7StarsDubai

Dubai UAE News from the Press Property Market Disaster and More

  • November 2008
    M T W T F S S
    « Oct   Dec »
     12
    3456789
    10111213141516
    17181920212223
    24252627282930
  • Middle East Unrest Update

  • Talk of the Town

    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
    Monika on RERA – Dubai mulls cance…
    Ali Varahram on Shahram Zadeh against Al Fajer…
  • Top Rated Comments

  • Top Posts

  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
  • Top Rated Posts

    • 406,472 visitors 2010
  • Disclaimer 7 Stars Dubai

    This Website of the Blog 7starsdubai.wordpress.com and 7starsdubai.com content still existing media releases and comments from reputated press and websites only. The content of this Website focus to consumer protection for Investors of the Dubai Property market, the UAE and the Middle East. Press Article from the international Press who report about Fraud in relation with Property Investment and Real Estate Developer Investor Disputes in Dubai and the UAE as well reports from the Press about other criiminal acts and Civil Real Estate cases, Lawsuits before the Court in Dubai, the UAE or other countries. Furtheron we show reports about consumer protection and human rights in the Middle East. Actual Topics about the Unrest in Middle East. The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of this site does not constitute advice or a recommendation by us.Communications and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this Web site. We can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on this Web site nor do opinions of contributors necessarily reflect those of us.In no event shall we be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to this Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise. Comment Rules: Although the administrators and moderators of 7starsdubai.com will attempt to keep all objectionable comments off this Blog, it is impossible for us to review all comments . All messages express the views of the author, and neither the owners of this Blog, nor the administrator of this Blog will be held responsible for the content of any message, comment. By agreeing to these rules, you warrant that you will not post any messages that are obscene, vulgar, hateful, threatening, or otherwise violative of any laws. The adminstrator of this Blog reserve the right to remove, edit, move or close any comment (message) for any reason This Blog content still existing media releases and comments from websites only. The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of this site does not constitute advice or a recommendation by us.Communications and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this Blog. We can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on this Web site nor do opinions of contributors necessarily reflect those of us.In no event shall we be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to this Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise. Copyright: The copyright to the text of the blog is held by the author or link as source provided, where applicable. All images displayed are copyright their respective owners and are used either under licence or under the fair use provisions of international copyright law. The information contained in this Web site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this site. Accordingly, the information on this site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult the administrator of this website. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, 7starsdubai.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will 7starsdubai its related partnerships or corporations, or the partners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this site or for any consequential, special or similar damages, even if advised of the possibility of such damages. Certain links in the Web site connect to other sites maintained by third parties that may or may not be presented within a frame on the Web site. 7starsdubai.com has not verified the contents of such third party sites and does not endorse, warrant, promote or recommend any services or products, that may be provided or accessed through them or any person or body which may provide them. 7starsdubai.com has not issued or caused to be issued any advertisements which may appear on these Web sites. We do not review, monitor or endorse any third party web sites linked to Our Site and We are not responsible for the content of any web site linked to Our Site. Your access to any web site that links to Our Site is at your sole risk. We are not responsible for the information, material, products, or services contained on or accessible through such other web sites and will not be liable for any form of loss or damage arising as a result of or in connection with your visits to such web sites. Any links to other web sites are provided merely for the convenience of the users of this Site and the inclusion of these links does not imply an endorsement of the linked web sites or the content therein. In addition, you agree not to link your web site or any other third party web site to Our Site or frame Our Site as part of any other web site without Our express prior written consent. We reserve the right, at any time and for any reason not prohibited by law, to deny permission to anyone to link a web site to, or frame, Our Site. We reserve the right to withdraw Our consent at any time to a link to, or framing of, Our Site at Our sole discretion without notice. Your use of this Site and the operation of these Terms and Conditions shall be governed by and construed in accordance with the laws and regulations of and applicable in Germany You agree, acknowledge, and submit to the Court in Germany having non-exclusive jurisdiction over all and any dispute or difference between us arising out of or in connection with this Agreement. Please review these Terms and Conditions carefully before using this Site. Your use of this Site indicates your irrevocable agreement to be bound by these Terms and Conditions (as may be amended by Us from time to time). If you do not agree to be bound by these Terms and Conditions please stop accessing and using this Site immediately. Warning: We are aware that several times Cybercriminals mirrowed our Website and posted on several Forums, Website comments by misuse of our email adresses. These Cybercriminals registerd several similar looking Domains and installed several 1:1 mirrowed Websites which look like our Website 7starsdubai. We have already taken the necessary steps by filing criminal complaints against the Individuals behind this Identity theft an Cybercrime, by misusing fraudulently our Blog Identity 7starsdubai. In Search engines like Google, Yahoo, Bling and others you should always take a close view to the links. If this links do not originaly start with www.7starsdubai.com or http://7starsdubai.worpress.com/.... you will end on a faked mirrowed modificated Website. The genral Background of this Cybercriminals is a Stalking and Smear campaign, faking stories for their personal use, to discriminate Persons with the goal to destroy their reputation.
  • RSS ZDF Heute Germany

