other investments are and where??
u said u made more money in Dubai and laws changes overnight then why in hell wud u buy in the first place if u have any doubts??

hahahah i swear u really do make me laugh but the fact is u knw sh*t abt dubai or investing mr. "genius"

Cheeeers

[sasherwani2]

Originally Posted by MASHH

i swear everytime i see saherwanis posts i laugh so muchh, i really wonder whether ur an alcoholic, on drugs, but am 100% sure ur not thinking right...see ur talking abt ur investments and frauds., to me if u had a property fraud case in Dubai i wudnt call that an investment i wud call that " i wanna make money so fast in any property and leave" and this is your case exactly...can u plz tell me which developer u dealt with, on what basis did u do your investment...what is the definition of an investment in your "vocabulary" if you have one...

other ppl like you will support you ofcourse coz they are like u "they wanna make money so fast in any property" but the fact is you dont know nothin abt properties nor investments and ofcourse you have no idea what Dubai is...

Fact is prices are down, people are selling, defaulters will start and some cases i know abt they already started, it will get worst god knows but in general it seems things will get much worst, but please dont come here and act as a hero you and your supporters as i dnt understand how such a "genius" (thats what u appear to be as you did see the recession coming and most of the ppl didnt) and u still did get a fraud case...why u didnt sell and made ur money and left? why? and i really wonder what are your other investments are and where??
u said u made more money in Dubai and laws changes overnight then why in hell wud u buy in the first place if u have any doubts??

hahahah i swear u really do make me laugh but the fact is u knw sh*t abt dubai or investing mr. "genius"

Cheeeers

I couldnt read your entire post but I'm glad I make you laugh. As for your question on which developer I got ripped off on? Emaar. Bought a villa there and the location told to me changed after 3 weeks. It changed from a lake view to a sewage view. When I decided to pull out, RERA decided to scrap law 11 replacing it with their own version to help the developers. It's alright though, lesson learned.

Cheeeeeeeeeeeeeeeers...

[financier888]

Originally Posted by Ajmanprop

Agree it will certainly be a positive development for all involved - the sooner the law passes.

See the attached (Gulf News, Feb 5th 09) - residents barred from their own parking lot.
Gulfnews: Service charge plays the villain at JBR

An excerpt: "The Strata Law due to added regulations has not actually been ratified yet, meaning that residents are still at the mercy of the developer. Asking the Dubai Land Department and lawyers when ratification will happen draws a blank. "

It will be ratified and the Dubai Islamic Bank will allow an Owners Association to open up an acct. (when the law is officially ratified, many more banks will provide this service) The owners should form their Association and become pro-active. The handwriting is on the wall for these management firms operated by the developer. Thanks for that article link. I hope those owners get organized and send them packing ASAP!! ironically, the building is named 'SHAMS" , sounds more like SHAM

[Gashead]

Originally Posted by damien

Dubai has long earned its reputation as a pre-eminent commercial center with an innovative, dynamic and entrepreneurial business culture.

Strategically located at the crossroads of trade and commerce between East and West, Dubai is in an ideal position to service and access markets that span the Middle East, North and South Africa, the Indian Subcontinent and the CIS. Moreover, Dubai occupies a time zone that gives it an unparalleled advantage in connecting markets as disparate as the Far East and the USA. To leverage its strategic positioning Dubai has developed a world-class infrastructure, air connections and port facilities making it the most well-connected city in the region.

Dubai is politically stable and has a forward-looking, responsive Government with a progressive, pro-business attitude and a highly developed commitment to the private sector. The business friendly regulations and highly favorable tax and customs framework have played a key role in attracting business investment from all over the world in practically every sphere of economic activity. Moreover, consistently strong economic indicators and a relatively low cost work environment have contributed to Dubai?s rapid development and prosperity.

A modern, safe, multicultural city with state-of-the-art medical, education, entertainment, shopping and sports facilities, and a plethora of amenities that make for a very high quality of life, Dubai is a city of choice for the modern professional and an ideal location for multinationals to establish a regional presence.

Thanks
damien

LOL, so wrong on so many levels. Unless of course you're comparing sporting facilities, infrastructue and ease of business start ups etc. (in fact pretty much the entire contents of your post) with Botswana. Low cost work environment? What state of the art sporting facilities? Name one (exc. Ski Dubai which is certainly not state of the art if you are an experienced skier).

Stop, you're killing me!

[MASHH]

Originally Posted by sasherwani2

I couldnt read your entire post but I'm glad I make you laugh. As for your question on which developer I got ripped off on? Emaar. Bought a villa there and the location told to me changed after 3 weeks. It changed from a lake view to a sewage view. When I decided to pull out, RERA decided to scrap law 11 replacing it with their own version to help the developers. It's alright though, lesson learned.

Cheeeeeeeeeeeeeeeers...

wasnt your property in al barraka??? thats what i recall ive never seen you nagging abt Emaar and to be honest i doubt Emaar does such thing as you can pull out if they do so as u have the right

[sasherwani2]

Originally Posted by MASHH

wasnt your property in al barraka??? thats what i recall ive never seen you nagging abt Emaar and to be honest i doubt Emaar does such thing as you can pull out if they do so as u have the right

Read the thread about Warsan Estate - Termination letters on this forum and you will see the kind of treatment we, the investors, received from Emaar after we asked Emaar to give us an explanation on how/why they changed the location of the project.

And yes I do have a property with Barakah too. The CEO is in "hiding" for 5 months now after stealing 1,400,000,000 from the investors. Thats a lot of zeros isnt it