No more frustration over project delays

[mohammedno11]

Please check out this article which I found:

https://www.zawya.com/story.cfm?id=ZAWYA20080925084445&page=emailstory&section=main

......

All three officials said the global financial credit crunch, negative market reports or the recent wave of investigations in Dubai will not damage the market in any way.


"I still have confidence in this market," Bin Galita said.

.......

No further comment !

 

[Roshan]

Please check out this article which I found:

https://www.zawya.com/story.cfm?id=ZAWYA20080925084445&page=emailstory&section=main

......

All three officials said the global financial credit crunch, negative market reports or the recent wave of investigations in Dubai will not damage the market in any way.


"I still have confidence in this market," Bin Galita said.

.......

No further comment !

Makes me wonder how they can say Dubai will not be affected. Some experts say emerging markets will be affected first.

Dubai in terms of property is an emerging market

You can fool some people sometimes but you can't fool all the people all the time.

Regards

Roshan

 

[psychiatrist]

Its all about laws 12 and 13, it is simple really,
if the developer has already secured the funds from the bank he or she needs, fine,
If the developer is not well financed then due to the credit crunch he or she will not be able to borrow.
If the development is mainly bought by spectators who will default payment and who cannot make up payments then, again this will be a problem, the only cushion they have will be they get upto 30% and hope to resell at a lower price to recoup and hopefully finish the project.
So basically they have calculated for their losses, the only thing is consumer/investor confidence.
All in all this may be a good thing because it forces the market especially the off plan to cool off. The projects which get completed will be in demand because it will be difficult to construct in this environment. The others may be shelved indefinitely.
The only problem is that in some developments you will have some apartments finished and others not finished, so the whole place in 3-4 yrs time will be an ugly building site.
The thing which pisses alot of people off you have some developments where investors have payed 100% or near 100% and the developers instead of building the tower ect.. went and bought land and launched other units.
I am afraid that once this thing unravels it starts a serious cascade, and dubai may turn out to be like Singapore.
They should in earnest start constructing, forget totally about launching new projects. I for one , even though i can make the payments am considering just writing off my investment so far, what is the point if you do not know that work is being done on the ground, at least unlike in the banking crisis the developers have a sure way of boosting investor confidence and should just forget about making super human profits and start construction.
If they fail and continue saying, Dubai is alright, blah,blah.blah, then I can assure the off plan market will collapse, and the towers will exist only on paper.

 

[TommyC]

Its all about laws 12 and 13, it is simple really,
if the developer has already secured the funds from the bank he or she needs, fine,
If the developer is not well financed then due to the credit crunch he or she will not be able to borrow.
If the development is mainly bought by spectators who will default payment and who cannot make up payments then, again this will be a problem, the only cushion they have will be they get upto 30% and hope to resell at a lower price to recoup and hopefully finish the project.
So basically they have calculated for their losses, the only thing is consumer/investor confidence.
All in all this may be a good thing because it forces the market especially the off plan to cool off. The projects which get completed will be in demand because it will be difficult to construct in this environment. The others may be shelved indefinitely.
The only problem is that in some developments you will have some apartments finished and others not finished, so the whole place in 3-4 yrs time will be an ugly building site.
The thing which pisses alot of people off you have some developments where investors have payed 100% or near 100% and the developers instead of building the tower ect.. went and bought land and launched other units.
I am afraid that once this thing unravels it starts a serious cascade, and dubai may turn out to be like Singapore.
They should in earnest start constructing, forget totally about launching new projects. I for one , even though i can make the payments am considering just writing off my investment so far, what is the point if you do not know that work is being done on the ground, at least unlike in the banking crisis the developers have a sure way of boosting investor confidence and should just forget about making super human profits and start construction.
If they fail and continue saying, Dubai is alright, blah,blah.blah, then I can assure the off plan market will collapse, and the towers will exist only on paper.

Couldn't read the article, but know what you mean: The Dubai Information minister have spoken once again
If they have so much confidence, why did they change Law 13? Put it back in it's original shape and it won't be a problem because everything is just great here now!

 

[memo123]

I totally agree with you

The developers and most of them did take the money and instead of construction went and launched towers on paper and also sold them . cant they just cancel all and refund investors? the answer is no, because they already used all the money. so whether it is 30/70 or any , investors wont see a penny of what they paid, nor will see their apartments either . And yes although I might have the money for the next installments , but others wont pay and the developer is going to pocket my money and do nothing , escrow or no escrow right now all I want is my money back , I don't trust any of these people nor the authorities that are trying to calm people, yet they know they are lying through their teeth and trying to cover up their utter complacency and ignorance when it comes to protecting the investor's right .
regards

Its all about laws 12 and 13, it is simple really,
if the developer has already secured the funds from the bank he or she needs, fine,
If the developer is not well financed then due to the credit crunch he or she will not be able to borrow.
If the development is mainly bought by spectators who will default payment and who cannot make up payments then, again this will be a problem, the only cushion they have will be they get upto 30% and hope to resell at a lower price to recoup and hopefully finish the project.
So basically they have calculated for their losses, the only thing is consumer/investor confidence.
All in all this may be a good thing because it forces the market especially the off plan to cool off. The projects which get completed will be in demand because it will be difficult to construct in this environment. The others may be shelved indefinitely.
The only problem is that in some developments you will have some apartments finished and others not finished, so the whole place in 3-4 yrs time will be an ugly building site.
The thing which pisses alot of people off you have some developments where investors have payed 100% or near 100% and the developers instead of building the tower ect.. went and bought land and launched other units.
I am afraid that once this thing unravels it starts a serious cascade, and dubai may turn out to be like Singapore.
They should in earnest start constructing, forget totally about launching new projects. I for one , even though i can make the payments am considering just writing off my investment so far, what is the point if you do not know that work is being done on the ground, at least unlike in the banking crisis the developers have a sure way of boosting investor confidence and should just forget about making super human profits and start construction.
If they fail and continue saying, Dubai is alright, blah,blah.blah, then I can assure the off plan market will collapse, and the towers will exist only on paper.