CASA DUBAI into LIQUIDATION

[zanis]

Dubai’s Bubble Has Officially Burst

The Dubai Disneyland saga was being talked about as early as 2008. See the article from Dec 2008 below

It’s official! Dubai has lost its bubble and investors are scrambling to dump their real estate assets to minimize their losses. The mood is gloom in the emirate as more and more developers are laying off people by the minute.

Reports of panic in the market have surfaced and Bloomberg announced that classified ads were reading like an obituary for the real-estate market in Dubai. The very same market which seemed immune only a few months ago against the global credit crisis.

Some bankers even believe that Dubai’s property prices could fall by 80 percent in 2009, taking it back to 2007 price levels. Signs of trouble have also been recorded on the classy Palm Island development where rich investors complained about the lack of quality in their sand on their artificial beaches. Another issue is the lack of water that circulates the palm fronds of the palm shaped island.

Naturally, this is understanding given the fact these people paid millions for their investments. Another thing that has existing investors livid is the fact that prices have been cut by 40% since September. Imagine you paid full price!

Read more...

 

[red_sky48]

Al Owais Heights humaid city

yesterday i received the following E-Mail from the sapphire properties abt this project.
Further to your email below, please be informed that the Fencing and sign board is in the process. Mobilization will start in a week's time. As soon as the construction is started we will let you know and you can visit the site as well.

 

[THEX19MAN]

Hi red sky48.

Could you email me as I would like to talk about Al Owais Heights humaid city which I "hope" to have a studio in.

I just want to tell you what I know and see what you know.

Hope thats ok with you?

Gavin

[email protected]

 

[nictt]

Official receivers

Hi all,

Have any of you who have written to the Official Receivers of CasaDubai had any responce or awknowledgment from them at all?...

 

[harpsdubai]

Lawyer

Hi does anyone know a good UK based property lawyer who can deal with overseas property in Dubai, any suggestions welcome.

Nictt there has been no response at this time from the official receiver at this stage, a few of us have contacted them , nothing yet.

 

[cumbrian]

Hi does anyone know a good UK based property lawyer who can deal with overseas property in Dubai, any suggestions welcome.

Nictt there has been no response at this time from the official receiver at this stage, a few of us have contacted them , nothing yet.

I too would be very interested to find a good property lawyer who has experience in Dubai.

 

[london]

Are Casa Dubai really in enforced receivership? Who are the receivers? The address on the Casa Dubai website for the official receiver is the Casa Dubai address.

 

[revell10]

resadfasfda

 

[cumbrian]

London have they taken your money as well??, if so pm me your email address.

There already a lot of investors in london in this situation with Casa Dubai.

They had been voluntarily wound up and then a few weeks after we were told that they were forced to wound up.

Revell10

Hi, I too have lost money, they did not pass on the last two instalments to my developer - Chapal World.

Do you know the options for trying to recover any of the money already paid. I would be interested to keep in touch although I am not in London.

Thanks

 

[revell10]

Hi, I too have lost money, they did not pass on the last two instalments to my developer - Chapal World.

Do you know the options for trying to recover any of the money already paid. I would be interested to keep in touch although I am not in London.

Thanks

Hi Cumbrian

send me your email address and i add you to what is currently happening on this.


Revell

 

[revell10]

Hi, I too have lost money, they did not pass on the last two instalments to my developer - Chapal World.

Do you know the options for trying to recover any of the money already paid. I would be interested to keep in touch although I am not in London.

Thanks

Hi Cumbrian

send me your email address and i add you to what is currently happening on this.


Revell

 

[HaveTheAnswers]

Hi Cumbrian

send me your email address and i add you to what is currently happening on this.


Revell

Hi All recent postings. Please send your details onto Revell10, who is helping to put together a spreadsheet (of losses) and an action plan; here Casa Dubai "investors" can discuss a way forward.