    • Untitled
    • Die Sprachlosigkeit des Präsidenten
      Proteste in FergusonBrennende Gebäude, Schüsse in den Straßen. Die Bilder aus Ferguson sind dramatisch. Wieder einmal stellt sich die Frage: Werden die USA die Spannungen zwischen Schwarzen und Weißen jemals überwinden? Selbst Amerikas erster schwarzer Präsident wirkt ratlos.Video Keine Anklage gegen PolizistenVideo Keine Anklage: AusschreitungenVideo " […]
    • Der Klartext-Papst
      Papst Franziskus in StraßburgDer Besuch in Straßburg hatte es in sich: Im EU-Parlament kritisiert Papst Franzsikus die europäische Flüchtlingspolitik. Das Mittelmeer dürfe kein Friedhof werden. Europa nennt er eine "unfruchtbare Großmutter". "Er hat dem Kontinent ordentlich ins Gewissen geredet", sagte ZDF-Korrespondent Stefan Leifert.Vid […]
    • Schäuble verteidigt die schwarze Null
      Schäuble im heute-journalDie schwarze Null: Die Opposition rügt, Finanzminister Schäuble wolle sich nur ein Denkmal setzen und mahnt Investitionen an. Der gescholtene kontert: Eine solide Finanzpolitik schaffe Vertrauen - und die wirtschaftliche Entwicklung sei damit besser als bei den europäischen Nachbarn, fügt er im ZDF hinzu.Video Schäuble im heute-journ […]
    • Warum kommt die Bahn so oft zu spät?
      Streiks, Bauarbeiten und UnwetterDie Verspätungen bei der Deutschen Bahn haben in den vergangenen zehn Jahren teilweise deutlich zugenommen. Im Fernverkehr stieg die Zahl der Verspätungsminuten von 2004 bis 2013 um rund 30 Prozent, im Nahverkehr nahmen die Verspätungen in diesem Zeitraum dagegen deutlich ab. Warum eigentlich?Video Bahn: Verhandlungen vertagt […]
    • Kauder verärgert SPD mit Kritik an Schwesig
      Diskussion um FrauenquoteScharfe Töne haben die Schlussberatungen der Koalition über die Einführung einer Frauenquote für Unternehmen begleitet. Unionsfraktionschef Volker Kauder (CDU) warf Bundesfamilienministerin Manuela Schwesig (SPD) in der Quotendiskussion Weinerlichkeit vor, woraufhin die SPD ihm Macho-Gehabe attestierte.  Video Volker Kauder über die […]
    • Jeder Zweite für Zuwanderung von Arbeitskräften
      ZDFzeit"Migrationshintergrund" – das sperrige Wort hat eine Pädagogin in den 90ern geprägt. Menschen, die in Deutschland ein besseres Leben suchen, gibt es schon viel länger. Eine Umfrage zeigt: Die Mehrheit der Deutschen begegnet ihnen heute offener und toleranter als früher.Video ZDFzeit - die DokuQuiz Zuwanderer in DeutschlandInfografik Flüchtli […]
    • Mysteriöse Todesfälle: Pfleger unter Verdacht
      OldenburgDer Pfleger war beliebt, hilfsbereit und fleißig. Doch war er im Dienst, mussten auffällig viele Patienten wiederbelebt werden. Der Mann er steht im Verdacht, an zwei norddeutschen Kliniken schwerkranke Patienten umgebracht zu haben - möglicherweise viele.
    • Yagmurs Mutter wegen Mordes verurteilt
      Kind zu Tode misshandeltDas Hamburger Landgericht hat die Mutter der zu Tode misshandelten dreijährigen Yagmur wegen Mordes zu einer lebenslangen Freiheitsstrafe verurteilt. Das Landgericht stellte aber keine besondere Schwere der Schuld fest, so dass die 27-Jährige auf vorzeitige Haftentlassung hoffen kann.Video Lebenslänglich für Yagmurs MutterVideo " […]
