Article from Arabian Business
Ajman sees 40% of offplan buyers swap properties
More than a third of investors stung by the collapse of Ajman’s offplan real estate market have switched their cash to units in projects nearing completion, the emirate’s property watchdog said.
The emirate last year offered buyers in stalled projects the chance to trade their offplan units with those in developments nearing handover, after the Gulf property crash slowed work to a standstill on more than a dozen projects.
“Around 40 percent of the active investors have decided to transfer their investments from off-plan projects to others under construction or completed projects,” Yafea Eid Al Faraj, the executive director of Ajman Real Estate Regulatory Agency (ARRA) told Arabian Business.
The transfers are helping to fill up vacant units in properties nearing handover, he said.
Scores of investors in Ajman’s real estate industry were hit when the emirate’s offplan market collapsed in late-2008, sending house prices tumbling. In the $15bn Emirates City development alone, more than a dozen projects are on hold, affecting hundreds of buyers.
Ajman’s property watchdog pledged in September to publish a list of the emirate’s scrapped real estate projects by early 2012. The move could clear the path for buyers to pursue court action against the developers or attempt to secure a refund against their initial investment.
But ARRA warned it would only consider cancelling suspended projects as a last resort, and would look to scale-back developments first.
“Only in cases of force majeure circumstances or when the cancellation decision serves interest of both parties [would we scrap a project],” said Faraj. “Downsizing a project may also be an alternative solution.”
The watchdog said it is pursuing five lawsuits against developers that fled the country in the wake of the property crash, but refused to name the companies involved.
Billions of dollars worth of projects were suspended or scrapped in the UAE in the wake of the global financial crisis, which saw house prices in Dubai slump by more than 60 percent.
Many speculators who previously earned huge sums from property deals fled the market and defaulted on purchases as funding dried up and banks called in all real estate loans.
Ajman moved to tighten its real estate laws in 2008, in an attempt to close loopholes for developers and speculators. But many buyers hold contracts that pre-date the ruling, which required developers to secure investment funds in an escrow account.
Faraj said a lack of investment knowledge among buyers was partly to blame for the emirate’s offplan crisis, alongside shortfalls in regulation.
“Lack of regulation cannot be the only reason,” he said. “Errors also include lack of awareness, the absence of real estate investment culture among investors and the uneducated speculators who caused severe damage to their investments.”
"Ajman sees 40% of offplan
"Ajman sees 40% of offplan buyers swap properties" .... this is hard to believe. You'd be a fool to swap. I'd say: If you really want a flat in Ajman, buy a finished one at today's market prices.
Ajman (EC)
This is one more option they are using aganist the investors so that they do not have to refund the money back. Ajman sees 40% of offplan buyers swap properties is a joke and I do not foresee any investors buying into it. Everyone by nowknows that EC is a dead and I am sure no one would even think of investing (paying) any more.
Article
" Ajman’s property watchdog pledged in September to publish a list of the emirate’s scrapped real estate projects by early 2012. The move could clear the path for buyers to pursue court action against the developers or attempt to secure a refund against their initial investment.
But ARRA warned it would only consider cancelling suspended projects as a last resort, and would look to scale-back developments first.
“Only in cases of force majeure circumstances or when the cancellation decision serves interest of both parties [would we scrap a project],” said Faraj. “Downsizing a project may also be an alternative solution.”
BACKPEDALING and more lies....
Reality check dude... CANCELLATION Serves the interest of all parties...
Downsizing??? may be we get a parking space from chapal if they can finish the presidency parking...
" “Errors also include lack of awareness, the absence of real estate investment culture among investors "
Yeah I thought we can trust the government of Ajman, Rholding being the master developer....
ARRA
Good reading material for Mr. Arra director at:
http://www.ameinfo.com/282371.html
Is the government doing enough to boost Dubai's real estate sector?
Good read indeed
Very good read indeed. But as pointed out, and even more true in the case of Ajman, "burned investors will be unlikely to return to the scene of the crash". Today I wonder, how stupid we all were thinking, these projects along Emirates Road could be filled with people. Also, looking at Emirates City from an objective eye, it is nothing more than a public housing project, at least this is what we would call it in Europe. Without the lake and the golf course it is not a "desirable place to live", as was always claimed. Just look at similar places in Dubai. They have become company staff accommodations and we all know, this does not create a nice environment. If it had to be done all over again, I would have opted for a place closer to the shore line. It is interesting to see, how the hype of it all made me blind at the time, a little bit like what a drug does to you.
It is hard to believe them
Now they state that investors are to blame, they are not educated well enough and so on. They are right because before investing in this jungle we had to know that there is no law protecting foreign investors. It is hard to believe after all that the government is going to defend our rights.What we as investors suffering in UAE is clear human rights violations, do not worry such injustice can not go on long, they must not be afraid of Allah and asking for punishment. They may need The Arab spring to come from Syria to The Gulf or some other form of punishment
No matter what these bollocks
No matter what these bollocks are saying they are liars ,cheats and thieves.All they need to do as decent people is to return our money if they cannot fulfill their promises.YOU CANNOT DELIVER OUR APARTMENT THEN REFUND OUR MONEY.UAE HAVE ENOUGH SPARE MONEY.It is as simple as that,Apply the islamic sharia laws with those people who have scanvenged our hard earned money.
