harryharris

Hello to all

ive posted a few times on this board and gotten some great advice. so thanks.ive been in Dubai for nearly 2 years now and have 2 questions to bounce off of you all.

OK, i rent a 2 bed in JBR. My wife and i got it for Dhs 125 000 and the landlord fixed the rent at that amount for the second year. (not sure if he could actually up it anyway).

So we stupidly thought of him as a good guy. He said that we could stay on for the same rent if we signed a new lease saying that we would leave after the second year as he is moving his daughter in. since being in Dubai longer, i dont think that he is moving her in and obviously wants to take advantage of rents that have almost doubled. At the time, we were looking to buy,
so thought nothing of it.

My question is...
can i fight this, even though we have signed the document, and what are peoples experience of the rent commitee?

my 2nd question is that we have been offered a 3 bedroom 2100sq ft apartment in the marina for Dhs 1200 a sq ft. This seems a good deal as they are now selling at over Dhs 2000 a sq ft. i figure that even if the prices drop by as much as 40% im still better off buying than paying what could amount to Dhs 200 000 for a 2 bedroom.

what are your guys thoughts?
D

Foxes

if my calculations are roughly correct - you are getting a v. large 3 bed apartment in dubai marina for approx AED 2.5m (@6.5 conversion rate = GBP 384,600)......pls correct me if i am wrong !

I was approached v recently for something similar at KG tower.......hmm its definitely tempting but in my humble opinion and esp. considering the state of the market....still on the high side...

if was around the equivalent of GBP 320k/310k then i would be more comfortable....so am looking for another 20 % drop in current price - is that feasible in western dependent market like dubai which is will be affected by the worlds credit/financial/economic crisis ?? i think so but all in my humble opinion obviously - good luck with whatever you decide !

The Dean

"6.5 conversion rate"????

Er.......... you may also care to note that Maggie Thatcher has resigned, and Charles and Diana are planning to divorce............

The rate touched 5.60 on Friday last week (and briefly on Monday this week), but is up to 5.90 now.

Foxes

....and considering it has been around the 7.2 mark for most of the year - hence why i used 6.5......

Alen1

Landlord gave me notice to quit (after five-year Tenancy Contract). I refused to move. He filed complaint with rent committee. We went to committee, he told them he 'needed' the villa back, committee told him that was not possible and to come to an arrangement with me. I stupidly signed new Tenancy Contract that had codicil 'one year only, no renewal'.
After the year, I went to the committee. Committee said "sorry, you should have came to us with the TC and we would have issued you with one without any provisos".
as I had signed the 'one year' proviso, there was nothing the committee could do. Could have taken the case to the Dubai courts - but court fees versus new rental costs was 50/50.
Sorry, but I don't think you can fight this one. Wish I had better news for you.