Hi,
I had a real go at the rep in the office, two of them in fact, over the initial corpus fund nonsense. Essentially, it's to fund the free apartment they are giving away as a prize with Gulf News subscription. When pushed, they didn't have the sense to have prepared a decent explanation beyond maintenance and emergency charges!
This is in previous postings here, they also they would send a letter to contract holders without the clause, stating that they want the same amount on handover. This letter is due to go out one month before handover. All nonsense to shut us up, of course. I've all but given up on the idea of long-term ownership of my studio as a result.
What about you?

Hi,
Well u can only be a winner if you win the prize apartment goldcrest are offering!!! I see it 2 ways, if u REALLY want this apartment then u hang on to it and pay the amount at handover, or u sell, preferably at a profit. Like you I’m in two minds about it, I think I can make a profit on mine (purchased for £51000 studio on 12th floor but can sell for £56000??), so thinking what else is out there for this amount, not much.....just some studios going in jumeirah bay and wind towers (I’ve heard the latter is a flop), or u move out of JLT altogether.
I calculate I will have to pay £2800 towards the fund, so I’m thinking total price of my apartment is about £54000......not bad if the development is successful. Or are we being ripped off??

Hi ,
I think you are undervaluing your studio. The going price for a resale in GCV2 is about 400,000 Dh. I bought mine in April/May for 330,000, think if I can get 400,000 now I'll have done ok. The talk of oversupply next year may make the price drop a bit, but long term you'll definitely make money on resale value and rent, just not sure how much.
But you should be looking at a per sqf rate of about 1000 Dh at the moment.