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Invest in UAE

Thu, 10/07/2010 - 22:31 — mikes

I'm thinking of buying a property in UAE, specifically a studio in Ajman. Do you think it is worthy? Or should i invest my money in Dubai? I'm looking for a freehold property to get a residence visa. Any advice welcomed :)

‹ Cancellation Policy Progress of Each Tower as per Arra ›
Fri, 10/08/2010 - 09:21 — hari

hi Mike

:jawdrop:
Mike it looks like you live outside UAE so may be you are not aware how much rele estate is screwed up in Ajman. IT IS TOTAL SCAM. All most everyone including me trusted Ajman and invested in real estate. But we were all cheated no construction happened and developer took 25% to 60% of our hard earned money. I have lost my 4 years of savings. You don't fall for this scam , I know there are still some people in market selling off plan properties in Ajman but all scam.And also I don't think visa is provided anymore when you buy property in Ajman.
First check and see if property is ready and infrastructure is in place than take call , better stay away from Ajman invest somewhere else.

Fri, 10/08/2010 - 13:09 — Khano Jarkata

Cheaters

Hello Mike, what makes you think that your investment would be safe and you would get a residence visa if you invest in UAE. There is no law, and what ever they say today, tomorrow might be completely different. Even if you sign a contract with all the conditions, it is just worth a paper on which it is written.
I have invested over AED 1m, both in Ajman and Dubai back in 2008 with contractual delivery in mid/end 2009 and today still not received any handover of the unit, the worst part is that the construction has also not started and they is no refund of what you have paid them. The develor send me a letter saying that you can not also cancell as per new ARRA rules.
The rulers are the biggest crooks who have taken a big portion of investors money for their luxury life style. I would say this is the biggest scam in the century in which the rulers themself were the masterminds.
My advise, not even invest a cent in UAE, if you have extra cash, give it the poor persons who deserve it instaed of the rich crooks

Fri, 10/08/2010 - 15:07 — bull shark

Chocolate Tower

I have never had the opportunity to write in this forum as my daily lifestyle of work, like everyone else has kept me continuously on my toes and busy. My wife and I saved up for this investment and with SAFA HOMES as the marketer and AL ANDALEEB as the developer, we invested. All looked so rosy until the problems kicked in 2009. I realized too late that all money is at a stand-still. What happens now, where is the money, where is the building. SAFA HOMES and AL ANDALEEB are comfortably continue practising their busineses and what happened to those who invested? All lost without definite time..

Fri, 10/08/2010 - 17:47 — mikes

So do you think that rulers

So do you think that rulers did this on purpose or it might happened cause of the world crisis?
do you think buy a resale property is safer?
as far as concern the laws, don't worry they change them every 6 months in my country too...

Fri, 10/08/2010 - 22:39 — Khano Jarkata

EC

The master developer of Emirates City is RHolding which is owned by the son of the ruler of ajman. Additionally, they also are developers for Ajman Boulevard, and so many other towers in EC, all of which are in very bad shape or the construction not yet started.
The other developers of EC repeatly mention that they have paid for the land but the master developer RHolding needs to provide the infrastructure, only God knows when this will happen.

Fri, 10/08/2010 - 22:43 — Khano Jarkata

EC

Mike, missed to mention about the law,
By law I mean the justice system where the investor can go if he has an issue and will be heard based on the contractual obligligation and committment. Even if you have a contract and the deveoper is at fault, and you take him to the court, have the ruling in your favor but still you will not get the refund, I do not know what would you call this?
This is just my opinion and view, you are free to make your own decision.
Wish you good luck....

Sat, 10/09/2010 - 14:31 — mikes

my father used to work for

my father used to work for 10 years in the area, has warned me about these people, it doesn't matter how rich they are, all they care is money!!
so buying a resale property is Dubai is a safer option?

Sat, 10/09/2010 - 15:56 — bechara

It's a sin to donate money to the rulers of Ajman

I don’t think that in this day and age anyone would be naive enough even to think of investing in Ajman. However, if you wish donate your money (yes buying property in Ajman is donating money to the rulers and developers), please remember that charity should be given to those who deserve it. NOT the rulers and developers of Ajman. It’s a sin to give your hard earned money to those who do not deserve it. We have committed this sin and advise you against doing so.

Sat, 10/09/2010 - 17:15 — mikes

i think this scandal should

i think this scandal should be spread worldwide

Sat, 10/09/2010 - 20:42 — abdool

investment in UAE

Please keep away from investing in the middle east esp. Ajman. There are too many sharks around. You will REGRET it for the whole life if you do. We are warning you from our exparience.