The latest update i got regarding the completion date of L12 in International City in the Greece cluster.
Nakheel have now updated me that, although construction is well underway with every effort been made to maintain high building practices, completion of the project will now be end of December 2007. Delays in construction development occur in most jurisdictions but in Dubai this has been exacerbated by the rate of growth. Nakheel has a 12 month grace period from the first anticipated completion date by when they are able to delay the final completion date. International City still remains to be a good investment with prices for studios and one bedrooms now reaching AED 350,000 and AED 480,000 without furniture, respectively.
I do recommend holding onto your unit until after completion and handover when you will experience maximum capital appreciation of your property.
I have also been contacted by the Customer Service department in relation to the registration of my unit with Nakheel. This is an important stage in the handover of the unit as all units need to be registered with Nakheel come the time of completion so that there will be a smooth handover to the purchasers. Nakheel usually requires 14 working days from the time of submission in order to issue contracts however with the high volume of units being registered at the same time, please allow for extra time for this process.
