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    • 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 […]
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Archive for January 5th, 2009

Comments to: Dubai Villa prices fall 45 %

Posted by 7starsdubai on January 5, 2009


recession in dubai???
Posted by Dinesh on Monday 5 January 2009 at 15:46 UAE time

Won’t be long until you will be able to buy villas at the prices they were being sold at 4 years ago. If recession takes its toll on Dubai then this will happen faster than you can imagine.

Villa Prices
Posted by I love cars, Dubai, UAE on Monday 5 January 2009 at 15:25 UAE time

I dare any of the readers to do a poll between friends and see how many of your friends own real estate in Dubai. It will shock you. We did a poll with friends all of whom make very, very good money including us and only 1 couple of 12 bought in Dubai. Now if only 1 couple out of 12 bought then isn’t that cause for concern when people making large sums of money are refusing to purchase? You’d never see this in the U.S. or Canada as everyone owns their own home or thereabouts. The Dubai Gov’t might need to step in and setup reform or coerce banks into providing lending. However, if banks aren’t’ willing to take the gamble then why would investors? The writing is on the wall and will take a long time to correct…

The market is going down another 40%
Posted by Tajer, Dubai on Monday 5 January 2009 at 14:26 UAE time

Prices on the villas had got to a point that they were unrealistic. Today with properties in matured markets like the UK, US and Australia are multiple times cheaper and the total cost of ownership is much less then what it is in UAE .

Million dollar home in US are gorgus family home and looks and feels like a million dollar home not what has been built here in Dubai that you need to spend another million to update the house to a livable condition . Some can say that they were cheap homes and therefore have a cheap finish.

The prices have to come down to a realastic level comparabile to the world markets till then we are in a bubble and the chances of a long term healthy market recovery is not possible

need value for money
Posted by Maxim, Dubai, UAE on Monday 5 January 2009 at 13:58 UAE time

In Dubai real estate there is no value for money. So called villas in Dubai are constructed with poor quality material. A 4 B/R villa is not worth more than AED850,000. A cowshed in America/European country is constructed with better quality standards than these villas. As long as there is no good quality housing, prices are bound to fall. Only good location, good quality house would fetch better price in future.

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Posted in Dubai | Comments Off on Comments to: Dubai Villa prices fall 45 %

Dubai Villa Prices fall by up to 45% in the last 4 month

Posted by 7starsdubai on January 5, 2009


http://www.arabianbusiness.com/542637-villa-prices-fall-by-up-to-45-amid-real-estate-slump

Villa prices at Jumeirah Park and Jumeirah Islands, Nakheel’s exclusive residential developments in Dubai, have plunged up to 45 percent in the last four months, Arabian Business has learnt.

Brokers across the UAE said speculators were desperately scrambling to off-load property before prices fell further.

Imran Aslam, agent at Dubai-based property broker AAA said completed three to four bedroom villas on Jumeirah Islands were now on the market for as low as six million dirhams, down from 10.5 million dirhams four months ago.

“It’s a big difference now. Investors are quickly reducing prices. They are also finding they have got too many [properties], so they want to sell. At the moment there is no stable price in the market.”

Aslam said off-plan villas at Jumeirah Park, a 350 hectare planned residential community due for completion in the next few months, have fallen in price by 40 percent.

Distressed investors are fleeing Dubai’s once red hot real estate market as the global credit crunch hits demand, sending values tumbling.

Lack of mortgage availability exacerbated by a regional liquidity squeeze is also hampering would be buyers, agents said.

Adriana Kapostikova, broker at Dubai Waterfront Properties said: “It [the market] is going down. This is the problem. There are people putting prices down and down because they want to sell. It’s cheap now.”

Up-market villas on Jumeirah Islands, a smart residential enclave consisting of a series of man-made islands near Emirates Golf Club, have come down in value from 12 million dirhams to nine million dirhams, a reduction of 30 percent, Kapostikova said.

Abu Dhabi-based broker Ocean View said real estate values at Jumeirah Park had slipped 40 to 50 percent in the last few months.

Private developer Nakheel completed Jumeirah Islands in 2006. Villas at Jumeirah Park, which is a family orientated development with a number of open spaces and parks, range from three-five bedroom villas.

Posted in Dubai | Comments Off on Dubai Villa Prices fall by up to 45% in the last 4 month

Dynasty Zarooni Chairman – Criminal Business Partner of Al Fajer Properties Dubai – arrested

Posted by 7starsdubai on January 5, 2009


http://www.bi-me.com/main.php?id=29498&t=1&c=33&cg=4&mset=

UAE. The head of a Dubai-based real estate firm has denied reports that he had been arrested on allegations of fraud.

