How about Ajman

[farren]

Originally Posted by alexft

Frederick,

I suggest you to be on lookout for the near future launches, buy as early as possible to obtain best price, buy with the friends to get extra discounts. If you don't have friends willing to co invest see if folks on this forums might be interested. I can send you information about few upcoming projects if you wish. And yes very important read all small print carefully before signing legal documents.

If you manage to buy something similar to The Emirates City at pre launch prices you will likely to earn good return.


Regards,

Alex.

Hi alex you seem to a guy in the know with regards to ajman,Any thoughts on this development.

[Ajmanprop]

I can't comment on individual properties in Ajman, but here's my experience for what its worth.

1) Signed up for a property, solely because of an advertised construction based milestone payment plan. 50% till completion, 25% on handover, 25% later.
2) Paid the booking deposit...and paid close to 20% by the time the contract showed up.
3) The contract had nothing about milestones... by when it was too late to change, and developer's attitude was take it or leave it.
4) 15 months later, I am now trying to sell it at pre launch prices... 400,000 AED below current list. 35% paid so far.... no construction yet.
5) Developer size - the project I bought in is upwards of 3.5M Sq feet, and they have at least 4 other projects under construction.... at least upwards of 2B AED in announced projects.

Lessons Learnt:
1) Whatever the promise, don't put a penny down before you see the contract. If you do put something down, make sure it is small enough that you can afford to walk away from it when the contract is produced.
2) Don't issue post dated cheques... in my case, I can't even write off the 35% paid so far, even if I want to walk away from it. Need to engage legal assistance, to put a stop on the uncashed cheques.
3) If you are buying solely because of a visa, don't. No guarantees there either...saw a poster who took possession of a qualified property, and was turned away.

Even people buying a standalone plot, to build themselves are not immune.... just saw another poster saying he doesn't qualify for Elec/Water hookup - priority for local owners.