International City - Greece

[Liton Miah]

Hi, I have also bought a studio from MINC which used to be in the Docklands and they told me recently that it should be completed by end of September 07. I think I paid 280,000 or 285,000 Dirhams and have been thinking probably paid too much. I’m in L14 top floor with a balcony….I bought it in May 05 and was told it will be completed in Dec 06….they told me it will be fully furnished….I didn’t know there would be any other fees involved.

 

[kkazziha]

Hi Liton if you paid 285,000 for your studio in Greece via Minc then you basically paid about US $80 thousand. That is the market price. A single room apartement was going for about $100 thousand then transfer fees etc bring it up to $110.
Some people have bought it cheaper but then they didn't buy it via Minc which is meant to manage the property for you and Minc is meant to be one of the better property management companies around, unless i am deeply mistaken.
Anyway I am in Dubai at the moment and have made an appointment with Minc to go and see Greece this Sunday July 29. I will update the forum.

 

[Liton Miah]

kkazziha. Thank you for the information, any further updates or pictures would be very much appreciated. Does anybody know the answers to my questions below, grateful if you could help?

• When and how do I apply for a residency visa
• Do I need to open a bank account in Dubai for the rental income

 

[wayneis]

Liton try using the search function there is a thread here that talks about visa process

 

[kkazziha]

Hi all, I just got back from the Greece sector. The people over at Mink told me to come by their offices and then they drove me down to look at the site. The place is really busy, everyone is working even though it is 40 degrees! The place does look good, some of the buildings have been completed, some are being painted now and others are having the windows fit in. It looks like they might actually finish either in October or September. The papers in Dubai are already advertising rental in the Persia cluster and a single apratement is going for 36 k. I did take some video images with my video camera but i still need to figure out how to post it for this forum. All i can say is that today i was finally reassured that my investment here in Dubai is moving forward even if it is behind scheduale. So if any of you worried like me don't. Also if Nakheel does not complete the construction by December 2007 they will legally have to pay penalties so for all intents and purposes Nakheel is unlikely not to complete Greece by then which explains the fast and rapid pace of work taking place now.

 

[kkazziha]

Liton,
Your account does NOT need to be in Dubai for the rental income. Minc will transfer money to any bank account in the world. You should get 8 per cent guaranteed for the first 2 years because they know the yield is actually 12 per cent. Then after 2 years if you are happy with Mink they will give you the option to renew it for a further 2 years.

 

[Saeed Patel]

Greece - Commercial

It seems that most of the other clusters have a thread, so I'm starting this one for Greece where I have bought. Would appreciate hearing any thoughts from others about this sector. The last I heard, completion was planned for September 2007.

Any news on completion and demands in the Greece building. Nakeel completion date Dec 2007.

 

[kkazziha]

NEWS BREAK EVERYBODY:
August 1 : The Dubai government has announced that it will set up a real estate regulatory authority to monitor the development of the sector in the emirate. HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Ruler of Dubai, issued a decree yesterday to that effect.

The Authority, which will be affiliated to the Department of Lands and Properties, will be an executive and corporate body with administrative and financial autonomy. According to the decree, the jurisdiction of the authority will cover four main areas: real-estate policies, strategies, regulation and registration. In addition, it will also be charged with conducting studies and projects.
The authority will oversee the operations of property developers, management companies, financing institutions, brokers and owners’ associations. Sector experts hailed the decision to create the much-needed body. “We think this is an excellent move,” said Craig Johnson, general manager of Landmark Properties. “This will serve to raise Dubai’s standing in the international property market.
“The experience of many property clients in this market has been ‘not so satisfactory’, and this move will go a long way in raising customer satisfaction levels.” Other experts agreed. “This is going to be a real boost for the real estate and property market and certainly for the rental and resale sector. It is very encouraging that the Dubai government has shown consistency in taking the pulse of the market and intervening to ensure a healthy economic environment,” commented Tessa Morris of DSL Exhibitions, organisers of the upcoming R & R Rental and Resale Property Show.
Dubai’s property boom is set to continue until the end of the decade, according to a recent report by the Middle East Economic Digest. The report said that demand for property would continue to outstrip supply at least until 2010.

 

[Hameed]

I have bought a Studio in the K6 Greece sector? Does anybody know much about this section? Such as location, photo, completion or any other info?

Thanks

 

[reza]

sell or renting my studio

dear members
I have a studio in L12 greece section. and they told me it will be ready on Sep.2007
1- may it has delaying for ready?
2- what is tthe rent ing and selling price of my studio?

 

[mohammed abdul]

Greece Studio Flat For Sale

Hi

I've Bought Few Units In Greece Sector K7 And I've Been Told It Will Be The Best One Because Of The Lake Nearby And Schools And Shopping Mall In The Near Future.
I Would Like To Sell One Of My Studio Flat If Anyone Interested Please Contact Me On Uk 07813013690.

 

[Howsbuya]

Greece Sector

Yes, I think the Greece sector will be a good one - a nice location.
Has anyone received any news of the expected completion date? I was originally told August 2005, then 2006 and now I'm being told September
2007. From the way it looks I don't see that happening either.
Are there any penalties for late delivery? Does anyone know how we can find out?
Also, is the Forbidden City still going to be built? And parks and fountains and schools and hospitals? Does anyone know?

 

[reygal]

Jwayne
How much size in your flat, it looks like you got good price
Regards
Reyg

 

[ncruler]

If any 1s sellin Studio or 1 bed in international city at reasonable price contact me...

 

[jwayne592]

Greece

Jwayne
How much size in your flat, it looks like you got good price
Regards
Reyg

I've only got a studio and not sure of the exact size. I got a 7% discount off list price as I paid cash. I bought in Sept 2006 and paid about 255000dhs? Has anybody got any idea what studios are now going for in the Greece sector and expected handover date?

 

[reygal]

good

[
it looks like you got good deal, good for you. am sure the prices are much now what you paid for.
My I bought a flat Global Garden View of Best homes in 2005 handover date was end Dec 2007. but unfortunately there are funny business is going on. they said that project was delayed
they never send us the reason, they never updated there website , i realy don,t what is going? they said that they are happy to refund our money + Interest of years
any one this forum we are same boat?

 

[Howsbuya]

Prices in Greece

I've only got a studio and not sure of the exact size. I got a 7% discount off list price as I paid cash. I bought in Sept 2006 and paid about 255000dhs? Has anybody got any idea what studios are now going for in the Greece sector and expected handover date?

HI Jwayne
Studio around 350,000 - 370,000
1 Bed around 470,000 - 520,000

depending on view and floor.

 

[mk2301]

Hi everyone,

nice to see the this forum is now expanding as we get closer to the completion of greece cluster anyone know of a firm handover date and which sector is going to be ready first?

Howsbuya where did you get those prices from?

thanx

 

[Howsbuya]

House Prices

Hi everyone,

nice to see the this forum is now expanding as we get closer to the completion of greece cluster anyone know of a firm handover date and which sector is going to be ready first?

Howsbuya where did you get those prices from?

thanx

Hi MK
2 sources - the agent I bought from, and also from checking the local papers.

 

[Fernandes]

HI Jwayne
Studio around 350,000 - 370,000
1 Bed around 470,000 - 520,000

depending on view and floor.

October 12, 2007
Hi ,
I have 2 units in greece cluster "L" can someone tell me when is the handover by Nakheel and how many of you have got your sales agreement from Nakheel? I still do not have the sales agreement from Nakheel but have the sales letter from my agent. Also if anyone knows the latest prices for a one bedrrom and studio in Greece cluster 'L' and also the price of shops in Greece. Will appreciate the information
Regards
Fernandes