buying in dubai - EX-Pats and Owners Abroad, Holiday Forums

buying in dubai

Martin M

2006-03-27 10:58:19

hi all

has anyone bought of larionovo ltd in dubai there selling sportscity,as i have just done, advice an info please on this company an investing in dubai thank you martin m.

Martin M

2006-04-01 16:06:13

please there must be some one who has bought in dubai,sportscity,the torch,dubailand,etc,its the next big thing?

Deb18

2006-04-01 17:43:27

Never heard of them but lots of agents selling in dubai. I used Dubai Luxury Homes. Asteco one of the biggest. They all sell the same developments, some difference in prices. Probably best to look at developers websites first. Haven't bought places you mention but lot of resales about for them. Depends of what you want the place for and what you want to spend. No quick resales now, still got some of ours for sale after a year, but still one of the best places to invest as rentals will be good.

Martin M

2006-04-02 15:51:02

thanks debs for ur reply,bought purely for investment they say it wont be ready till jan 08 found them at a property expo,there agents for western europe by nakheel,therea major shareholder in profile europe, but how do you check them out larionovo that is, any advice?

Deb18

2006-04-02 16:47:17

Have no idea how to check them unless you contact Nakheel and ask about them. Did you pay your deposit to them or direct to Nakheel/developer. We had to pay all our payments direct, took some time to receive contracts. Asteco are the main agents for Nakheel although as stated nearly all agents have contacts at every developer.
Every development is behind, Nakheel want to finish the palm.

Martin M

2006-04-06 19:37:12

hi deb18 checked them out there registrared on profile europe who are reged with nakneel so seens ok,yes i did give them my deposit 3400 euro now have too give 13,000 euro direct to a bank in dubai so seems ok,i hope?

marcuschap72

2006-04-07 15:33:08

You should be fine. The market in Dubai is so buoyant at the moment, i was reading the other day that many people are doing something called 'Flipping' properties over there. Apparently people get in early and buy off plan, like yourself, then sell the property for a profit before it's even built!

Deb18

2006-04-08 09:45:04

Double check what currency you should send. Some developers say £, euros but then convert to dirhams at bad rate. Found it best to always send exact amount in dirhams or you can end up owing!! Set up account with one of currency specialists for better rates.

Flipping was commonplace but much harder now due to amount of new developments and people trying to sell! You can pick up some bargains on early developments from people who cannot afford final payments so desparate and have to sell at original price. Some contracts allow developers to retain all monies paid!

Martin M

2006-04-10 18:00:49

hi marcus, have you bought in dubai?deb the currency iam dealing with is us dollars an must be paided in too hsbc bank is this the norm?

Deb18

2006-04-13 11:55:51

Are you converting $ to euro for payment? All stage payments we have made have gone to developers dirhams account and have used 4 different developers. Presume your payment schedule is in euros so would think you are paying the agent Larionovo who then pays the developer. Have you had your contract yet and who is it with?

Martin M

2006-04-13 17:33:27

hi deb18, yes euro to dollar,seems to be profile marketings account in hsbc bank?an no contract as of yet though we have just payed the reservation deposit,when do you get the contract is it after the next stage payment or should i have it now?do you know of any solicitors who deal with dubai?larionovo has send me the name of one but there in spain?

nut.magnet

2006-04-13 17:52:04

Dubai link.. ..

Hi

I found this very interesting property site.
They're honest and open about most facts.. .. >> :shock:

http://www.dubaipropertysale.com/earthquake_dubai.php

If you really want a place in Dubai there's no reason not to invest BUT, Dubai will be one of those investments where the last person to put a hand in the pot to get their money out gets burned. You just have to take the gamble it won't be you..

Nut

Deb18

2006-04-15 08:43:04

try http://www.dubaipropertycentre.com - legal services bit. Have not used a lawyer except when selling then http://www.keydixon.com who are used by dubai auction site. From what you say it definitely seems you are paying the agents instead of the developer/builder. We got a reservation agreement to sign and send with deposit. Then you should get a short contract. The main contracts vary, immediately or in one case sold without never having one. I would make sure the paperwork is between you and developer not agents. Try asking about this on the first site above, he does answer peoples question see the newsletters.

Martin M

2006-04-20 16:57:06

hi all,deb contacted loranovo they say we get contracts after we pay 1st 20% witch i have to pay on monday,profile marketinghandle salesof the building the elevation as its called in sportscity on behalf of developer as there finace people track the payments for developer (sounds abit strange to me),i am still abit lost with it all.

Deb18

2006-04-20 18:29:20

If I were you I'd contact another agent whose selling the same, pretend your interested and ask procedure on payments, contracts etc. Shouldn't worry too much about main contract, but you should have purchase agreement or something similar.

Martin M

2006-05-02 16:08:05

hi all,have the purchase agreement debs an should have the contracts in the next 2 weeks.

Deb18

2006-05-02 18:19:18

Great. Had notification today one of our apartments will be finished end of June, should have been Jan. They are asking for all payment receipts which they haven't sent so make sure you get yours.

Martin M

2006-05-16 19:35:00

hi all now have a friend starting to work for larionovo in comeing months nothing like abit of inside info. no contracts as of yet. how many apartments did you buy deb18?are you selling them on? were did you buy in dubai, you can pm me if you like i know i sound nosey but just interested.

Deb18

2006-05-19 16:52:28

Selling 3 apartments, keeping one. Would like to keep two but depends what sells first. Anyone want to buy two at Park Towers, DIFC??? Not finished until 2008 and should be exceptional rental as not so many residential units being build there. Also stage payments on construction so they don't hold most of your money then start building. Other one is at Jumeriah Lake Towers - Windtower I.

Martin M

2006-07-28 20:36:41

hi debs,have the contracts now will take them to a sol ,going to dubai in oct to check it out ,have you sold any of yours yet?

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