Thursday, April 5, 2007

Anyone got a new landlord yet?

We're aware that some people have opted to purchase their apartments. But for those who confirmed over a month ago that they would not, we're not aware of anyone being contacted regarding their new landlord yet.

Considering that EMAAR originally wanted tenants to purchase in just two weeks, it seems rather strange that after a month of the apartments "being offered for sale on the open market" they are yet to inform tenants of their new landlords (if indeed the apartments have been sold).

And if the apartments have not been sold yet, it does rather cast doubt on EMAAR's claims to have purchasers lined up and chomping at the bit to buy.

Maybe the urgency by EMAAR was just designed to pressure tenants into buying? EMAAR presumably knows that a tenanted property, with the tenant on well below market rent, is not worth anywhere near what a similar apartment with 'vacant possession' would be (since it cannot be occupied or rented out at market rate). So what better way to maximize revenue than to cajole the current occupant into buying something he can currently rent at half the price?

And if you believe in property for long term growth, why not put money down on a new 2-bed for delivery in 2009, which would cost less than a 1-bed in the Greens now? That 2-bed is certainly going to be worth more than the Greens 1-bed once it is built.

Meanwhile, EMAAR's share price in the past couple of weeks has hit new lows, dropping to well below 11 dirhams.

22 comments:

Anonymous said...

No info on sales from Hamptons or Emaar for my apartment,

Al Ghozlan 3 Tenant

Anonymous said...

I didn't get anything.. but am sure and i got my resources that a small number of appartments have been sold to external buyers... I wonder if anyone got the chance to renew their tenancy contract with Hamptons? since some people have their contract renwal dates in March...

Anonymous said...

I didn't get anything !!!!Don't know is it good or bad to have no news from Hamptons or EMMAR.
Still worried.

Anonymous said...

i sent them official fax and waiting for their response.

Next week i'll go to the rent committee.

Please if anyone is due for renewal in May do the same.

We are all the same case so we might opt for one case

Pooya said...

I'm ready to follow the matter .
0508812008 (Pooya Rad) If anyone has answer to below let me know :
1_ Anybody has new owner
2_ who's rent is due ? or is going to be finish within 1 month?
3_ how to go to rent commitee and what whould we do?
(my mail : netpooya@gmail.com)

Anonymous said...

Thanks Mr.Pooya.
we are all the same , lets see whats on our hands!
I have no info from Hamptons or Emaar yet.
I'll call you for sure.
Thanks for your time and effort.

Anonymous said...

No info for me either.

If someone does go to the rent committee, could you please keep us updated as to how that goes. I think it would be extremely beneficial for all of us.

Al Ghozlan 4 Tenant

Anonymous said...

Dubai Municipality’s Rent Committee (Tel: 04 2215555. Open: Sun - Thurs 7:30am-2:30pm)

Anonymous said...

Have anyone contacted Emaar or Hamptons for their contract renewal? I heard that Emaar is not renewing contracts anymore; it’s all in the hands of Hamptons agents who are programmed for selling and nothing else...
Dear all, am sure that some of you have their contracts renewal date due on March and April, what happened? Did you manage to renew your contracts? Please guys we've been in this together, we owe it to each other, everyone’s input is highly appreciated... My contract ends in October... Thanks Pooya...
p.s. Emaar is unable to sell the flats in the open market.

Anonymous said...

I haven't been contacted by Emaar or Hamptons either.
A reliable source however informed me that Emaar is trying to sell the apartments to investors - in bulk - at a discounted price. Either way, after having spoken with the Rent Committee about a month ago, I don't think we should worry; If they buy to rent, they are obligated - by law - to continue with our contracts. If the buy to live in, we still open a case with the committee and chances are we get an extension for a year!

Another Al Ghozlan 3 tenant

Anonymous said...

Hamptons are renewing the contracts of the tenants whose apartments are not sold in the day of which their renewal is due.

This is confirmed news.

They didn't sell any apartments that are due for renewal.

