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Click on more images (right) to see photos of the Crescent
Investors have come out in force to criticise new legislation by Dubai’s Real Estate Regulatory Authority (Rera) that stipulates residents must have a paid for car parking space with their property.
Since yesterday when ConstructionWeekOnline wrote about the new rule and how it is affecting investors of the Crescent development, in the International Media and Production Zone, scores more disgruntled investors have emailed or posted their comments online.
They say they weren’t informed about the rule, which specifies residents must buy a parking space in order to register with the Land Department. Failure to register will prevent them from renting or selling their property.
Kieran Donovan wrote online that he was forced by Damac to buy a parking space in the developer’s Lake View Tower, in Jumeirah Lake Towers.
“They wouldn’t even give me a handover until I went to the bank and got a manager’s cheque. I had to pay whatever was asked of me as I will be homeless next week and need to move into Lake View,” he wrote.
Similarly, Ami Dhadli wrote: “When I purchased, on my sales agreement it says optional. I didn’t buy parking at this time so why am I forced to buy now?”
However, one reader has stated that the ruling has since been withdrawn, further adding to confusion.
Investor Jerry Ascione, who bought his apartment in the Crescent in 2006 for US $164,000 (AED602,000), spoke exclusively to ConstructionWeekOnline yesterday.
“I’m over from the US checking on my studio apartment after handover,” he said. “This is all news to me. When I bought the place I asked Damac’s then facilities management representative if I needed to buy a parking space – he said no, I didn’t.
“As I don’t have a car here and spend the majority of my time in Florida, obviously I didn’t want to spend a further AED40,000 on a space.”
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Ascione says he’s now faced with a bill of up to $31,300 bill for a parking space.
“This is outrageous. First the price hike, and secondly the fact, as I understand it, is that if I don’t buy one I will not be able to register with the Land Registry, meaning I cannot legally sell or rent my apartment,” he said.
In response, Niall McLoughlin, Damac’s senior president, corporate communications, said: “The Dubai Land Department has recently issued all developers with a circular stating that it will not register any unit unless it has a paid for car parking space.
“This is a recent ruling by the Dubai Land Department and applies to all developers in Dubai, and we are caught in the middle.
“Fortunately Damac still has some parking spaces available. We are offering customers who did not originally buy a space with their units the opportunity to do so at an attractive rate, with pricing dependant on location.”
Rera has as yet been unavailable to comment.
Meanwhile, the chairman of Damac Hussain Sajwani said yesterday a new era had begun in the UAE real estate market - one in which investors would no longer be able to make "millions overnight".
- Are you an investor who has been affected by this ruling? Post your comments below.
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FEATURED COMMENT
Damac offer parking at a reasonable price?!?!?! First off the parking is not free hold, it is a license. Secondly, "a re