Sunday, February 11, 2007

No mercy from Emaar

It appears Emaar is bent on a quick sale, with no exceptions for any reason.

One of the tenants affected by Emaar's decision to sell Greens apartments wrote to Hamptons to request more time to deal with the issue. He is returning to the UK for 10 days to attend his grandfather's funeral and spend some time with his father who is awaiting results from doctors as to whether his lymphoma has returned.

Mahmoud AL Omari from Hamptons response:

I am sorry to hear that from you, I regret to inform you that Emaar giving us a period of 2 weeks only, then it will be sold on the market outside, we are only agents for Emaar, and we can't keep this apartment on hold for a long time, so please if you are interested in buying it please contact me ASAP.



4 comments:

Anonymous said...

The trouble with this situation is that the actions Emaar are taking are legal. All the tennants can realistically do is to highlight to senior figures in Government that what Emaar are in fact doing sits directly at odds with the spirit, rationale and intentions behind the Government's rent cap initiative. Landlords accross Dubai are evicting their tennants because they need the accomodation for "personal use" only to put the property back on the market at inflated prices after a short period of time. Although the situation is different in this instance with Emaar selling the properties outright the end result will have the same inevitable conclusion - much higher rent prices.
Emaar needs to be pursuaded to look beond the short term in this booming property market and start to enhance their brand over the longterm by generating some goodwill with their longstanding customers. What they have is valuable - 300 regular paying tennants. They are recieving a very good rate of return at the moment.

At the very least they should offer some guarantee over the short term by capping the starting rental price for any new landlords.
As for the timeframe given - I can't believe the board of Emaar sat around a table and decided that a two weeks was sufficient time for tennants to decide whether or not to make quite possibly the biggest financial decision of their lives. They are either out of touch with their customers or they just don't care.

There are solutions here where both parties could benefit.
Why not introduce a lease-to-buy option for the tennants.

and lastly.......

I'd love to see how much these apartments actually cost Emaar to build (land, labour and materials)compared to the sum of the asking prices. I think it would bring a new meaning to the words "good rate of return"

Anonymous said...

Anonymous you have some very good views - I believe this idea of rent to buy (which they had introduced 4years ago) is excellent - it effectively means that they deduct total rental paid so far from property value...

Anonymous said...

Can anyone clarify cost per square foot Emaar are charging...want to be prepared incase they do the same thing with any of their other rented properties...which rumour has it they will...

Anonymous said...

Everybody, please bear in mind that devils know no mercy. We are dealing with a bunch of devils. Either we face and fight (with words as our only weapons; locally or internalionally) or we behave like donkeys who just put their heads down and listen to their masters. The choice is ours. If it is the former, we have to remember that a bunch of sticks cannot be broken if they are together. But separately they can be broken and thrown out. This message is not to prove itself as inflammatory, but to secure ones right to humanity.

 
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