Miscellaneous Questions: Post them here

[jwayne592]

Eye c I note that your post said you don't see Greece sector being towards the top of the best cluster in IC list. Why is this? You said that Greece location is excellent so what is it that puts it down on the list? Is it because you said the apartments are quite big?? I'm hoping that they complete by the end of December.

[eyeC]

lets say the studio flat comes in 570 sft (cant remember the exact size)
so you will be paying almost 6,800 AED to the developer (charges) if you rent it around 40,000 you will be left with 33,200

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now 33,200/570 =58.24 AED/ft your net rent
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and you cant ask for 45,000 rent cos you can get small one bedroom flat in other clusters


other clusters go for 36,000 AED size 479 and for the same charges you will get

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63.15 AED/ft your rent
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so you get more rent for your footage in other clusters

and thats why if you buy large size flats in CBD buildings you will get them at a lower price(in AED/ft)

as i mentioned before i found all the small size flats selling first for various off plan properties in dubai something i didnt know before till i did my maths
on the subject

i used to prefer large size properties when i talk to sales i tell them give me the largest one bedroom you ve got and thats wrong

the above is true if it is rental property and not for you to live in


please note that when i write here im not trying to sell you anything or buy from you something or advatise for my company or web site

just sharing with the good people here my findings

[refles]

Hi everyone!

I have just bought an apartment in Dubai Marina Crown and although I have already paid the full amount, I still haven't got the keys. Vakson, who sold me the unit, first told me that I had
to pay maintenance fees upfront at a rate of 8 dhms per square meter. They also asked me to pay 2000 dhms for DEWA connection. This was confirmed to me by e-mail.
I sent them the amount last week and they sent me another e-mail asking for more money as Maintenance charges
are now 12 dhms per sq foot! On top of that they want me to pay for unit registration with the lands department which I know is optional. I know I am being taken for a ride but is there anything I can do as I don't live in Dubai (which my family and I like very much). Isn't there some sort of regulatory body in charge in Dubai to deal with these matters.
What's the contractual amount I am required to pay to get possession of my apartment? As I want to lease the apartment this is causing further delay and to be honest I am
very surprised by the way business is being done in the UAE.
Surely the authorities should look into these matters as these
unfair practices (to avoid using another name!) give Dubai a bad name. But apparently I am not the only one in this situation from what I read on this forum.
Any help welcome!

[wayneis]

Refles Interesting you mention the agency Vakson as I have been contacted recently by another member who has had difficulties with this same real estate Agency however did not at this stage wish to make public their problems.

I have also had other complaints in the past.

On top of that they want me to pay for unit registration with the lands department which I know is optional. I know I am being taken for a ride but is there anything I can do as I don't live in Dubai (which my family and I like very much). Isn't there some sort of regulatory body in charge in Dubai to deal with these matters.

Yes there is. Do a search on the panel here for RERA The Real Estate Regulatory Authority was launched in Dubai on July 31, 2007. The main objective of the body is to develop a world-standard real estate market in Dubai that guarantees to look after the rights and requirements of all kinds of property investors. In addition to its regular operations, the authority regulates real estate related exhibitions, and official research and studies.

Being the holy month of Ramadan it is at times challenging to do business and speak with government departments. I myself tried last week to get answers from the Lands Department over Land Registration paper work and gave up after 4 phone calls that rang out...

There was a recent article published in the Gulf News last month September that discusses RERA and have quoted the article in full below as it may interest your self and others.Please update your post as it may help others in similar positions.

A step in the wrong direction

By Duraid Al Baik, Foreign Editor
Published: September 08, 2007, 23:14

Do we need a law to regulate the real estate market and harmonise relations among different parties, including tenants, landlords and the civic authorities in Dubai? Yes. We need it and we need it badly. The law has become crucial for sustaining a sector that has grown in the past five years to an extent that it has become very powerful and is now influencing other economic sectors.

The second legitimate question is: Do we need a law that increases red tape and creates more bureaucracy at the expense of genuine and productive activities? The answer is a big NO. We definitely don't need regulations that will add to our burden as we already have more than we can carry.

Debate

But how do you strike a balance between getting a law that satisfies our needs and ensuring minimum bureaucracy? This is the big question that warrants a debate.

The news that was leaked from the newly established section at the Dubai Land Department, the Real Estate Regulatory Authority (Rera), is a bit disturbing because the suggestion is that a civil government department is trying to expand its policing authorities over a free market and to generate a little fees, which will be very costly for the economy as a whole.

A law to regulate the real estate market is overdue with the influx of investors from different parts of the world following the issue of the freehold law in 2002. The law that allowed investments to pour into the Dubai market without restriction has enticed investors to buy properties in designated areas. The project was 100 per cent successful because it shaped the new face of the emirate as an investment haven.

Investors have either come here to buy properties to live in them or to lease them to others. A law that will try to curb the right to do so is unacceptable, simply because it is like changing the rules of the game while the game is going on.