Kabir Mulchandani, Chairman of property investment consultant Dynasty Zarooni, said in an interview for Gulf News there was no police arrest warrant against him.

“I know some complaints have been lodged with the police by some people against our firm but these people gave cheques that bounced. They have no legitimate reason to complain,” he explained over the phone.

He said the company was “in good shape.”

Company President Hilal Al Zarouni said the company is “functioning properly”. Both executives said they didn’t know if the police were investigating the complaints.

Lawyer Salim Al Sha’ali, who represents a number of complainants, said the complaints are related to an alleged fraud scheme.

“We have been studying the legalities of the case… and we believe that there is a supposed crime of conning people out of money,” he said.

The Federal Penal Code and the property laws issued lately are the legal grounds in this case, argued the lawyer. Sources said the complaints involve some 30 investors with at least US$1 million each invested with Dynasty Zarooni.

However, Mulchandani denied the accusations and said he has “all the documents that support our position that those people have reneged on their commitments”.

Reports yesterday claimed clients said they paid AED 300,000 per month for which Mulchandani promised a return of AED 1 million a month after the first six installments. But Kabir Mulchandani said that the montly payment was a fee for investors to secure first refusal on properties sold by Dynasty Zarooni at pre-launch prices, an average discount of between 2% and 5%. And he insists no returns were ever guaranteed.

“There is not a single document, email, a fax, an SMS, that anybody can produce in Dubai or elsewhere in the world that in any way represents that we guaranteed any form of return,” he said.

He added that many investors had actually made far more than the guaranteed return he is claimed to have given, despite the slump in the property market.

He said: “This is a case of people having a situation where they can’t meet their obligations, which is unfortunate, but they shouldn’t have over-traded. You can’t buy what you can’t pay for.”

He said those making the complaints against him had bounced post-dated cheques given to the company for both the membership fee and for the properties they purchased.

Mulchandani had left India for Dubai where he set up Dynasty Zarouni, to cash in on Dubai’s booming real estate market.

Kabir Mulchandani is also the founder of Baron International, the Mumbai company that pioneered cheap colour TVs and music systems under the brand names Aiwa and Akai, a firm which came under scrutiny from the DRI and Enforcement Directorate in India.

Dynasty Zarooni markets ready-to-move in properties constructed by Dubai real estate company Al Fajer. The firm advertises these properties on his website and invites NRIs to invest money.

Al Fajer is known for its projects in Jumeirah Business Centre 1 and 2 apart from various projects at Jumeirah Lakes and Jumeirah Island.

Dubai’s Real Estate Regulatory Authority (RERA) is probing the company’s operations after nearly 30 NRIs from India, Russia and UK complained online that he had misled them by showing a different property and selling them another

RERA authorities are reported to have told Indian newspapers that the firm had also not followed the local rule of depositing sale proceeds of real estate properties into a government-shared escrow account.

One particular complaint cites how Mulchandani allegedly sold apartments in a three-tower complex, showing the two completed towers as the properties that were for sale but allotting ownership documents of the third tower which has yet to come up.

Speaking to Mumbai Mirror RERA’s head of legal cell, Imad Hussein, is reported as saying: “We have received complaints of 30 investors from India, Russia and the UK. The company Dynasty Zarouni offered real estate properties at half the market price.

“It also allegedly lured investors by misrepresenting a different property in the name of another. Each buyer has invested at least US$1 million with the firm.”

According to Hussein: “We have invited all investors with similar complaints through advertisements in local newspapers to come forward, and have assured them that RERA will play an active role in safeguarding their money under law number 8 in line with the directives of Dubai’s ruler Sheikh Mohammed.”