If the apartment is sold, they will forward the details of the new landlord and by law he is abide to renew the tenant contract.
This is confirmed from the rent committee. (as he should give evacuation notice, which he didn't)

Anonymous said...

I just received a letter from Hamptons stating that a company has purchased my apartment. All my future dealings with regard to lease and maintenance requirements should be directed to them. Has anyone else received a notice from Hamptons?

Anonymous said...

Has anyone contacted the rent comitte about renewing their leases.
In the lease agreement it states that Emaar should renew our lease 3 mths prior to expiry.
However, this is not the case, they will only do it 1 month prior to expiry, if the unit has not been sold.
Just wondering if anyone has dealt with this.
Thanks

Anonymous said...

To anonymous at 27 May, please advise the name of the new company which bought your apartment? Could you please advise in which building you are staying? And how many bedrooms is your apartment?

I live in a one bedroom apartment at al alka 3, ten days ago a guy came to my apartment escorted by one of Hamptons employees, he told me that he’d like to buy my apartment, and asked me if I am planning to vacate it at any time soon because he would like to move in. I have noticed that he had a list of all the apartments in the building and I saw him knocking on other neighbors doors as well, it seems that he know for sure that he cannot force the tenant to vacate the apartment at any time he wants, that’s why he’s checking who would be interested in leaving soon.

For Anonymous at 03 June, Have you contacted the rent committee for this matter? Because I believe you should know what’s your right and you should get a clear answer on what could happen if the new landlord refuse to renew the tenancy contract?

Please neighbors, stay in touch…

Pooya said...

anyone could contact rent commitee?
The Arab guy with a philipino lady are coming door to door to get some information about you. it's a game by emaar. maybe they say that I'm going to buy this flat and are you going to leave on ... month?
it's better to tell him no! according to rent commitee rules I'm not going to leave and I'm gonna stay and renew..
please if anyone has info about rent commitee and could contact them regarding this issue please be in touch : netpooya@gmail.com

Anonymous said...

I live in the greens and have been informed that my flat has been sold. Has anyone had the same? Has anyone been in touch with the rent comittee to find out if we have the right to fight / stay for another year?

Anonymous said...

To anon on 19 june
when is your lease due for renewal?

Anonymous said...

I think now with Salik and the traffic being shifted to the streets of the greens no one would want to buy an appartment in the most congusted area of the city... Am welling to pay 16 dirhams every day and live in sharja, apparently there's no traffic on SH. Zayed Road anymore... Way to go RTA...

Anonymous said...

hi this is anon June 19. haven't been online in a while, but my lease is up in august and i was wondering if it was worth going to the rent comittee or not?

Anonymous said...

to anon 19 june
you should definitely go to rent committee
you should have had your lease renewed 3 months prior to August
Anyway, nobody can throw you out
the new landlord will have to let you stay there for at least one year
The rent committee will confirm this

Anonymous said...

This is Anon 19 again. Actually the new landlord is claiming he wants to move in (although he bough 5 other places) albeit under different family members names so i can't prove that he's lying, and he seems pretty confident that I will not be able to fight him. Further he is a local and I'm worried and can't really afford going to the rent comittee against him and losing because he paid someone off or something along those lines! Any advice? Has anyone experienced this yet? thanks for your help..

Anonymous said...

to Anon 19, i feel with you brother, this place has implanted fear in our hearts, they talk about stability and safety of Dubai compared to other places, but what difference does make for me if the crime rate is low, when i can be evacuated from my flat in no time.. but to be honest with you, i truely believe that the goverment systems here are not currupt, local employees of dubai goverment can never accept any bribe, they are well paid and have a huge pride, so go ahead and talk to the rent committee, i don't understand why you didn't? you got nothing to loose man,go and talk to them, maybe there is some paper work to be filled ahead of time, maybe there is some application that needs to be filed before the expiry of your lease contract.. just go man, take the half of the day off and go.. lets not set behind our screens and hope for the best to come, we need to do something... and please Anon, do let us know what is the outcome of your meeting with the rent committee.. i'm just wondering where the hell is everyone gone? no one has updated us on the status of theier situation...

 
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