To be more precise, Rera has said that it might oblige the owners of freehold properties to seek its permission before renting out their premises from next year. According to Rera, "the move is meant to reduce the abuse of regulations including bypassing the rent cap by landlords".

The question is: What is the role of the Dubai Rental Committee and what are the guidelines that it follows in order to ensure there are no illegal hikes in rent.

It is understood that the market has become more sophisticated than ever before and issues like abrupt termination of tenancy contracts and unfair rent hikes have become very irritating to both tenants and the committee. It is mirrored in the sharp increase in the number of cases handled by the committee in recent years. A swift intervention is required, and that is why the rental cap was ordered.

What is not understood is why should someone be obliged to seek the permission of the Rera or any other authority to rent a flat or a villa for legal residents of Dubai? And, why should he or she be asked to give details on the number of people living in the property. How can this be controlled, if the number of tenants increase or decrease during the course of the contract. I think such issues can be controlled by the regulations of the district and developer of the area instead of a government body.

The innovative management of the real estate market in Dubai in the past 30 years has proved to be the best way of solving conflicts amongst different parties. The creation of a special rental committee to look into all disagreements of tenancy issues has solved the problems of Dubai without a policing authority. The rent increase cap ordered by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in 2006 for one year, which was extended for an unlimited period, was another way of solving rent hikes in the market till it stabilises. It is clear that if we have to keep the rules of free market in place, such rent cap will be removed when supply and demand are balanced.

When rents go down, the cap will become ineffective. Regulations other than ones mentioned here, including the rules proposed by Rera, will have a negative effect on the market and the economy. A regulator must look into streamlining issues rather than further complicating them. This has been the main pillar of Dubai's success - and this should never be forgotten.

[refles]

Thanks for your answer.

I sent Vakson an e-mail saying that I had completed my end of the bargain,i.e the amount covering maintenance charges and DEWA connection (Which I just learned should
be 1000 dhms not 2000) and I'm expecting them to keep theirs by couriering the contract to me. I am waiting for their answer and will keep you posted. I am afraid that by giving
in to their demands they will ask for more money. Anyway, 12 dhs per square foot for Marina Crown seems a litlle steep, don't you think?!
I hope I won't have to hire a lawyer to get my keys!!!

[aganatra1982]

Dear All,

I hd buy a 1 Bed apartment from ARY in Spanish Cluster, Yesterday I call at ARY office & the rep said to me that POssesion Papers still no ready but you coolect NOC from ARY office after paying AED 12000 in terms of ARY different charges & also they advised that you have to pay AED 25000 at Dubai while taking POssesion .


In View of above please advise follows.

1. Is anyone knows the detail of AED 12000 & AED 25000
2. Any one getting Possesion Letter or there is any expected date of spanish cluster possesion .
3.What are the Current Rental Incom possible for 1 Bed.
4. Can i give my apartment on rent for Six Month .
5. Can I getting advance rent payment to pay AED 25000 in DUBAI .

PLease advise above in detail.

[CJGEORGE]

I have paid excess amount to a devloper in Dubai, as they demanded incorrectly. I had made at least 25 calls from the UK. Except for the promise of crediting the money into my account, nothing happens. In my last letter I threatened I may take legal action.
Please can you advise me the procedure to arbitrate, or initiate litigation for the sum of AED 12000 in UAE.

[CJGEORGE]

I have paid excess amount to a devloper in Dubai, as they demanded incorrectly. I had made at least 25 calls from the UK. Except for the promise of crediting the money into my account, nothing happens. In my last letter I threatened I may take legal action.
Please can you advise me the procedure to arbitrate, or initiate litigation for the sum of AED 12000 in UAE.

[CJGEORGE]

How to get the excess money paid, back from Ajman Rael Esate Investment

[Razneer]

Originally Posted by aganatra1982

Dear All,

I hd buy a 1 Bed apartment from ARY in Spanish Cluster, Yesterday I call at ARY office & the rep said to me that POssesion Papers still no ready but you coolect NOC from ARY office after paying AED 12000 in terms of ARY different charges & also they advised that you have to pay AED 25000 at Dubai while taking POssesion .


In View of above please advise follows.

1. Is anyone knows the detail of AED 12000 & AED 25000
2. Any one getting Possesion Letter or there is any expected date of spanish cluster possesion .
3.What are the Current Rental Incom possible for 1 Bed.
4. Can i give my apartment on rent for Six Month .
5. Can I getting advance rent payment to pay AED 25000 in DUBAI .

PLease advise above in detail.

Hi there

In response to your questions

(1) You may want to refer to the ARY threads and contact some of the members directly who have also purchased from ARY. They might be able to shed some light on ARY charges
(2) As above
(3) Possible rental AED 48-55k
(4) Yes I believe so
(5) Yes but you would have to organise with tenant

The moderator wayneis might be able to help you further. Just "PM" him.