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Diary of a distressed property investor, Part II
I've visited Rera, confronted the developer and spoken to the real estate agent I bought the property from. I've gotten nowhere.
January 3, 2009 7:03 by kippreport
We know property investors are struggling, and for the most part, we know why. But what most us don’t know are the everyday struggles they’re going through. One investor agreed to write a journal of her experiences for Kipp. We asked her to be ruthless: she obliged.
We’ve withheld her name for legal reasons.
I went to Rera last week. And when I finally got someone to talk to me about my concerns, I was confronted with a Dubai truth: some government employees’ brains go on vacation well before the public holidays begin. I was advised to return after the New Year’s celebrations.
“Why?” I asked.
“It’s a holiday,” said a young attendant.
“What holiday? It’s the 29th (of December)?” I asked, a little hysterically.
I didn’t get a response from him. And that taught me another Dubai truth: any sign of hysteria, anger, disapproval or discontent on your part will result in an immediate breakdown of communication on theirs.
But rather than wait until 2009 to sort my property situation out, I decided to keep looking for answers and solutions to my problem. Here’s what I discovered:
My developer has no idea what it’s doing. I found out that the head salesman has been lying about the fact that they’ve broken ground (he said they broke ground in August, but the ground breaking ceremony is in the first week of January 2009), and he denies ever saying that they will be offering financing through Badr Al Islami. He even asked me to “stop causing trouble.” I almost choked on my own saliva when I heard that.
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