International City - Greece

[mk2301]

hi greecboy,

did you ask your agent? what do they say about you not receiveing your contract? I was told i had to pay at least 65% before i got the contract, is this the same as you? NEED MORE DETAIL TO ADVISE, I.E WHOS IS YOUR AGENT, DO YOU GET RECEIPTS FORM DEVELOPER WHEN YOU PAY?

[Greeceboy]

Hi mk2301,
just spoke to my agent and they just clarified some issues for me. They were meant to send me some forms called "B" and "C" for me to fill, have stamped by a notary, send to UAE embassy to stamp, which will then be sent to their foreign affairs office in dubai or something like that. I'm waiting for the for and dont know how long the process will take. I though I was already registered with Nakheel upon payment but I have been told that I have to pay 2% registration fee and 300 AED as foreign office charge. I will try this out and see if it works and will keep you guys posted. My building owner is FARIS JAVED ALI BHAI. He owns K10 but I don't know who the developer is. Any idea? My agent said you dont have to pay 65% to get a contract. This may differ from agent to agent. Please find out from others what their experience is.I have only received receipts from my agent and not from the developer but I was told by my agent that all my outstanding reciepts will be collated and sent to me in the next one week. will be waiting to see.....

[mk2301]

hi GREECEBOY!

it seems weird that your building owner is one person rather than a company. He must have a few bob. I also had to pay 2% registration fees but not the foreign charges. What we did is we went to dubai and got the power of attorney notarised at the dubai courts office. It only cost a few dirhams and saved us getting it notarised by uae embassy.

[laguna33p]

not really mk2301, my N2 building is owned by 2 building owners and the building next to it owned by an individual from the UK......if you have the dosh you can buy anything!

[mk2301]

Originally Posted by laguna33p

not really mk2301, my N2 building is owned by 2 building owners and the building next to it owned by an individual from the UK......if you have the dosh you can buy anything!

your right laguba33p, but usually for projects on this scale people do usually form a company. I personally would find it a bit odd if i had to pay monies into a personal account.

[kkazziha]

I purchased a unit in L-12 for 40 K about 3 years ago. I was promised it would be completed in 2 years instead it may take 3. I was promised 8 per cent rental guarantee and think i may have over paid Minc Property since 3 years later the property i purchased is not only incomplete, no rent, but no appreciation in value for me over the past 3 years. Pehaps that is my fault since i was over charged. But now there is talk of the bubble market in Dubai and that there is too much supply not enough demand, I am wondering if i made the right choice?

I suspect that property values will always just keep going up so i shouldn't worry right?

Also any feedback on dealing with Minc Property would be appreciated.

[kkazziha]

Is Greece managed by Minc Properties?

[laguna33p]

i bought my apartment in Jum Village sth from Minc Properties (via dubaiwaterfronts) and they sent the receipts on time. I think they also have a london office. Have you contacted Minc about the overpayment, and was the rental guarantee suppose to start from completion or a particular date...what does the contract say?

I think nearly all new developments being released now in dubai and even places like ajman are getting sold out. So people are still buying, it's just that not much is being completed on time (well nothing is for that matter). Remember, you can always sell and run with your money if you feel the heat!

[mk2301]

i was toldnot to go for rental guarantees as 8 % is quite poor the minimum rental yield should be 10%.

[mk2301]

hi guys,does anyone have an update on greece sector?