    • "Greif sie dir - und dann schmeiß sie weg"
      Tag gegen Gewalt gegen FrauenSie nennen sich "Pickup Artists" und wollen Männern beibringen, wie man sich - gerne auch mal mit Gewalt - eine Frau für eine Nacht schnappt. Auch gegen diese "Aufreißkünstler" soll heute am internationalen Tag gegen Gewalt gegen Frauen ein Zeichen gesetzt werden.Video Einreiseverbot für "Frauenheld" […]
    • Schlechte Noten für die Schulküchen
      Studie zu SchulessenZu viel Fleisch und zu wenig Obst, Gemüse und Vollkornprodukte: Das Ergebnis einer aktuellen Studie stellt den Schulküchen in Deutschland ein schlechtes Zeugnis aus. Auch die Pausenzeiten reichen an vielen Schulen nicht für das Mittagessen.Video Keine Bestnoten für SchulessenVideo Studie zum SchulessenVideo "Gutes Schulessen für alle […]
    • Bayern ohne Druck nach Manchester
      Champions League - FC BayernNach dem Express-Gruppensieg müssen sich die Bayern heute in Manchester (20.45 Uhr) neue Ziele stecken. Sechs Siege in der Gruppenphase - diese Bestmarke soll die Männer um Geburtstagskind Alonso anspornen. Guardiola hat beim Personal die freie Auswahl.Bilderserie Jagd auf den TorrekordVideo 4x Bundesliga im Achtelfinale?Livecente […]
    • Die olympischen Maskottchen sind los
      Olympia - Brasilien 2016Es hagelt Spott und Häme im Netz - dabei sind die beiden farbenfrohen Zeichenfiguren erst einen Tag alt. Als offizielle Maskottchen der Olympischen Sommerspiele in Rio de Janeiro und der Paralympics 2016 brauchen sie noch einen Namen.Video Rio 2016: In zwei Jahren geht es los
    • Teenager und die großen Gefühle
      Jubiläum 37 Grad: jung.verliebtWas heißt es für junge Menschen, verliebt zu sein? Wie gehen sie mit Schmetterlingen im Bauch um? Wie ernst ist "miteinander gehen"? Zum 37-Grad-Jubiläum erzählen Paare im Alter zwischen 14 und 19, wie und warum sie sich verliebt ha­ben, wann sie unsicher sind und woran Liebe zerbrechen kann.Video Ausschnitt: Jung.ver […]
    • Dreispitz, Panda und Melone
      Tag des HutesMütze kann jeder. Vor allem wenn's kalt wird. Ein Hut aber will mit Würde getragen werden. Zum Festtag der Kopfbedeckung wollen wir vor all denen den Hut ziehen, die wir ihrerseits selten oben ohne sehen.Bilderserie Prominente HüteVideo Tag des HutesVideo Mut zum HutVideo Gut behütet: Das Sandmännchen
    • heute1914 - alle Infos
      Wie kam es zum Ersten Weltkrieg? Wie war das Lebensgefühl vor genau 100 Jahren? Moderne Nachrichten aus der Vergangenheit.
    • 1914 - der Weg ins Verderben
      Wie kam es zum Ersten Weltkrieg? Wie war das Lebensgefühl vor genau 100 Jahren? Moderne Nachrichten aus der Vergangenheit.
    • 100 Jahre Erster Weltkrieg
      Wie kam es zum Ersten Weltkrieg? Wie war das Lebensgefühl vor genau 100 Jahren? Moderne Nachrichten aus der Vergangenheit.
    • 100 Jahre Erster Weltkrieg
      Wie kam es zum Ersten Weltkrieg? Wie war das Lebensgefühl vor genau 100 Jahren? Moderne Nachrichten aus der Vergangenheit.
    • Chronologie des Krieges
      Wie kam es zum Ersten Weltkrieg? Wie war das Lebensgefühl vor genau 100 Jahren? Moderne Nachrichten aus der Vergangenheit.

