Question on property purchase by expats in DXB
Join Date: Jun 2001
Location: southern england
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flyboy519, don't know about EKers but, in a TV programme the other night, part of the "Dubai Dreams" series on UK BBC2, it was claimed that over 100K Brits now own property there.
Join Date: Sep 2004
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Lots of Indians in the Wild West
Id be very careful buying property ....speaking from experience .
You do not need to scratch very far under the surface to find lots of shonky deals and rip off merchants doing deals that in many other parts of the world would see them strung from the highest post and horse whipped.
One of the largest property developers here Nakheel is in damage control mode as many of its projects are running behind sked and a recent article in the 7 days newspaper on what you get for 2million AED....there's a lot of un happy little chappies who brought at Jumeira Islands projectclick here to read
So lots of guys have made a few $$ good for them. What is not being made too public though is how Real Estate Agents continue to rip off buyers.
The Banks are even in on the deals as well.........many deals here in Dubai require you to post date your bank Cheques.....Now you would think if a deal went south you could just go down the bank and place a stop payment on your cheques..........(The banks gloss over this bit)
Think again. To cancel cheques you must go to court. Think this is straight forward......try it ( I have) My case come up with a court fee of 30,000 AED then an additional 15,000 AED because of the urgency then also write a cheque as gratuity for the amount that i was seeking. (This just to get a stop payment) No wonder the real estate agents are popping up all over the joint.
Think your safe dealing with an agent who takes out large News paper adds EVERY day of the year and operates under a British Franchise such as Propmart ..............I did but then again this is Dubai. (This would also explain why the Gulf news would not publish my letters to the Editor/legal section)
So done the visit to the local Lawyer.The lawyer told me my case was a clear case of fraud so..........next step file a Police Case...the Dubai CID police posed as prospective buyers went to the Real Estate which operated from a unmarked Villa in Jumeira. The CID had to come back twice as the owner was not there and would only come down for a sale.
Next day they turned up and were none too happy to go down to the Police Station where they were only allowed to leave on bail after depositing their Indian passports(2 guys)
So you would think that after my local lawyer being able to establish Fraud was committed, That after establishing that this Real Estate Agent that takes out daily advertisements and has a Trade Licence that lists his trading office from a very different apartment( Its illegal to trade from a villa in Dubai in a residential area if you are listing your trade office else where) That this matter would be sorted out quickly.......
Think again.....its been over 3 weeks and still the Public Prosecutor has not made a decision....Next step the Civil Court....but wait there's more......To do this in Dubai even if successful the court will only award you 5 to 12 % of the money you are seeking and you still have to pay huge Lawyers fees ( my case 70,000 AED). You will not be awarded the cost of the lawyers fees if you win just the court case costs plus the 5% to 12 %
No wonder very little cases make the light of day.
Hey did I mention Insider trading.....try making an offer with a real estate agent here like you would any other place on this planet....Insider trading is out of control
Oh......the Property I purchased comes under Nakheel however they don't want to know any thing about it as the deal was done with the real estate Agent....
Funny when i take off in my big shinny jet and look out the window I see dust haze and lots of sand and traffic jams...Every wonder why in all the glossy adds about Dubai Real Estate you always see lots of green Grass,Blue water, happy people, children couples and no Indians....
Reality is very different and you really don't have to do that much research to work out that that the word is out on Dubai Real Estate
What needs to be done is a proper expose TV documentary on what is really happening with property in Dubai........Keep watching the tube it will not be far away
But then again, no consumer laws, rubbery property laws no truth in advertising.
Dubai really is the Wild Wild West just be care ful of the Indians
If you are interested the Dubai Connector Magazine November Edition on page 236 Legal Matters has an article addressing the above
You do not need to scratch very far under the surface to find lots of shonky deals and rip off merchants doing deals that in many other parts of the world would see them strung from the highest post and horse whipped.
One of the largest property developers here Nakheel is in damage control mode as many of its projects are running behind sked and a recent article in the 7 days newspaper on what you get for 2million AED....there's a lot of un happy little chappies who brought at Jumeira Islands projectclick here to read
So lots of guys have made a few $$ good for them. What is not being made too public though is how Real Estate Agents continue to rip off buyers.
The Banks are even in on the deals as well.........many deals here in Dubai require you to post date your bank Cheques.....Now you would think if a deal went south you could just go down the bank and place a stop payment on your cheques..........(The banks gloss over this bit)
Think again. To cancel cheques you must go to court. Think this is straight forward......try it ( I have) My case come up with a court fee of 30,000 AED then an additional 15,000 AED because of the urgency then also write a cheque as gratuity for the amount that i was seeking. (This just to get a stop payment) No wonder the real estate agents are popping up all over the joint.
Think your safe dealing with an agent who takes out large News paper adds EVERY day of the year and operates under a British Franchise such as Propmart ..............I did but then again this is Dubai. (This would also explain why the Gulf news would not publish my letters to the Editor/legal section)
So done the visit to the local Lawyer.The lawyer told me my case was a clear case of fraud so..........next step file a Police Case...the Dubai CID police posed as prospective buyers went to the Real Estate which operated from a unmarked Villa in Jumeira. The CID had to come back twice as the owner was not there and would only come down for a sale.
Next day they turned up and were none too happy to go down to the Police Station where they were only allowed to leave on bail after depositing their Indian passports(2 guys)
So you would think that after my local lawyer being able to establish Fraud was committed, That after establishing that this Real Estate Agent that takes out daily advertisements and has a Trade Licence that lists his trading office from a very different apartment( Its illegal to trade from a villa in Dubai in a residential area if you are listing your trade office else where) That this matter would be sorted out quickly.......
Think again.....its been over 3 weeks and still the Public Prosecutor has not made a decision....Next step the Civil Court....but wait there's more......To do this in Dubai even if successful the court will only award you 5 to 12 % of the money you are seeking and you still have to pay huge Lawyers fees ( my case 70,000 AED). You will not be awarded the cost of the lawyers fees if you win just the court case costs plus the 5% to 12 %
No wonder very little cases make the light of day.
Hey did I mention Insider trading.....try making an offer with a real estate agent here like you would any other place on this planet....Insider trading is out of control
Oh......the Property I purchased comes under Nakheel however they don't want to know any thing about it as the deal was done with the real estate Agent....
Funny when i take off in my big shinny jet and look out the window I see dust haze and lots of sand and traffic jams...Every wonder why in all the glossy adds about Dubai Real Estate you always see lots of green Grass,Blue water, happy people, children couples and no Indians....
Reality is very different and you really don't have to do that much research to work out that that the word is out on Dubai Real Estate
What needs to be done is a proper expose TV documentary on what is really happening with property in Dubai........Keep watching the tube it will not be far away
But then again, no consumer laws, rubbery property laws no truth in advertising.
Dubai really is the Wild Wild West just be care ful of the Indians
If you are interested the Dubai Connector Magazine November Edition on page 236 Legal Matters has an article addressing the above
Join Date: May 2005
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There are a fair few EK guys living out. If you leaf through the contacts list most of the guys are out in the Meadows, Ranches or Green Community. I have heard second hand horror stories but I know of a lot of guys that think the move out of EK accommodation was the best thing that happened to them. Most of the guys I have discussed it with dealt directly with the developers rather than middle men.
