International City - Greece

[Hameed]

How does the renting process work with the agents in Dubai? What sort of options do they provide? Can the rent be guaranteed if you let them have your property for a year or two etc? Will you also be able to use your property when needed for holiday? Has anybody got good experience in this area? Please provide info?

 

[jwayne592]

420000???

Just to keep you updated - I've been told I can collect the keys within the next few days - charges are the same as others have mentioned. All seems ok. Prices of the properties have risen - average Dhs550,000 for a 1 bedroom and around 420,000 for a studio.
Will keep you updated.
HB

The figure quoted of 420000 for a studio apartment sounds very high as Gowealthy are advertising for 350000. Lets hope this is the case

 

[Hameed]

Howsbuya, did you get your key? I believe you had a date of 15 of Jan?

 

[a78692]

Int City Greece

Hi,

If you are searching for a rental company to professionally and efficiently handle the renting of your properties, i specialise in International City and have ready clients.

For any questions, pls feel free to contact me,
Thanks alot guys.

Regards,
Mohammad
00-971-50-256041

Hello Mohammad,

What rentals can we expect for a Greece Studio?

Thanks
Ahmed

 

[Howsbuya]

Update on Possession

Howsbuya, did you get your key? I believe you had a date of 15 of Jan?

Hi All
I've now paid the fees: Title Deed @ 2% = 7400 Dhs
Transfer Fee @ 2% = 7400 Dhs
Service Charge @ 10+ = 7840 Dhs
Total = 22, 640 Dhs

...and they tell me that I can pick up my keys in 3 days' time. (the time it takes to clear a check)

It all went very smoothly.

The Dewa connection, I am informed, is down to the tenant. But you need to register your papers of ownership with DeWA too (photocopies of your ownership paper)
It all seems ok. Don't worry. Be positive - if yr an owner at least - the prices are still rising.
I've been there many times - I like it.
But I have to say, the agent I approached to let my place mentioned the smell again and said it was bad.
This is certainly a negative factor. On the other hand, Dubai has a sewerage/smell problem all over and it's not just in IC - also in other prestigious developements. It's a worry for sure but maybe it will be sorted.

Ok all the best to all you Greecians - I should be picking up the keys this week. Will keep you informed.
HB

 

[Howsbuya]

Yes - I've now picked up my keys and will be going there this weekend to check it out. Going rental rate is 55,000 per year.

 

[a78692]

Hi guys,

Glad to hear that the keys are coming. Would you please tell me what rental I can expect for a Studio in Greece.

Thanks a lot!

 

[Hameed]

Yes - I've now picked up my keys and will be going there this weekend to check it out. Going rental rate is 55,000 per year.

Congratulation Howsbuya for getting the keys. I can't believe that it has happened after so much time of waiting. I was told my property will be ready in two weeks time too after making so much enquiry?

Looks like possession of these properties really is here. Has anyone else have arranged to collect their keys? Need more feedback to confirm that it's not a one off?

 

[Friend1422]

Is it really a good investment

Hi folks,

I purchased a 1 bed apartment in International City - Greece, via MINC / ROMOTEC / DUBAI GUERNSEY, about 3 years ago (nearly completing end Jan / Feb). This company has tied us into an 8 percent rental agreement on the original purchase price + Management fees for 2 years. Which is about 30,000 AED obviously the rent today is around 50,000 AED. The service charge on completion was 8,500 AED. So leaves about 21,500 (3,000 GBP per year at today’s rate !!!!!!!!).

Any one know what the service charge will be for future years, will this stay the same, go up or go down?

Any one dealt with this company on this forum? There contract also says they will make me pay for maintenance and utility charges that will eat - even more into the rent I get from them.

Looks like there 2 years 8 percent rental agreement is a total sham. I have tried to get out of their contract but they keep telling me because I signed up to them 3 years ago they are now going to hold me to it. I looks like I might have to pay them even more than what I receive in rent each year from the maintenance and utility charges.

