R
ravgul
New Member
I am an investor in lake district. Having paid 25% I feel outright blown apart by the erosion in the DXB property prices.
I have reached out to Nakheel and have been advised by them in writing that the Lake District payment schedule is on track - i.e, no delays. I find this preposterous for earning a good amount of money banks have refused to finance Lake District any more with ENBD & ADCB saying NO yesterday. ENBD has apparently put a temporary freeze on all expat mortgages!!
I subsequently asked Nakheel if they considering the present value of the market are re-evaluating the property prices for prevailing contracts and was advised categorically NO.
Have also heard from a friend who's paid 10% and didnot payup the second installment dude in Oct'08 that Nakheel has sent out 'default' notices.
Now - what is the Nakheel plan?
1) Continue per plan. Sounds far fetched.
2) Seek 3rd installment and postpone the project henceforth, i.e, bring in all the money you can for now.
3) Seek 3rd installment increasing the tragically the list of defaulters - this would mean as per Nakheel's contract - they forfeit upto 25% of the payment (also as per their default notice). Bottomline - they make money!
4) Other possibilities?
What does an investor in my position do? Value crash. No finance available - and if you don't cough up the 3rd installment as per Nakheel's contract they forfeit upto 25%. That's a lot of hard earned money to give away and theres not a dime of trust left to put in more of your savings!
Looking forward to your inputs and for fellow Lake District owners - would a mass approach to Nakheel make any sense? If so - then lets get talking!
I have reached out to Nakheel and have been advised by them in writing that the Lake District payment schedule is on track - i.e, no delays. I find this preposterous for earning a good amount of money banks have refused to finance Lake District any more with ENBD & ADCB saying NO yesterday. ENBD has apparently put a temporary freeze on all expat mortgages!!
I subsequently asked Nakheel if they considering the present value of the market are re-evaluating the property prices for prevailing contracts and was advised categorically NO.
Have also heard from a friend who's paid 10% and didnot payup the second installment dude in Oct'08 that Nakheel has sent out 'default' notices.
Now - what is the Nakheel plan?
1) Continue per plan. Sounds far fetched.
2) Seek 3rd installment and postpone the project henceforth, i.e, bring in all the money you can for now.
3) Seek 3rd installment increasing the tragically the list of defaulters - this would mean as per Nakheel's contract - they forfeit upto 25% of the payment (also as per their default notice). Bottomline - they make money!
4) Other possibilities?
What does an investor in my position do? Value crash. No finance available - and if you don't cough up the 3rd installment as per Nakheel's contract they forfeit upto 25%. That's a lot of hard earned money to give away and theres not a dime of trust left to put in more of your savings!
Looking forward to your inputs and for fellow Lake District owners - would a mass approach to Nakheel make any sense? If so - then lets get talking!
