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]

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]

Greece lightening

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?

 

[Howsbuya]

Update of sorts

Hi All
Well this is a brief update, but really not a huge amount of solid information that I can give.
I was up there last weekend - and on the positive side can say that a lot of progress has been made in the Greece sector. The main construction has been done and the buildings are now covered with scaffolding as they are now applying the outer layers and stuff i.e. tiling, painting, roofing, glass, etc.
It looks ok - near the lake which looks quite serene - although it depends where yr apartment is as to the view u get - the inside ones look at other flats and maybe roads.
The developer is Gamon and Billlimoria - people were asking.
As far as the whole place goes - well some people have moved in but not really very many. It's still a huge construction site and there's no community feeling at all so it's hard to judge what it will be like. I think it could be another Karama! All the ground floors will be shops and offices. Mind you, I like Karama - but I don't want to live there.
Dragon Mart is incredibly busy! The finished buildings look fine. Is Forbidden City going to be built? Nobody knows.

 

[Howsbuya]

Update - last thoughts for a while

I got cut off on the last post. The only other thing I would add is that IC is nowhere near ready for any sort of mass handover to residents. It's going to take years to build up this new city - it's still a ghost town - and they are years behind schedule. And until it's all functioning as a mini city we won't be able to judge.
Nakheel's response to customers is almost non-existent. They are more concerned now with the massive new developments like the Palms, etc. Whether they will spend Dirhams on the relatively low profit IC infrastucture - parks, walkways, Forbidden City - well I have my doubts.
Just my thoughts.
Good luck to all you Greecians and IC's

 

[Nish]

Greece Update

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

Hi Guys
I've just got back from Dubai this week. Greece is coming on fine. Its still 6-8 months before completion. The building are almost complete from the outside and look ok. I've put a few photos up on the Pictures thread. Enjoy.

Regards
Nish.

 

[siralan]

Hi I bought a studio in Greece. Can anyone tell me how much they paid in fees?? I was told that there would be no fees now I have been hit with Nakheel for 2% and Im told there is a land registration fee of 1.5%. Estate Agent called High Society not proving very helpful or fortcoming with info. Where do the fees stop???????

 

[mohammed abdul]

greece

hi howsabuy

i bought few in greece cluster and yes same we are still waiting for our cluster to be handed over but i would like to sell one of the studio aprts on the 3rd floor any one interested email me [email protected]

 

[mohammed abdul]

ic greece sector

yes you do pay all these fees 2% and 1.5% fees but what you are also not told you pay for maintenance fees when your handed over keys.

 

[kkazziha]

hi I just spoke with Mink properties and was informed that Greece will be ready by the end of September or October at the latest.

 

[mohammed abdul]

ic greece sector

[hi kk that will be brill at least i can go over and check them out we went out in feb through gowealthy they arranged us to visit site but due to health and safety reasons they would not let us on construction site.

 

[mohammed abdul]

greece ic

hi all

im in K7 sector so if u guys have any news or updates please keep us informed sometime some agents have much faster communications than others.

 

[Howsbuya]

Greece

Well there's not much else to add. All is going ahead and it looks very nice so far. There's still a lot to do and it looks as if Greece could be the last sector to be completed. December 2007 looks optimistic to me!
The lake is now being landscaped - it looks great - this should add value to the Greece sector. Better view than the Dragonmart!
No news of Forbidden City!! If this is built as promised then I think Greece and Persia will be the lucky ones. But Nakheel are tightlipped over this.
One note of disappointment - the balconies look tiny - but it's hard to tell at this stage of building.
It's not really being pushed in advertisements here - largely because Nakheel have sold off to speculators and they have sold to individuals - they've made their money already! So who is there to push it? Just the speculators trying to shift what they have left.
Having said this, prices are rising gradually - at least the prices asked are higher.
Rental is around 40 - 45 Dhs for a studio and 48 - 55 Dhs for a 1 bed.
What will happen when they all come online is anyone's guess but right now there are hundreds of empty places waiting for tenants or buyers. I was shown around Persia last week - it's like a ghost town - I could take my pick of many empty, waiting, finished units.
Jury's out - and I'm away for a month in UK.
Cheers Greecians!