Any one know what to do ?????

 

[Howsbuya]

Hello Friend

I'm not sure what you mean by 8% rental agreement + management fees. Are they not the same thing? Here (in Dubai) the agent charges the tenant to rent the property, not the owner. Then, if you want management sevices they charge 6% of the rental per month. Your Service Charges are about right.
Rent you can expect is 50,000 -55,000 (40,000 - 45,000 for a studio).
Yes it sounds like you are being overcharged, but if you signed a contract agreeing to this I don't know what you can do about it.
On the plus side the prices are rising at the moment - 1 beds for Dirhams 550,000 - 600,000 - but , of course, because of the exchange rate you lose a bit there.
There is now talk of a 2 tier service charge which could entail 2 payments, but no solid news yet - but they could go up if it happens.

Hi folks,

I purchased a 1 bed apartment in International City - Greece, via MINC / ROMOTEC / DUBAI GUERNSEY, about 3 years ago (nearly completing end Jan / Feb). This company has tied us into an 8 percent rental agreement on the original purchase price + Management fees for 2 years. Which is about 30,000 AED obviously the rent today is around 50,000 AED. The service charge on completion was 8,500 AED. So leaves about 21,500 (3,000 GBP per year at today’s rate !!!!!!!!).

Any one know what the service charge will be for future years, will this stay the same, go up or go down?

Any one dealt with this company on this forum? There contract also says they will make me pay for maintenance and utility charges that will eat - even more into the rent I get from them.

Looks like there 2 years 8 percent rental agreement is a total sham. I have tried to get out of their contract but they keep telling me because I signed up to them 3 years ago they are now going to hold me to it. I looks like I might have to pay them even more than what I receive in rent each year from the maintenance and utility charges.

Any one know what to do ?????

 

[Howsbuya]

oh ... utility charges should be paid for by the tenant - and that includes the DEWA (Electricity and Water Authority) connection.

 

[mk2301]

oh ... utility charges should be paid for by the tenant - and that includes the DEWA (Electricity and Water Authority) connection.

Hi howsbya,

are you still in dubai, what do you plan to do with your aprtment if renting are you going through agent or doing it yourself ? What is the internal finishing like is there a lot of snagging?

sorry about the questions but need to know!

 

[mk2301]

Hi folks,

I purchased a 1 bed apartment in International City - Greece, via MINC / ROMOTEC / DUBAI GUERNSEY, about 3 years ago (nearly completing end Jan / Feb). This company has tied us into an 8 percent rental agreement on the original purchase price + Management fees for 2 years. Which is about 30,000 AED obviously the rent today is around 50,000 AED. The service charge on completion was 8,500 AED. So leaves about 21,500 (3,000 GBP per year at today’s rate !!!!!!!!).

Any one know what the service charge will be for future years, will this stay the same, go up or go down?

Any one dealt with this company on this forum? There contract also says they will make me pay for maintenance and utility charges that will eat - even more into the rent I get from them.

Looks like there 2 years 8 percent rental agreement is a total sham. I have tried to get out of their contract but they keep telling me because I signed up to them 3 years ago they are now going to hold me to it. I looks like I might have to pay them even more than what I receive in rent each year from the maintenance and utility charges.

Any one know what to do ?????

Hi mate,

looks like you are in a pickle, will try to help. First of all look at the contract you signed does it say a MINIMUM 8% if so then you may have a case speak to you helpful agents and say that the market has changed and you expect no less than the property to be rented out for less than CURRENT MARKET rates (point out RERA is compiling these rates for apartments in dubai). If they disagree mention bout the minimum and if you are still not satisfied with your answer hint about going to RERA and complaining or the dubai muncipality. Also ask if they are registered proeprty agents in dubai if so ask for their number.

let us know if this is of any use

 

[reddevil]

We are also with MiNC Properties and have signed up to the 8% agreement. The main advantage to us was that this 8% is guaranteed whether the property is tenanted or not (this is obviously a financial risk for them). You will pay the initial service charge and maintenance charges with any agency you decided to choose - so no difference there. For us, this was a choice we made and it is not possible to say whether it has been the right one yet as this will depend on how much demand there is for the Greece area??

