International City - Italy

[zombie]

Hi, anyone like me buy in IC-1, Italy Sector?? Anyone got their keys yet, have been hearing from my purchase agent & building owner a lot of stories since November about handover.

[zombie]

Hi guys is there no one out there who bought in IC Italy, current status as I know from my very nice building owner is that the 4 month delay is almost over. After making 3 site visits for snagging since December, I hope it gets done by the end of March. Have lost Interest on the final payment which I made in cash for 4 months now, thats almost 2000dhs, could have helped pay some of the new charges Nakheel has levied. All I want from Nakheel is some degree of transperancy. How much they want to take & when, atleast give us that info in advance!!!!

AM I asking for too much, maybe.

I think all with agree is that every property developer all accross the world has done the same, why should this company be any different.

[mrr400]

I also have bought a 1 bedroom flat in Italy in the building U24. Also was promissed to receive the keys in November but still I have nothing!! BUilding owner and the agent are promissing to give me the keys in upcoming one or two weeks, but I already stoped believing them. On top of all, there must be some fees that we have to pay before the handover. But I have no idea how much I have to pay.

Do anybody know how much we should pay totally?

[nima]

i think it varies according to the size of your property. service charges,land deprtment charges,vary but fixed fees likeaffection plan, dewa connection,remain same for all.

[Asad]

Greetings from a new member,

I have ended up in Itlay (IC-2) though initially at booking I was told I will have Spain. I have 1 bed and bought it from ARY. Pls. let me know if you know anything about the status of IC-2 and its handover date etc.

Many thanks

Asad

[aveshbachav]

I receieved a letter from ARY properties yesterday stating I have to pay the balance amount pending which also includes aanother 2% of land resgistration fees plus 320 dirhams. the biggest shock was that they have slapped me with a 5% service charge. thats like 15,000 dirhams for their service such as manpower, fuel, phone calls (apparently none to me). Instead of compensating their logic is that they lost out in terms of manpower blah blah blah for one year for which I am the cash cow. What can I do about it? I blasted their sales team on the phone they had just vague answers. I wanna know if they have charged all other ARY buyers with such a fess. Note, this fees is to be paid to ARY for their service provide. Like, they had sold the partment without making any profit!! Obviosuly they have made very good profit on apartments and most of the finance came in terms of installments paid by hoem owners. I wanna know if you guys are also in the same situation??? Is there any redressal for such things in Dubai? Cuz Nakheel is Govt owned but not ARY. ARY has also left 1000 buyers of its flats in IC stranded cuz they were promised to get 70% mortgage which would be paid out by itself from rent accrued from the property over the next 15 years. Many pakistanis bought by paying 30% and the company used that money for 30 months and then finally handing them over cancellation letters along with a service charge of 10% of the amount paid. that is 3% of the original apaartment vaalue. So funny?

Help Help!!

[zombie]

Hi,

Finally the day has come, today I was able to go & complete the final formalities of the handover at my end & come out with the keys to my apartments. I had a lenghty talk with the gracious owner of my building & despite the delays, the work has been done.

Now I can look to finding clients to rent them out. Hopefully that will be done soon. Best of luck to all those who have got their keys & for those waiting still, your time will come soon.

My thoughts about Nakheel, International City, Dubai, think long term, 5-10 years & be sensible.

[ATA]

Originally Posted by zombie

.

My thoughts about Nakheel, International City, Dubai, think long term, 5-10 years & be sensible.

What do you mean "be sensible". I should be getting a decent return on investments NOW at this time when we are suppose to be in property boom. In 3 years, im up probably up by about 20% when the other developments have risen by almost 80-100%.

Tell Nakheel to be sensible with all the charges they are piling on.

In 5-10 years I can see IC as a run down housing estate and if not already demolished by then, will probably be full of zombies!

[wayneis]

Originally Posted by ATA

In 3 years, im up probably up by about 20% when the other developments have risen by almost 80-100%.

ATA very true! We have been taken for a bumpy ride with all expenses thrown onto the investor. Deceptive Marketing.Dishonest Agents and a string of wild un for filled promises both in writing and verbal have contributed to the small increase in REAL VALUE on the apartments

Projects markets around same time (2004) as International City by Emaar such as Springs The Greens or other Projects such as JBR now have risen in price from original listing by 300% Example The Greens a 1 B/R origional price around 350k AED now sells for 900K to 1 Million AED

Brought 1 bedroom 2004 cost AED 348,000
Sold March 2007 Total 450,000 (buyer did not have to pay any charges as this were included in price)

Works out to just over 11% a year BEFORE Costs

I am just keeping a Studio apartment. Why Then?

There is an acute rental shortage in Dubai.
There has not yet been one development in Dubai that I can recall that after completion has not increased in value by a large amount. Completion I mean when all the greenery and Buildings and shops and facilities have been built.

Skeptical about the Forbidden City as Nakheel played dumb when asked if the Rumor was true that this would be canceled. For a huge development (Forbidden City) that was promoted extensively at sales time here we are with people residing and building hand overs and just a huge sand patch when Nakheel said there would be a Forbidden City or did they really mean Hidden City?

[zombie]

The boom is over, too many developments, too many false promises, thats why be sensible, donot expect the kind of premiums greens is getting.

First rule of marketing is be the first to do somethings new, thats what greens is, also location location location, with Jebel Ali, DIC, DMC & Knowledge village in very close proximity.

What IC needs is the completion of Dubai LAnd for apreciation, Thats why think long term