Homes from Hell - Dubai

[britishegyptian]

Dear all,
Did anyone watch the programme last night?
I thought it was very interesting that it was an Egyptian property developer that did a runner with all that money.
And then offered post dated cheques to the poor people that lost their money.
Ive experienced this first hand with a property developer in Hurghada and although got most of my money back the post dated cheques were in Arabic and had to be put through a current bank account in Egypt - not what they promised in the outset.
For all those that are signing sales contracts - MAKE SURE YOU GET PHOTOCOPIES of this as well as any other documentation otherwise you are screwed!
If anyone wants help with obtaining advise and contact with a Egyptian lawyer please contact me. If the lawyer is not knowledgeable and in Egypt the developer could play the system for years and I would never of got my money back without also playing games!

 

[thelfamily]

I felt really sorry for these people. This appears to be continuing in hurghada as well. It's a pity we can't name and shame?

 

[Randall]

I felt really sorry for these people. This appears to be continuing in hurghada as well. It's a pity we can't name and shame?

Why can't you?

 

[liquidpilgrim]

Dear all,
Did anyone watch the programme last night?
I thought it was very interesting that it was an Egyptian property developer that did a runner with all that money.
And then offered post dated cheques to the poor people that lost their money.
Ive experienced this first hand with a property developer in Hurghada and although got most of my money back the post dated cheques were in Arabic and had to be put through a current bank account in Egypt - not what they promised in the outset.
For all those that are signing sales contracts - MAKE SURE YOU GET PHOTOCOPIES of this as well as any other documentation otherwise you are screwed!
If anyone wants help with obtaining advise and contact with a Egyptian lawyer please contact me. If the lawyer is not knowledgeable and in Egypt the developer could play the system for years and I would never of got my money back without also playing games!

It really makes me sick that some people are making a lot of money out of poor people who trusted them for their dream houses, or the like.. i feel so sad for those who were fooled.

 

[ollie1]

Hello All,

Having just ventured into the overseas property market for the first time and about to invest my entire life savings into a new development in Hurghada, I am alarmed to read this

I have purchased via what I believe to be a reputable agent in the UK. Could anyone elaborate on the individuals or company name? For reference, I have just signed up for accomodation at the Isida development.

I am going to have a few months of stress I think!!

 

[Alan Cockayne]

Cheap as Chips

Hello All,

I have purchased via what I believe to be a reputable agent in the UK. Could anyone elaborate on the individuals or company name? For reference, I have just signed up for accomodation at the Isida development.
I am going to have a few months of stress I think!!

Everyone does....

There is a massive push from all landowners and the Ministry of tourism to sell sell sell at any cost.

BUT these Egyptian residential developers RARELY FINISH ANYTHING to everyone's delight and satisfaction. The larger, more expensive Resort Developments with first class Hotel complexes know that actually finishing them generates income in the long term.

I have a saying. "Mine is always the cheapest when I don't have it and I've no money to actually build it"

Look at the internet agents promoting these cheaper properties. Some are being paid by Egyptians to advertise them. What protection do an investor have once the money is handed over?
This forum allows you to name and shame. If only to protect the innocent from costly mistakes.

 

[ollie1]

Thanks for that, no I am even more worried. I have used GDI overseas (UK office) and am now dealing directly with the builder. I have been assured the developer is reputable and has previous success. Can anyone else share thoughts on dealing with GDI or thoughts on Isida

 

[Alan Cockayne]

Isida

Thanks for that, no I am even more worried. I have used GDI overseas (UK office) and am now dealing directly with the builder. I have been assured the developer is reputable and has previous success. Can anyone else share thoughts on dealing with GDI or thoughts on Isida

Hi Ollie.

I contacted GDI who were very confident in the project and said the due diligence is all in order. I have it but it is in Arabic, needing translation.
If that's the case GDI should send it to you translated and your lawyer scrutinise it.
I said a copy in English should be accessible to any reader on their website, so the project can be validated BEFORE anyone pays their deposit. Not wait till after your reservation fee is spent.

Lastly, Estate Agents are not legally allowed to handle client money. Their commissions or introduction fees (from leads) must be paid from the developer or its appropriate Bank, accountible for handling and protecting your cash. There is very little you can do to retrieve it.... This is Egypt.

 

[ollie1]

Thanks Alan,

Invaluable advice. My head is spinning with the information I am reading, need to find out etc. One would assume that as they have passed the DD as being acceptable then it is in English as they are an English company!! I will ask for that now. The gentleman we have dealt with at GDI has been excellent, knowledgable and friendly so I have no issues there. My concern is doing all I can to make sure the builder is above board so to speak and finding a lawyer that isnt going to rip me off!

 

[Alan Cockayne]

ZAWYA Weekly News

Abu Dhabi, the largest and the richest Emirate in the UAE was spared the near 50 per cent drop in prices experienced by neighbor Dubai; however a dearth of land transactions has eroded the earnings of Abu Dhabi developers and real estate prices have slumped 30 per cent since the onset of a global financial crisis.

The emirate seems to be facing a scorching year ahead and the government would need to prop up some real estate companies with large contracts to boost growth prospects.

The feeling is that Egypt should be facing up to the same truths and assisting in the rescue or bailing out failing Residential projects, rather than ignoring the facts.

For those authorities and organisations like ERTDA promoting more projects to the market, this doesn't solve a stagnant industry. Relying on investor cash (like in the boom years) when the world now knows that Egypt developers have few funds, will only lead to further dissapointments or going bust.

I am sure the Government would not want this.

 

[Platinum]

Sorry to inform you that GDI Overseas are not a UK comapny, i spoke with companies house when i was purchasing in Isida Joya and they have no company under that name register. I asked my lawyer friend and he found out that they are register in the UAE only at present. Worth asking in the future for any company that says they are in the uk for their registeration number & Vat Number if they don't have it then they are no legal in the UK. Beware as i had this problem in Bulgaria and lost deposit. PS I met one of the guys from the developer of Isida & Isida J and they were very helpful