Has anybody actually found a tenant yet? I guess not because keys are only just being handed over and there must be a lot of competition from the other thousands of properties in International City?

 

[Howsbuya]

Update

Hi All
In answer to a previous question - yes, I am currently in Dubai.
I received my keys about a week ago and last weekend went up to see the apartment. I'm really happy with it - it's quite decently finished, the bedroom is quite big and the ceilings are high which adds to the feeling of spaciousness. Obviously, it's not huge but better than I expected. I spent a very peaceful, relaxing day there last Friday.Greece is a pleasant area - near the lake, which looks lovely.
It took 2 days only to let out the property - apparently there were 2 couples "fighting" over it and it's been let for Dhs55,000 per year from 1st Feb with 2 checks. The agents connect DEWA for the tenants - tenants pay the water and electricity costs.
So all in all I feel very happy with it as an investment. The agent told me he could sell it for Dhs600,000 and it's a great rate of return.
Best wishes
HB

We are also with MiNC Properties and have signed up to the 8% agreement. The main advantage to us was that this 8% is guaranteed whether the property is tenanted or not (this is obviously a financial risk for them). You will pay the initial service charge and maintenance charges with any agency you decided to choose - so no difference there. For us, this was a choice we made and it is not possible to say whether it has been the right one yet as this will depend on how much demand there is for the Greece area??

Has anybody actually found a tenant yet? I guess not because keys are only just being handed over and there must be a lot of competition from the other thousands of properties in International City?

 

[mk2301]

Hi All
In answer to a previous question - yes, I am currently in Dubai.
I received my keys about a week ago and last weekend went up to see the apartment. I'm really happy with it - it's quite decently finished, the bedroom is quite big and the ceilings are high which adds to the feeling of spaciousness. Obviously, it's not huge but better than I expected. I spent a very peaceful, relaxing day there last Friday.Greece is a pleasant area - near the lake, which looks lovely.
It took 2 days only to let out the property - apparently there were 2 couples "fighting" over it and it's been let for Dhs55,000 per year from 1st Feb with 2 checks. The agents connect DEWA for the tenants - tenants pay the water and electricity costs.
So all in all I feel very happy with it as an investment. The agent told me he could sell it for Dhs600,000 and it's a great rate of return.
Best wishes
HB

hi howsbuya,

good news nice to know demand is strong for greece. If you dont mind me asking what agent did you use to let out the property? how far sre you from the lake? and lastly any bad odours?

 

[Fernandes]

hi howsbuya,

good news nice to know demand is strong for greece. If you dont mind me asking what agent did you use to let out the property? how far sre you from the lake? and lastly any bad odours?

Do you know the current selling price for a studio in Greece Cluster "L" would appreciate if someone could be very honest and say the current price. The unit is ready for occupancy.

 

[Fernandes]

hi howsbuya,

good news nice to know demand is strong for greece. If you dont mind me asking what agent did you use to let out the property? how far sre you from the lake? and lastly any bad odours?

Do you know the current selling price for a studio in Greece Cluster "L" would appreciate if someone could be very honest and say the current price. The unit is ready for occupancy.

 

[mk2301]

hi fernandes,

studio prices are in the range of 360K aed to 385K AED. My advice will be to hang to IC property unless you need cash as values are likely to increase further as with any property the longer you hold on to it the better.

 

[Fernandes]

hi fernandes,

studio prices are in the range of 360K aed to 385K AED. My advice will be to hang to IC property unless you need cash as values are likely to increase further as with any property the longer you hold on to it the better.

Hi mk,
I have read on the forum that some are selling there studio unit for 410K and above. My unit is 495 sq feet and it has a balcony plus it is on the second floor. Let me know if anyone is interested for a direct sale so we can both save on agent commission.