Thanks for that CJP. I can`t seem to find anything about compensation in the event of a delay. Where can I find that? Is there anything written in your contract?

quote:

Originally posted by C J P:
Hi POG

Somewhat delayed response. Yes, I received a contract early last year, naturally being leasehold then. You may have recently received the circular from the developer confirming that an addendum will be issued at a later date to convert it into freehold.

Presumably your contact has a clause about certain compensation should construction not be complete by a certain date?

Hi POG,

If it's not specifically stated in your contract under Payment Terms check the original payment plan. All off-plan purchases cover the eventuality of developments not making the original deadline. Your solicitor should be aware of this or the developer should have it on their web site or in their standard practices.

Hello all

First time user and need some helpful advice.

Thinking about buying a propery in sports city
Oasis Tower! Heard its a GREAT location apprently selling FAST.

Its with Dubai Movers, dont know much about them. According to the company, if you purchase a property, they will pay for a weekend trip away to Dubai?

Anyway, any advice on buying there.

To all those that have bought property in Sports City..congradulations. As long as you hold onto your property (until 2010 at the earliest )you will witness a marked increase in the equity value. Those of you who are planning to rent your property can expect a 10 to 15% decrease from the current 2007 rates depending on location. The current average 1 bed across Dubai being ( Dhs 88,000 ) and a 2 bed being ( 120,000 )
I live in Dubai and follow the market closely. I will also be buying into sports city shortly.
Anyone planning to invest, please do your homework and don't just jump on the bandwagon.

quote:

Shop
About C4
Jobs
Access Advice
Contact Us
Terms and Conditions
Privacy
Help
Advertising on 4

any news on canal residence west anyone?

Hey All,

Been reading the various posts here and thought I'd give my 2 cents worth on contracts froms someone who's bought and sold/kept a number of properties here in the UAE:

=Contracts: Lawyers generally do absolutely nothing here. Hardly worth using them for your transaction. But if you are relying on one, ask them exactly what they will do to secure your transaction. I've never used one - best advice it to:
1) buy developments made by government developers or renowned companies - your always safe with these;
2) if you buy properties from bulk buyers, etc. visit their office

=Delays: delays are unavoidable here due to the mass of developments, and no-one will give you compensation. You just have to accept it as a fact of life here


=Next big thing: RAK is definately the next big thing, prices are really low now if you chose right. I bought in Royal Breeze building 1 in Al Hamra.


Cheers
Anil

Hello IzzyYou

I'm an Agent for Damac Properties, the largest developer there. I've been concentrating on selling in Lakeside - 4 towers in the IMPZ zone & they're only 14 studio apartments left @£55,000. The ones sold have already increased in value by 4-5% There are 1 beds also available - 100,000 employess expected in this area by 2010, only 30,000 residential units available. Let me know if you need more info. Cheers

Hi All, Can anyone advise me on the following:
I am a first time investor abroad and after much research I have reserved a studio apartment in Oasis Tower 2 in Sports City with a UK agent.
I am concerned after hearing horror stories of developers going bust before completion. I can't seem to find any real information on the developer Oasis Group Ltd (OGL) and wondered if anyone knows if they are reputable (they are building Oasis Tower 1 in DSC)and if they are government backed if anything goes wrong? My 10% deposit is due this week so I need to know I'm doing the right thing by investing here.
Be great to hear of everyones feedback and also if anyone has bought in Oasis 2.
Thnx - Fiona

Hello Fiona,

Regarding Oasis Tower1. It is true, some horror stories have emerged, but these have been very isolated and have been more related to mismanagement of funds. The Dubai government now offers Escrow ( sorry I don't have time to explain all the details, but basically it forms a guarantee to investors and gives credence to developers. So back to Oasis Tower1. This, unless I am mistaken is on plot 23 in DSC which is near the top of the canal, so depending on what you are buying, it should be a very central location with lake views. Dubai Oasis Real Estate LLC would have purchased the land and I am sure it will go to tender for the building. I do not have any information on this company at this time.
All I can say is that DSC will be one of the best and most sought after communities to live and rent. Prices will climb, but location will begin to play a major factor in re-sale and rental options.
Overall, yes I think it is good investment, however do expect delays in completion of around 6 to 12 months.
Regards Stephen

Any development within dubailand is a great investment.With so many great projects planned in this area including the worlds biggest mall its hard to go wrong.

Hi- Just had a bad experience with salya properties selling the Giovanni Boutiques.
I was 5 days late paying so they charged me £100 charges. Wished I never brought there as Giovanni is overpriced, in a bad location and their staff are very ignorant. Has any one else had a bad exprience from them?
Trying to sell the unit now!!