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Law No.7/2006 Concerning Land Registration in the Emirate Dubai

Posted by 7starsdubai on January 5, 2009


Law No.7/2006 Concerning Land Registration in the
Emirate of Dubai
We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai
Having considered the Federal Law No. 5/1985 promulgating the Civil
Transactions Law and its amendments;
the Federal Law No 11/1992 promulgating the Civil Procedure Law and its
amendments;
the Local Law No 7/1997 concerning Land Registration Fees; and
the Local Decree concerning the Formation of Land Affairs Committee of the
year 1960;
do hereby promulgate the following Law:
Chapter One
Title and Definitions
Article (1)
This Law shall be cited as “The Land Registration Law of the Emirate of Dubai
(No 7/2006)”.
Article (2)
In this Law, the following words and terms shall have the respective meanings
assigned to each of them, unless the context requires otherwise:
The UAE :
the United Arab Emirates.
The Emirate:
the Emirate of Dubai.
The Government: the Government of Dubai including any of its
Departments, Authorities or Public Corporations.
The Ruler : His Highness The Ruler of the Emirate of Dubai.
The Department: the Department of Lands and Properties.
The Head: the Head of the Department.
The Director: the Director General of the Department.
Land anything of a permanently fixed nature which cannot
be removed without damaging or altering its form.1
Rights over Land: any principal or accessory rights over Land.
1 The original Arabic word is “‛aqār” which literally means immovable, the equivalent of French
immeuble. The underlying concept of “landed property” may also be expressed by the term “real
estate”.
Land Register: a collection of records kept by the Department in
written or electronic form in an electronic register,
detailing the description of the registered Land, its
location and the rights over it.
Land Unit: any plot of Land and all that is located thereon such
as buildings, plants or otherwise, situated in one
Land Area without being separated from its other
parts by any public or private property and without
any part of it having a right or an encumbrance which
its other parts do not have.
Land Area: a group of Land Units demarcated by principal roads
or fixed and clear signs with an accredited name and
a distinctive number in accordance with the practice
of the Department.
Person: a natural or a legal person.
Chapter Two
Scope of Application and Right of Ownership
Article 3
This Law shall apply to Land situated in the Emirate.
Article 4
The right to own Land in the Emirate shall be restricted to citizens of the
United Arab Emirates, citizens of the Cooperation Council for the Arab States
of the Gulf, the companies totally owned by any of the foregoing, and public
joint stock companies. Foreign Persons may, subject to the approval of the
Ruler, be granted in certain areas the following rights:
(a) The right to acquire absolute ownership of Land without restrictions as
to time.
(b) The right to acquire usufruct or leasehold of Land for a period not
exceeding 99 years.
Chapter Three
General Provisions
Article (5)
The originals of documents and judicial decisions in pursuance of which
registration is made shall be kept in the Department, and shall not be moved
outside its premises. Interested parties, judicial authorities or experts
appointed by them, as well as competent committees may have access to
such originals and obtain a certified copy thereof in accordance with the
provisions of this Law.
Chapter Four
Jurisdiction of the Department
Article (6)
The Department shall have exclusive jurisdiction to register the rights over
Land and the leaseholds mentioned in Article 4 of this Law. For this purpose,
the Department may do any of the following:
(1) determine the areas to be surveyed or re-surveyed and certify the
maps drawn therefor;
(2) prescribe rules in relation to surveying and inspection, as well as in
relation to issuance of maps relating to Land Units;
(3) prepare model forms of contract relating to real estate transactions;
(4) prescribe rules concerning organizing, archiving and destruction of
documents;
(5) prescribe rules in relation to using computers in storing and recording
data;
(6) lay down rules in relation to regulating and keeping a register of real
estate brokers;
(7) prescribe rules in relation to evaluating Land;
(8) lay down rules in relation to voluntary sales of Land by public auction
and supervision of such sales;
(9) determine the fees payable for services rendered by the Department;
and
(10) establish branches of the Department as the Director may deem
appropriate.
Chapter Five
The Land Register
Article (7)
A Land Register shall be maintained in the Department to record all rights
over Land and any changes that might take place in respect of them. This
Register shall be conclusive evidence against all and everyone unless it is
proved to be the result of fraud or forgery.
Article (8)
Subject to the provisions of Article (7) of this Law, all electronic records shall
have the same weight of evidence as that of their hard copy written originals.
Chapter Six
Registration
Article (9)
All transactions that create, transfer, change or cancel rights over Land shall
be recorded in the Land Register and final judgments confirming those
transactions shall also be likewise registered. No transaction shall have any
effect unless registered in the Land Register.
Article (10)
Any undertaking to transfer a Right over Land shall be limited to an obligation
to pay compensation if the obligor is in breach of his undertaking, whether the
