Buyers being charged late fees for stopping payment on unfinished properties.
Apr 22nd 2010, 7:57 am
#1
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Buyers being charged late fees for stopping payment on unfinished properties.
April 12 (Bloomberg) -- Silvia Turrin paid two-thirds of the $520,000 purchase price of her Dubai apartment, only to learn that it won’t be finished until 2012, two years late. When she stopped payments to Emaar Properties PJSC, the developer hit her with late fees.
“We feel hopeless and we’re running out of options,” said Turrin, one of about 400 buyers in two nonexistent towers called 29 Boulevard. “It’s almost like we don’t have any rights.”
Developers in Dubai are demanding that buyers like Turrin keep paying for homes that in some cases haven’t even been started.
“We feel hopeless and we’re running out of options,” said Turrin, one of about 400 buyers in two nonexistent towers called 29 Boulevard. “It’s almost like we don’t have any rights.”
Developers in Dubai are demanding that buyers like Turrin keep paying for homes that in some cases haven’t even been started.
Apr 22nd 2010, 8:46 am
#2
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Re: Buyers being charged late fees for stopping payment on unfinished properties.
“We feel hopeless and we’re running out of options,” said Turrin, one of about 400 buyers in two nonexistent towers called 29 Boulevard. “It’s almost like we don’t have any rights.”
Well indeed.
Mentioned before - It's a patriarchal theocratic dictatorship here - they make the rules up to suit themselves as they go along.
It was always a game of 'pass the property'. Some did well at this game - fair play to them; some, like me, chose not to play; others are still in the game - oh dear.
Yes, allowing this will hurt future investor confidence - for a time...but in 5 or so years no doubt the play will start again: 'It will be different this time.' 'A new paradigm.' etc etc BS BS.
Well indeed.
Mentioned before - It's a patriarchal theocratic dictatorship here - they make the rules up to suit themselves as they go along.
It was always a game of 'pass the property'. Some did well at this game - fair play to them; some, like me, chose not to play; others are still in the game - oh dear.
Yes, allowing this will hurt future investor confidence - for a time...but in 5 or so years no doubt the play will start again: 'It will be different this time.' 'A new paradigm.' etc etc BS BS.
Apr 22nd 2010, 4:13 pm
#3
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Re: Buyers being charged late fees for stopping payment on unfinished properties.
As is pointed out in the article though many buyers signed very weak contracts which had no completion dates, milestones or clauses dealing with delays etc. Too many were too keen to jump in on the promise of making a quick and easy buck or two, and didn't follow pretty simple common-sense rules they probably would have had they been buying at home.
Apr 22nd 2010, 5:02 pm
#4
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Re: Buyers being charged late fees for stopping payment on unfinished properties.
sounds like the ultimate pyramid scheme...oh well, a fool and his money soon part...
Apr 23rd 2010, 8:04 pm
#5
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Re: Buyers being charged late fees for stopping payment on unfinished properties.
We were lucky, then. Bought off-plan in late 2003 for delivery December 2004 which eventually turned out to be Jan 2005.
Not trying to be 'in your face', just saying that we really do realise how very fortunate we've been.
Not trying to be 'in your face', just saying that we really do realise how very fortunate we've been.
Apr 23rd 2010, 8:10 pm
#6
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Re: Buyers being charged late fees for stopping payment on unfinished properties.
Did you sell and make a profit before the crash?
Apr 24th 2010, 1:14 pm
#8
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Re: Buyers being charged late fees for stopping payment on unfinished properties.
I was really tempted to buy something offplan here 2006, with the intention of making a quick buck, I'm kinda glad the money was used for the wedding instead! I really feel sorry for the folks that lost their shirt on deals here, I guess "fools and their money" is a little harsh, but there's definately something in their about "looking and leaping"
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Apr 24th 2010, 7:51 pm
#9
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Re: Buyers being charged late fees for stopping payment on unfinished properties.
i know as im sure loads do of a few guys that bought in places like the meadows of plan and sold them 3/4 years later at huge profits.