Congratulations
Please have a look below where our hard earned money is:
http://sweethomesuae.com/Sweet_Content/company_News.aspx?comnews=21
Sweet Homes Group Director (Marketing Administrative & Finance) Mr. Fawad Sattar Dero’s Wedding Reception held on 22nd November 2011 at Hotel Kempensky, Ajman .
Reference to the Al Khaleej News, Friday dated 25th November 2011, located page -13 (Business Section) ,
We are honored and grateful that His Highness Sheikh Humaid Bin Rashid Al- Nuaimi Member of Supreme Council and Ruler of Ajman ,Other Sheikhs and VIPs Graced and Honored the Reception Ceremony of Mr. Fawad Sattar Dero., we the Family of Sweet Homes Staff and Management convey our heartiest Congratulation, Gratitude and Blessing to the Newly Wedded Couple .
Please find the photographs of the reception showing His Highness Sheikh Humaid Bin Rashid Al-Nuaimi -Member of Supreme Council and Ruler of Ajman., Sheikh Abdul Aziz Bin Humaid Al-Nuaimi -Chairman, Land & Property Department , Ajman ., Sheikh Rashid Bin Humaid Al-Nuaimi -Chairman, Ajman Municipality & Planning Department., Sheikh Doctor Majid Bin Said -Chairman Diwan Amiri ( Ruler’s Court) ., Mr. Abdul Sattar Dero -Chairman Sweet Homes Group., Mr Abdullah Ameen Alsharfaa- Special Adviser to His Highness, the Governor., Mr. Jamil Ahmed Khan -Ambassador of Pakistan for UAE., Mr. Tariq Soanro -Consul General ,Dubai., Mr Abdul Rehman Amin.,Mr. Hareeb Salem Al- Aryani -Director General of Land & Property Department , Ajman., Mr. Ali Al Hamrani -Adviser to the Ruler of Ajman., Mr. Hamid Bin Gulaita- Special Secretary to Ruler., Shaikh Humaid Bin Abdullah Al- Nuaimi, Nawabzada Mir Aamir Khan Magsi -MNA Pakistan, Nawabzada Mir Gazain Khan Marri., Mr Jam Mohd Yousif., Mr Arbab Ghulam Rahim., Mr. Farzand Ali Dero - Manager Sweet Homes, Muscat., Mr. Fahad Sattar Dero - CEO Sweet Homes Group., Mr Mukhtiar Kashif Kazi - Manager Sweet Homes Holdings, Sharjah., Mr. Khalid Karim Bux Memon- Manager Sweet Homes , Ajman., Mr. Mohd Anwar Abban - Manager Sweet Homes , Dubai., Mr Obaid Baloch, Mr Al- Lashari.,Nawab Zada Mir Burhan Khan Chandio, Shaikh Abdul Hakeem Bin Nasir Al-Nuaimi., Mr. Galib Kamel Al-Jaber -General Manager Real Estate Investment., Mr. Abdul Aziz Al-Jassmi - General Manager R Holding., Mr Ahmed Saffrini - Chairman Eng. Adnan Saffrini Office., Mr.Rashid Saeed Al-Gafli -Protocol Office of Ruler, Ajman.
PLEASE DONT PAY PLEASEEEEEEEEEEEEEEEEEEE
HELLO MY FRIENDS
APARTMENTS IN AJMAN ARE FALLLLLLLLING DOWN
CHECK YOURS REMAINING BALANCE TO PAY IN EMIRATES CITY AND YOU WILL SEE THAT U CAN BUY A READY APARTMENT IN AJMAN WITH THAT REMAINING AMOUNT THAT U HAVE TO PAY.
FORGET ABOUT YOUR PROJECT.DON'T PAY A PENNY MORE TO THIS GUYS
I STILL HAVE TO PAY 308.000 FOR ONE BEDROOM APARTMENT AND GUYS, ONE BEDROOM APARTMENTS WE CAN FIND IN AJMAN FOR 185.000, HELLOOOOOOOOOOOOOO, I CAN BUY TWO WITH THE REMAINING AMOUNT.
WITH MARKET PRICE,I HAVE ALLREADY PAID MY APARTMENT,LOL
Sweet Homes
Reventon, from the names given in your above post dated 12.01.2011, I can see pakistan connection as the names include famous politicans who are linked to the goverment of pakistan also.
May be sending an email to President of Pakistan (Mr. Zarardai) or if some one in UAE can try to meet him as he is presently in UAE for his help to get the investors their money back.
Mafia
They are all in the same gang "MAFIA"
Dubai Properties – Houses in Dubai & Properties UAE
The economy can slowly recover from world wide crisis. It may start slow but eventually when people can get back on their feet progress will hasten. Basing on the survey report sales has gone up for 4% compared to last year. That is already a good start to look forward too.
http://www.bayut.com
GCD Fraud
The worldwide market might recover and I do not think the investors will have any confidence in the UAE market with the massive fraud being done by the core rulers who are suppose to protect and safeguard legal rights and contractual obligations.
As for me, I would not even invest a penny in the UAE, I have lost all my savings and you can guess who ripped off/cheated.