Slowing property market leads to disputes – The National Newspaper

Posted by 7starsdubai on November 10, 2008


Slowing property market leads to disputes – The National Newspaper

Abu Dhabi // Dubai

As developers and buyers feel the financial pinch of the slowing property market and dampened global growth, the two sides are getting into more disputes, lawyers and analysts say.“Whenever you get turmoil, you get disputes,” said Chris Dommet, the chief executive of the Dubai office of mortgage broker John Charcol. “When everything is going well and everyone is making money, everything is fine. But when the market moves the other way, you get disputes all along the way, from developers to banks to clients.”

Most of the fallout is coming from buyers who assumed prices would keep rising rapidly, those having difficulty obtaining financing for their purchases and those who are only now realising their contracts were not what they expected, said Tom O’Grady, a partner at DLA Piper in Dubai. “We are seeing higher levels of inquiries from buyers about their options,” Mr O’Grady said. “It’s coming alongside the sort of quieting of the market.”

Buyers at Hydra Village, a residential community of 2,500 houses near the Abu Dhabi airport, said they recently saw the prices of their homes unexpectedly rise by as much 15 per cent when Hydra Properties announced a redesign of the project with larger homes.

Carolyn Munson, an American who owns two two-bedroom houses in the project, said the decision to increase building sizes should not have been made without the consent of owners.
“They are imposing decisions on our behalf and that’s unfortunate,” she said. “This would have been one thing if we had contracts early on, but at this point we have zero recourse.”While some buyers said they welcomed the expanded floor plans and considered the rate for the extra space reasonable, some complained that they were not given an option about whether to accept a larger home. There were also concerns about raising the financing required to meet the higher prices, especially for those who had bought several units.

Under the plan, the additional cost would be based on the development’s original prices and come due upon completion in 2010.Sulaiman al Fahim, the chief executive of Hydra Properties, said the designs were changed because the original plan included houses that were too small. The overall project did not incorporate enough green space, he said.“We tried to make it a really green development so we changed the whole masterplan to reduce the density, make more green areas and build green buildings,” he said. Many of the villas were “too small for a normal family to live in” and were expanded by 107 to 129 square feet. He said the company had received positive feedback from buyers.

Meanwhile, in Dubai several buyers said they were refusing to pay their next instalment for homes they bought at Emaar’s Warsan Estate project because they were not informed of a sewage plant being built close by.“We were misled and then let down by Emaar,” said Arshad Hussain, one of the buyers refusing to pay.
He said he had been pressured into buying the property in a rush.“Once I realised about the plant, I informed my family and they said they wouldn’t want to live next to a sewage plant” said Adel Momar, an Australian citizen who had bought a villa for his family. “From that time I tried to sell this villa. But no one wants to buy it. Everybody just laughs.
Some buyers have even tried to put theirs on the market Dh30,000 (US$8,166) below the opening price and have not succeeded.”
Emaar officials said the company properly informed customers and behaved appropriately. “Purchasers have been adequately informed, as is the case with any of Emaar’s projects, including Warsan Estate,” a spokesman said.He said Emaar had provided a detailed map showing the location of the development.Similarly, a group of investors said they lost 5 per cent of their investment in just weeks when Damac Properties suddenly cut prices.

Matthew Mueller, a managing partner at Mueller and Namejko in Washington, said he and his partners had bought a full floor of Burjside Terrace as an investment. Because they bought in bulk, they were given a 5 per cent discount, but five weeks after the purchase, Damac dropped prices by 10 per cent, he said.“It would have been pretty good information to receive before we bought,” he said of the price cut. Mr Mueller said the group was eventually able to transfer his investment into some other properties with the company in the hopes that they could salvage their initial investment.
Niall McLoughlin, a spokesman for Damac Properties, said the price cut was part of a Ramadan special offering and the company had acted appropriately.“Like may companies in this part of the world, we have festive promotions around Ramadan, Eid and Dubai Shopping Festival where we offer discounts and value additions,” he said.

The disputes are leading to calls for more regulation.Fadi Antar, the operations manager of Better Homes Abu Dhabi, said confidence in property developers’ ability to deliver projects on time and according to their promises would become essential as the market matured. He said the municipality should regulate areas such as stage payments, completion dates and sales contracts and respond swiftly to the concerns of investors.

“At the moment, the only option for a client with a serious complaint is to sue,” he said.

bhope@thenational.aerditcham@thenational.aengillet@thenational.ae

About these ads

Sorry, the comment form is closed at this time.

 
%d bloggers like this: