jamiestarr

Hello all

Hope somebody can help.

We have a property at Royal Breeze in RAK (at the Al Hamra Village).

Conveniently for us, the sale and purchase agreement was never deposited with the bank so the bank has not released the majority of the funds. We now have the following choice:

1. Deposit the agreement and the bank would release funds to developer; or
2. Redeem the mortgage (just pay a small amount and of course loose deposit etc - approx 60,000).

My heart is telling me to go for the redemption route, but not entirely sure.

I really can't see prices creeping up here for at least another 5 years or so, unless someone has insight re RAK we don't know about?

Honestly, any help appreciated. To conclude, should we deal with some pain now and avoid a hemorrhage in the future?

FinbarF

It is now March 2011, did you get your apartment sorted out? We have paid 45% on two in the Royal Breeze complex, should have been completed by last June, reluctant to pay the balance when finally finished and can get no replies from the developer. Any information you can provide would be gratefully received.

Blue Cat

for what it's worth I really rate Al Hamra, I think it's a good location for us Dubain's to get away too. However I don't think you will make in terms of investment.

temseelg

Hi
We purchased a Type C Villa Town House (2 bedroom) - A very good location, in 2007 and since then, the financial market down turn has had a massive impact. We brought the property for AED 945,000 and have paid 47% and 53% left to pay on completion which will be this year.

Eitherway we will not be proceeding with completion (due to personal circumstances ie my job redundancy and welcome any offers from any potential investors.

Millhouse

I'm not being horrible here but I think you will struggle to find someone to even take it off your hands and continue the ongoing payments (i.e. the balance 500k).

If you are after a 'negative premium' as it nicely called here then I'll start my bid at 450k.

It is sometimes best just to walk away.

degnpt

I purchased a 2-bed apartment in RB1 and the completion date is looming. I used to follow developments on EyeOnWorldwide but now this website seems to be unavailable.

Does anyone know a good replacement forum? I'm keen to get a sense of what other investors are doing who are in a similar position to me.

Blue Cat

welcome to BE, I have no idea, have you tried that skyscrapercity one?

fizzy

Hi there, my friend is looking to buy a two bed villa in this area as they are starting around 650k - has anyone bought there? any info would be great thanks

mandm65

Guys

anyone got any update from Al-Hamra recently?

aligoldy

Hello

Yesterday I recieved in the post a completion and handover letter from Al-Hamra. It stated that the handover will take place between the 15th October 11 - 14 November 2011.
On my Customers Statement of Account it appears that I am going to be charged a penalty of 104,662.13 dhs. I am not sure what this is or why I am being charged for it.

Spugsy

Then I'd bloody well find out. Sharpish.

NorthernLad

I think it is for water/electricity connection. Refuse to pay it.

mandm65

I am sorry to hear about the penalty of 104,662.13 dhs, dont think its the water/electricity connection charges, could not be that much, what do you have villa ot appartemnt?

mandm65

I dont think its water/electricity connection charges, even if it was how can you refuse, they might slap another penalty, its a helpless situation and it seems that you are totally in their hand!!!

NorthernLad

A guy I know was up there a few days ago to do check on an apartment. Was told he had to pay 100,000dh for water/electricity.

And I was told the one pool (the other two seemed to be hiding somewhere) is more like a jacuzzi, not what was advertised. On plus side, interior of his place was decent quality.