 

[london]

Funny thing is, I have been looking at companies house information, they're showing nothing about the company being in liquidation or anything, also, it's rather odd that the website shows the address for the official reciever as being at the old office address, that should really be the receivers address in Nottingham.

I am wondering if he's just pulled a fast one?

 

[red_sky48]

Al Owais Heights humaid city

can anybody inform abt the repute of the developer(al owais group) of this project.tnx

 

[nataliedov]

casa dubai daily mail investigatin

I am a journalist with the Daily Mail and am trying to contact anyone who has lost money with Casa Dubai. I am happy to speak to people on the record or anonymously. My direct line is 00 44 207 938 6308.
Natalie Clarke

 

[zanis]

Emirates property prices 'fall off cliff' in meltdown

More discussion here about "Dubai Disneyland"

Emirates property prices 'fall off cliff' in meltdown

4:00AM Wednesday Feb 04, 2009

Property prices in the United Arab Emirates "fell off a cliff" after banks reduced lending and speculators withdrew from the market because of the global economic crisis, Morgan Stanley said in a note to investors.

In Dubai, prices have slumped 25 per cent from the market's peak in September, while Abu Dhabi prices have declined 20 per cent, according to the US investment bank. There were sharp falls in the number of transactions during the fourth quarter, the bank said.

Deteriorating economic conditions, job cuts and the unavailability of mortgages had "resulted in a worse than expected performance in the UAE property market, especially in Dubai", Mai Attia, an analyst based in the sheikdom, said.

Dubai opened its property market to foreign investors in 2002, while Abu Dhabi allowed foreign ownership three years later, fuelling a boom that was boosted by low interest rates.

Banks including HSBC Holdings and Lloyds TSB Group clamped down on mortgages in the last quarter as the global recession started to affect the region, forcing construction companies to scale back projects and cut jobs.

Emaar Properties, the country's biggest publicly traded developer, will be affected most by the drop in prices because two of its projects, Burj Dubai and Old Town, have "taken the biggest hit since the peak", the report said.

Burj Dubai overtook Taipei 101 as the world's tallest building, Emporis Buildings in Darmstadt, Germany, said in a report yesterday.
In Abu Dhabi, Aldar Properties' Raha Beach development was most affected, the report said. The emirate's housing shortage hasn't helped sustain prices as speculators exited the market and financing became scarce.

Read more...

 

[flat2311]

Hi Cumbrian

send me your email address and i add you to what is currently happening on this.


Revell

hi revel10 - can i also please be added - my email is daff0dil2311 at yah00
c0 uk, - i bought into al owais heights.

thanks

 

[nataliedov]

Hi I am a journalist investigating Casa Dubai. I would be grateful for more info re your situation. There is no need for you to be named in story if you prefer. Pls reply or call 0207 938 6308. The piece is scheduled to run later this week. Best regards, Natalie Clarke

 

[ShacksT]

Advice please

I too have purchased through Casa Dubai and I just wondered if those of you who were getting together have managed to come up with a plan? I do not live near London so I would be unable to meet up with you.

After finding out about Casa Dubai I contacted Chapal as I have a unit on the Destiny and I wanted to find out what my options are as i was advised (not by the developer) that there is up to an 18 month delay on the completion.

Having contacted Chapal they tell me I cannot delay my future payments in line with this and that this is in the contract. I have paid just over 25% and I have yet to receive a contract.

Considering all the bad press I have been reading lately I feel there is no certainty that Chapal will even complete the development and it will be shelved like many others.

I am unsure of my rights and wondered if anyone can advise me of what they are and what I should do.

The payment plan I signed up for was that I paid 50% up to completion and the rest over a further five years.

 

[arthuranderson421]

I am a journalist with the Daily Mail and am trying to contact anyone who has lost money with Casa Dubai. I am happy to speak to people on the record or anonymously. My direct line is 00 44 207 938 6308.
Natalie Clarke

Hi i left you a message on your voice mail.

Can you please contact me or send me a pm.

Thanks.