Hello Fiona

My cousin brought in Oasis 2 and is very pleased with his purchase( wished I'd listened to him and brought there myself instead of the Giovanni)
It's in a great location, developer is established and incentives they are giving betters all others. If i ever manage to sell my unit I will re invest there

I thought I would send an update to all those who have purchased or who are still considering purchasing in Dubai Sports City. The ground progress is looking good and I have the added advantage as a pilot of seeing it from the air. I have just made a second purchase of an office which given the market factors should be a great investment. If anyone is interested I will pass on the details of the agency I use and trust.
PS The Dunes golf course will be open for play in late Jan. Ableit an expensive way to view the development.

I paid 30k so far and have another 40k left to pay for a studio in champions Tower. Memon contacted me asking to pay the rest or they take legal action. To be honest I dont think I will pay the rest as I bought a flat in London. How do I try and get some of the 30k I paid initialy back??

Cheers

You should be able to sell on at a profit through someone like better homes bhomes rather than risk legal action and losing all of the 30k. You bought a while back and prices have risen, so you should be OK. In many cases the developer will sell on for about 5% so it is worth speaking to them first.

Anyone heard of Memom or had any dealings with them? They asked me to pay the remaining amount to another bank account. Is that normal? Its the developer who is doing champions Towers.

Regards

Matt,

Memom Investments, is a branch of the Memon Group of Companies, which has launched the Dh.80million commercial tower, Cambridge Business Center, at Dubai Silicon Oasis. However I must confess I still know little of this company.
You would do well to heed the advise of fws and hold onto the property. prices have risen and VH phase 2 will go on sale on the 30th Jan meaning even greater international exposure.
If you still want to sell your studio I can pass your details to a specialist I know and trust who deals with Sports City developments.
Regards
Stephen.

Stephen,

How easy is it to get a bank account in dubai?

Maat,

I have posted a couple of times from another computer...and he presto the post has vanished. Anyway, short answer is yes. The major international banks are here Lloyds, Barclays, HSBC. however why not just make the wire transfers, the exchange rate is still favourable. Before you make further payments check if the project is on schedule, if not you have a very valid reason to defer payment.

regards
Stephen

Matt if you want to open a bank account in dubai(I'm assuming your in the UK?)first thing u need to do is open a HSBC UK account which is what I did last week.Once you've done that tell them you want to open an account with HSBC Dubai and they will arrange to send u an application form.With the application it will cost u £100 to open the account.U then need to keep 5000 aed in there at all times or they will charge u £15 to have the account.U will get a ATM card with the account which u can use anywhere.

Hi all, i wondering if any of you would be kind enough to provide me with some information. I have purchased a hotel appartment in DSC and am having problems sorting out my contract. I recieved a contract but this was different to the terms i had discussed on purchase. I have been going back and forth from the developer and they have still failed to sort out the issues and send me a new contract detailing the amended changes. This has been going on for 3.5 months and i have already made 3 installment payments. Would anyone be able to advise me what to do and what legal standing I would have.

Thanks

Riz

quote:

Originally posted by dm10:
[QUOTE]any news on canal residence west anyone?

Was out in Dubai at Easter. Went to visit the Sports City office. Completion date for the first 3 buildings in Canal Residence West now delayed by 12 months - to Dec-09! Also, they have changed the grand plans for the Sports City so that instead of one of the stadiums they are putting in a massive mall. Good news is we bought 15 months ago and the value has shot up since. So overall still feel it's worth waiting for. Ernie Els golf course looking good also. They are now selling apartments in the other 2 buildings. The buildings across the Canal from CRW will not be complete for a further 12 months - Dec-10.

It is very interesting to read so many British people are buying property in Dubai; having just come back from a VEF conference (Viennese Economic Forum) in Beĉići, Montenegro, where Montenegro was the place for investment!
All the great and the good i.e. Prime Minister, Deputy PM and other Ministers from the Montegrin Government there were ‘hailing’ the substantial investment the Dubai business people including their Government have made into Montenegro, Ulcinj, where mega big islands with luxurious hotel complexes, sports facilities etc. are going to be built.
Not so sure where the environmental aspect sits… but a mega investment it sure is! So the Dubai business community sees good return on their investment capital in Montenegro!

you have $250,000 USD to invest, what is the best property in dubain sports city to go in on? Whats a reputable company/realtor to use? What kind of rental returns can you expect after completion? Would the smart investor purchase the unit cash or finance it? I am totally new to looking into this (Im sure its obvious) but any information would be appreciated.