undertaking contains a provision to pay compensation or not.
Article (11)
If the estate of a deceased contains Rights over Land then the certificate of
inheritance shall be registered in the Land Register and disposals by any heir
of any of these rights shall not be effective or recognized against third parties
unless registered in the Land Register.
Article (12)
The Department may for the purpose of settlement entertain applications for
registration submitted by Persons in possession of Land that is not registered
in their names.
Chapter Seven
Alterations or Corrections of Records in the Register of Land
Article (13)
The Department may, on the application of an interested party or on its own
initiative with notification to those concerned, correct clerical errors in the
records of the Land Register.
Article (14)
In co-ordination with the relevant authorities, the Department shall update its
records of Land Units and of what is located thereon such as buildings, plants
or otherwise.
Chapter Eight
The Maps
Article (15)
(1) For the purpose of the registration of Land Units and Land Areas, the
following maps shall be relied upon:
(a) typographic master map;
(b) map of Land Unit; and
(c) map of Land Area.
(2) Each Land Area shall have its own separate map indicating the Land
Units located on it and the numbers thereof.
(3) Each Land Unit shall have its own separate map indicating its site,
boundaries, width and length, area, its features, constructions located
on it and the numbers given for its neighboring units.
Chapter Nine
Dividing and Merging
Article (16)
If the dominant Land Unit is divided up, the right of easement shall remain in
existence in favour of each part of it, provided that that does not increase the
burden to the servient Land Unit. However, if the right benefits only some of
such parts, the owner of the servient Land Unit may apply to the Department
for the termination of the right in respect of the other parts.
Article (17)
If the servient Land Unit is divided up, the right of easement shall remain in
existence over each part of it. However, if the right is not in fact used over
some of such parts, and it is not possible to use it over those parts, the owner
of each part thereof may apply to the Department, in accordance with the
provisions of this Law, for the termination of the right in respect of his part.
Article (18)
Easement rights cease to exist by the acquisition of the dominant and servient
Land Units by the same owner.
Article (19)
If a Land Unit which is encumbered by an accessory Right over Land is
divided into two or more Land Units, then each such new Land Unit will be
encumbered by the whole accessory Right over Land. The new owners may
agree with the beneficiary of the accessory Right over Land for the division of
it in such way so that each new Land Unit will be encumbered by only part of
it, to be determined by mutual consent.
Article (20)
If two Land Units merge and one of them is encumbered by an accessory
Right over Land while the other is not, then the accessory Right over Land
shall extend on the whole of the new Land Unit without the approval of the
merger by the beneficiary of the accessory Right over Land. However, if each
of the two Land Units is encumbered by an independent accessory Right over
Land, then the beneficiary of each such accessory Right over Land must
approve the merger.
Article (21)
Any alteration in the Land Unit by dividing or merging shall be registered in
the Land Register.
Chapter Ten
Ownership Documents.
Article (22)
The Department shall issue documents relating to Rights over Land on the
basis of the actual records of the Land Register.
Article (23)
Without prejudice to the provisions of any other law, apartment buildings and
multi-story buildings shall be treated as a single Land Unit and shall have one
record in the Land Register to be supplemented by records stating the names
of the owners of the apartments, stories and common parts.
Article (24)
(1) Ownership documents mentioned in Article (22) of this Law are
conclusive evidence of the Rights over Land contained therein.
(2) In the Land Unit record shall be set out any conditions, promises or
restrictions concerning Rights over Land and other obligations.
Chapter Eleven
Final Provisions
Article (25)
Provisions of the Federal Civil Transactions Law No. 5/1985 and its
amendments shall apply to all matters not provided for by this Law.
Article (26)
(1) Any agreement or transaction made contrary to the provisions of this
Law shall be null and void, as shall also be null and void any
agreement or disposal made with the intention to contravene the
provisions of this Law
(2) The nullity of such agreement or disposal may be invoked before the
Court by every Person having an interest, as well as by the
Department, or the Public Prosecution, and such nullity may also be
ordered by the Court on its own initiative.
Article (27)
The Decree dated 6 November 1977 concerning Civil and Criminal Cases in
Respect of Transactions Relating to Disposals of Lands in the Emirate of
Dubai shall be repealed.
Article (28)
The Head of the Department shall issue all the necessary regulations,
decisions, orders and instructions for the implementation of the provisions of
this Law.
Article (29)
This Law shall be published in the Official Gazette and come into force as of
the date of its publication.
Mohammed bin Rashid Al Maktoum
Ruler of Dubai
Issued in Dubai on:
13 March.2006 AD
13 Safar 1427 AH

Posted in Dubai | Tagged: , | Comments Off on Law No.7/2006 Concerning Land Registration in the Emirate Dubai

 
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