Hi Trixi,

I too purchased a 2 bed on Palm Springs in Jan 04. However, since the announcement from Damac that the project will be delayed until 2010 I decided to sell. I registered with a few agents, but finally managed to find a prospective buyer myself. Unfortunately, that was in Feb 07, since then I have completed all the paperwork and sent across the transfer fees to Damac who have yet to send the new purchase contract to the new buyer. I have recently approached Damac in London to see if they can help, and I have been told that the delay is due to some issue with car parking. As you can appreciate, I’m very frustrated with the whole process!! However, I’m still pretty optimistic and hoping that the resale will be completed very soon.

As far as prices go, if you want a quick sale, I would probably go for around 1,200 AED per Sq Ft. If you can wait for a good few months to find a buyer, perhaps try anything from 1,300 AED per Sq Ft.

Note, these prices are still very low and very attractive. The main reason is that there is currently a very low resale market for Palm Springs as its still some time off completion.

Hope this helps.

Shawaz

Hi there,

I'm interested in Palm Springs Jebel Ali, and I'm aware that the properties have all sold out. Can you tell me the best place to look out for resale advertisements? Perhaps you can also tell me why you chose to invest in this particular development?

Thank you in advance for any help.
W.

Hey guys, I bought an apt in Palm Springs as a resale in 2006 and today I received information from DAMAC that the project is cancelled. Not only have I lost any appreciation in value but I also paid over the deposit price since it was a resale. Any one else caught like this? Is there any thing we can do about this collectively? Post a reply or contact me directly on my email

hi angus i too am in the same situation as you.today i received confimation from damac that the palm springs development has been moved from its original position it still seems to be on the palm but there is a road between palm springs and other devopments in front of us.they have offered me a few options but i will be losing money.i am going to the manchester office nextweek to discus options but i am not happy as they are not prviding to us what was in the original plan .damac have given me till the end of the month to decide what to do.you will most probably receive the same as me.will be in touch.billy s

Hi Guys,

I too have apartments in Palm Springs which I bought as resales.

What Damac are trying to do is con!! They have realised that they will not make any money from the development as construction and land prices have gone up considerably since the launch and they are useing the Force Majeure as a get out clause.

Property prices in Dubai have gone up a lot in the last 4/5 years and one bed apartments on Palm Jumeirah are now selling for 300k+. Gives you an idea of what our properties would be worth.

Why do they not offer us units in the intended development on the new plot of land which they have been allocated on Palm Jabel Ali? My guess is that they will sell the units in the new development at current prices, at our expence!!

I think we have a strong case and should collectively appoint a lawer to fight our cause. There must be around 500 apartments in Palm Springs and if we can get most of the owners on board the cost will be minimal.

I advice everyone not to accept the options they have offered as you will lose a large amount of money that is rightfully yours and you will not be able to persue a claim once you accept!!

Muks

Hi people,

This is really sad…and way out of order!! I really did think that Damac had got their act together after the first year or so of hic-ups and where now moving forward a little more smoothly…

I used to own an apartment on Palm Springs but sold to someone locally about six months ago. This morning, I received a very upset and concerned buyer informing me of the current situation.

I agree with Muks and recommend all current owners to pool together on this… I own a small real estate consultancy in the UK and would be happy to assist by putting the group in touch with recognised solicitors in Dubai.

Please contact me by email via forum and I will be happy to assist.

Btw, I think one persons needs to take charge of this whole thing and act as liaison between all the owners. Muks perhaps you can do this? Also, any idea how we can get a list of owners?

Sahwaz

hi everyone.i am all for a collective assault on damac as i think they are trying to pull the wool over our eyes.let me know .billy s

I am trying to collate a group of owners together to fight this please PM me your email address and I will keep you in the loop.

I knew this was going to happen. I is a con and we all collectively can tkae legal action Damac.