Dubai - in the eyes of the "external media"

[aziqbal]

I am not happy with the exchange rate, its around 6 AED and its much better if its 5.3 AED then my rent money is more in UK £s!!!

it acully makes alot of difference

 

[James Greg]

The rents are pretty good, if you have a property that you have rented out, you can sit back and relax or if you want to expand then the rent would be sufficient to pay the other buildings installments.

 

[xuonginhanoi]

how buy the villa in center dubai

 

[James Greg]

Have a visit at Dubai Property – Sell Buy Rent Properties in UAE Dubai Real Estate & Homes and see all the properties you find worthwhile. (hope I'm not breaking any rules here)

 

[Patra01]

@financier888

Yes, I am totally agree with your opinion, hope you will contribute your valuable information with us in near future. Apart from all the difficulties, Dubai media is maintaining all the duty rightly .....

Have a great Christ Mass!

 

[metlofts]

I'm an 'investor' in Dubai and my experience has been one which has ended in complete dismay and to be honest total frustration.

The project i invested in was meant to be in JVS and I pad 30% of the unit price. I was happy a couple of years ago when the escrow law came into force and even happier after i managed to have the bank actually provide a kind of statement that showed my 30% was accounted for.

What could go wrong I thought....

The bank ceased it's escrow facilities and now the developer cannot be contacted and RERA do not reply to any of my complaints and i've spent numerous hours on the phone where the conversation is results in perpetual frustration because RERA refuse to answer a straight question with a straight answer. The question being, is the project in question cancelled?

I personally think you'd be mad to risk your hard earned money in Dubai and it's going to take more than a few people advertising some great new projects and claiming the crisis won't last forever.

What about the investors who have lost their life savings and imagine how those that have remortgaged their house feel now.

My advice, you want a property in Dubai? Just go and buy one that's already built and use a law firm to deal with the whole transaction from start to finish, never trust that a project has the ability to be completed... it's simple.. just buy one of the 1000's of dormant units available because nobody is interested in Dubai as nobody is invested in investing off-plan in Dubai anymore!!

 

[James Greg]

I have read many news about Dubai property be external media and also personally visited it. There are many more chances in Dubai rental projects that can be helpful to improve Dubai real estate and other sectors. The most hot places are Business Bay and Dubai marina if you want to invest and get better results from your investment.

 

[metlofts]

James,

I appreciate what you're saying but the project i invested in has just been cancelled and in the process of liquidation.

RERA cannot guarantee that i'll get all my money back because the developer owes money to Nakheel. This is DESPITE my money being safely stored in Escrow.

I'm sorry but you are wrong, i'd advise anyone looking to invest in Dubai to have a look around this forum in the Dubai property/investment threads, genuine buyers who have lost life savings and remortaged their homes on the back of what appeared to be fantastic opportunities.

I'd say, if want something high risk, in a country with lots of corruption and weak laws then go ahead, there are lots of investment opportunities!

My experience so far:

1. Fantastic Sales Outfit
2. Frustration because of missed deadlines in terms of construction
3. Developers stalling projects
4. No updates
5. Not being able to get in contact with developer
6. More frustration
7. A perpetual battle to have a refund which is rightfully mine
8. RERA ignoring me when i'm complaining, and if one email does come back it's in broken english telling me to go to Dubai Court.

 

[fahadalzaabi]

yes we do need some news for reliable resources we should have placed a link to the thread if we finds some

 

[Nadele]

Exactly. I am always hated for saying this.

 

[1DXB]

There have been alot of improvements in the laws that govern the property sector to protect all parties involved. It is not perfect yet but they are moving forward with changes at quite an aggressive pace. (The project status online tracking by RERA is personally what I've found to be one of the most helpful tools for transparency)

Yes alot of research still has to be done on the project status, developer profile, financing, & the yields to avoid the above scenarios. There are no guarantees but hopefully tricky situations can be avoided with a positive outcome for your investment.