It's time the developers need to geta taste of their own medicine.

Emmar, Dubai properties must have got taken in the previous meetings

Damac might be the centre piece on each table to be taken left, right, centre.

Are u a real estate agent ??

Roshan

No, by profession I am a qualified chartered valuer from the RICS. You know all those 100s of properties bought by investors on a weekly basis? We value a portion of them for the banks in order for them to give mortgages, 80% of the value we tell them. But I specialise in commercial valuations.

I am pushed on a daily basis to be more like an agent because I know what a property is worth and people are asking me to find them this and that.

I am also an investment consultant... I remember my uni professor used to tell us you have to be a valuer first before you can advice clients on what to buy, when, ... good investment opportunities . etc.

What about you? What do you do?

Inv.

Dear Roshan .

I hope u r fine

I got a request to make
.
When you go to the next meeting at RERA,please check whether there is any regulatory body working to ensure the quality of the work,other than Dubai municiaplity ?
I was in sc today with more time to spend there and found that there are cracks on one of the contractor's work,fortunately its not on my investments, but I m especially more worried with the amount of work (I call it MASS PRODUCTION ) tht is going on in the area,which might afffect the quality of the job. Ultimately it should not happen that we are living in Dubai with stinks all around the building and no proper arrangments.

Thanks and Regards

Your friend.

If it is a serious structural crack, you have to alert the developer asap.

But interesting, what can one do, if he invests in a property then the finishing is very poor and not as promised by the developer? Any regulations on this?

Inv.

I work as a Senior sales engineer for an air conditioning company. Probably we can meet up. Dubai chapter is on. You could add a lot of value to the discussion. Can u pm me your email address so that I can advise you when we meet.

I have this strong gut feeling that Dubai property is over priced. There is a correction round the corner, could be a major one. What's your take on that ??

Regards

Roshan

Dear mpat,

I must hand this out to you. Never have I seen anyone who visits sites and gets totally involved in a project. However do not forget the developer has to guarantee 10 years on the development.

On the next RERA meeting, I will certainly find out.

I did not like the attitude of the lady I was supposed to meet at RERA. However I was really impressed by Mr. Gelaitha ( CEO of RERA ). What can one man do if the others do not work in tandem.

Your dear friend.

Roshan

Yes, I also think there will be a correction, the market will mature as more laws and regulations are introduced. Also I hear they are thinking of introducting some form of taxes like VAT for example.

Anyway, what you must know is that there is every factor to suggest that this market will continue to be strong. The Western Markets are declining, so Western and European investors are flooding in to Dubai.

Its one of the best places to live in, everyone wants to live here, and you have a oil rich country which isnt shy of producing spectacular projects, never seen before. World's Tallest, World's Biggest, ....etc. People like that sort of thing,...its good to live in a place out of the ordinary.

Plenty of banks lend 90%+ of the property's value, and the repayments are within people's capabilities. Its not like in the UK for example where banks lend to people who are already struggling with prices of food, petrol, taxes, property taxes, National Insurance, ...etc etc so this system failed, people couldnt cope anymore,.... same in the US.... they borrowed more than their capability to pay back.

So its looking good for Dubai and the Gulf Markets also.

The only way it will mature and go through a correction is when it gets regulated. As you've seen from the last RERA conference, its only now they are beginning to introduce concrete property law.

Anyway I am hungry and when am hungry I cant think anymore lol.

A PM is on its way.

Regards,

Inv.

Thank you Roshan for your hard work and effort to educate us
I already told my agent who refused even to give me any papers showing that i bought the property until i pay at least 30% . I already paid 15 % of the value to an account in the owner name and not escrow account , i made my checking around find the developer number, when my agent in London refused to give me any info on him. and I told them that they wont see a penny without showing me papers of ownership with developer signature , showing me exactly what i bought
it has been 3 weeks and he has done nothing , and i wont pay .
i also have another property , the agent claims that this is an escrow account and i am 100% sure it is not escrow . it is written in the name of the owner of the building in a sharja bank .
I have decided that from now on I wont make any payment until i have proof that my money wont fly with the developer overnight
Today i confronted one agent when he wanted to charg me 2% transfer fees and told him that , that is illegal , he pretended like he doesn't know and will check tomorrow
thank u Roshan again
and keep up the good work

Hey, you are most welcome. I was very happy to see that you benifitted from what was posted. Gives you a sense of satisfaction and your experience is a motivation for others to follow.

WOW...I love it on how you stuck your ground. I will be meeting RERA on Monday and will have more insight on how they will handle cases.

Frankly, I was impressed by the CEO while the staff are yet to impress.

When going in for investments. Ask for 2 numbers.

RERA approved developer number which should be cross checked on the RERA site.

Trust account number and trust account partner ( always a bank or a finnance house )

Regards

Roshan

Thanks Roshan,Actually I learned it from you, you said that real estate inv is like a baby.So I m doing it that way.

I will be waiting for the out come from your RERA meetings,Pls dont forget to discuss my issue.

Thanks my dear friend