Thursday 31 December 2009

Few real estate investors are currently active in Abu Dhabi as they wait for 2010 completion dates






Property prices in Abu Dhabi remain stable but only a small number of investors are currently active in the market and many are waiting for completion dates for 2010 before committing, it is claimed.

According to Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, October and November were two of the most active sales months of 2009 for the city with demand focused on close to completion developments such as Marina Square, Al Reef Villas, Sky Tower and Al Bandar.

However, prices have not measurably appreciated and buyers continue to look for distressed sales.

They are looking for completed properties and are waiting for hand over dates to be announced by developers.

‘Despite an increase in sales activity in the third quarter, demand levels since mid November have waned, leading to limited sales volumes in December,’ explained Jesse Downs, Director of Research and Advisory Services, at Landmark Advisory.

The company’s latest sales guide shows that transactional prices remained stable throughout the fourth quarter of 2009 and are not expected to increase until property is handed over in 2010.

‘Prices are only likely to increase for developments that are close to completion during 2010.

As these developments get closer to completion, transaction volumes are expected to increase, which could gradually lead to marginal price increases,’ said Downs.

Asking prices saw a marginal increase of 5 to 6% with the exception of Al Bandar which has seen average asking prices decrease by 9% since September 2009.

Thursday 17 December 2009

More problems on the Red Sea invloving Mr Andrew Harris


Egyptian born resident Mohamed Lahwany is needed for questioning in a skirmish that occurred outside a popular Red Sea resort named Regency Towers. Mr Lahwany was working for a British disqualified alleged property fraudster and conman named Andrew John Harris in Hurghada, Egypt.

Late this night of 2008 in mid August, there was a verbal altercation between investment buyers and Mr Harris. Mr Harris allegedly demanded a group of Egyptian men to psychically attack and beat upon a few of these investors, leading to the local Egyptian police being summoned.

At this time prior to the police taking control of the situation. It has been alleged, and was said to be witnessed that Mr Lahwany ran inside a dwelling with a knife and proceeded to cut his own face. The alleged self mutilation we have been told was an attempt to have his boss Mr Harris get out of the gang style attack on his investors, and switch focus in the investors direction as possible assailants. It is alleged an Irish bystander is on a hidden recorded device stating that Mr Mohamed Lahwany was paid by Mr Harris to cut is own face, the bystander asking how much he was paid for this act of self inflicted wound resulting in blood coming from atop is eyes.

Mr Lahwany blamed a European elderly man and his daughter, and a visiting America investor for this self body mutilation resulting in them being arrested, and taken to court until an investigation revealed they were know where near this Mr Lahwany at the time of his injuries, and is stated there were witnesses that have confirmed he did it to himself, and this may have been motive for money from his boss.

The case was dropped against the investors, back in 2008.

WPN have just been sent a message by spokesmen for plaintiffs and investors they are asking the case be reopened by the prosecutors, and are requesting Mr Lahwany be questioned, tried and or imprisoned, if this is what the judged deems fit for punishment.

They want to submit for evidence the recorded sample along with sworn statements from eye witnesses the night of the incident.

WPN are in negotiations currently for a copy of this recorded. We will have a transcript available if we can obtain this.

We hope to have the exclusive on this.

The investors that Mr Harris allegedly had psychically attacked were rushed to the Hurghada hospital to care for the injuries they suffered.

Any lasting scars, this we are unaware of at this time if any exist.


Mr Andrew Harris has appeared on WPN from time to time with regards to his alleged property scams, and his British disqualification for a Holiday property scandal.


Wednesday 7 October 2009

Birmingham businessman linked to Egyptian property scam

From Mr. Harris' home town newspaper.

http://www.sundaymercury.net/news/midlands-news/2009/10/04/birmingham-businessman-linked-to-egyptian-property-scam-66331-24845060/

Oct 4 2009 by Ben Goldby, Sunday Mercury

INVESTORS fear they may have lost their life savings in an alleged Egyptian property scam – fronted by a disqualified Birmingham businessman.

Customers were encouraged by Andrew Harris to hand over £100,000-a-time for luxury apartments in the Egyptian holiday resort of Hurghada.

The entrepreneur was banned from being a UK director in 2005, but sold the flats through Property Hotspots Worldwide.

Buyers who dreamed of retiring to north Africa claim their properties were double-sold without their knowledge – and may not even have been owned by Mr Harris or the Solihull company.

They have complained to the British Embassy, Egyptian Police and Solihull Trading Standards but have been left frustrated by a lack of action.

Now the investors are clubbing together in a bid to raise enough funds to buy back their properties from the legitimate Egyptian landowner.

Meanwhile, Mr Harris, of Hampton-in-Arden, Warwickshire, is refusing to answer calls and is said to have been forced to leave Egypt because of the dispute.

When the Sunday Mercury tried to contact Property Hotspots Worldwide, its phoneline was disconnected.

And no-one responded to an e-mail sent through the company website – which is registered to Mr Harris’ home address. His mobile phone also remains switched off.

Pleaded

Investors say the businessman previously pleaded for time to raise the remaining cash needed to pay the Egyptian landlord for their properties at the Regency Towers and Regency Continental developments.

But they fear they may have lost their money for good.

Grandmother Margaret Handley, 63, of Nottingham, paid up front for her apartment in January.

After 27 years as a warehouse worker, she had planned to spend her retirement in the Egyptian resort and eventually wanted to hand the property on to one of her 11 grandchildren.

“We’ve been ripped off,” she told the Sunday Mercury.

“I was told in January to pay the final instalment because I was assured the apartment was finished and there was a 12-month guarantee in case anything went wrong.

“But when we flew out there to see it, the place was a tip. I couldn’t speak because I was so upset.



“There were no doors, no windows, tiles were broken, wires were hanging out of the sockets, there were cigarette ends and empty bottles on the floor. It was a nightmare.

“I confronted Harris about it, but he fobbed me off saying they would finish it all next week, and then the week after, and then the week after that...

“Now I have seen on the internet that flats in my block that I know have already been sold are back up for sale. Someone is trying to sell them off twice.

“We’re now trying to get together as a group of buyers to get our properties released to us from the Egyptian landlord.

“I’m at the end of my tether, I’ve lost a lot of weight and I’m not well.”

Grandparents Dawn and Wayne Harris, 50, also thought they had found a perfect retirement property in Hurghada to enjoy with their seven grandchildren.

But the couple say they their dreams have been ruined by the property dispute.

“We paid in full for a two bedroom apartment in Regency Towers from Andrew Harris back in 2008,” Dawn said. “In May we found out through the internet that our apartment, along with 13 others in the complex, had not been paid for and a dispute had started between Andrew Harris and the owner of the building.

“Our contract states Andrew Harris owns an area of land consisting of 4,000 square metres known as Regency Towers – but it has turned out he never owned the building.”

Incensed by the situation, the Harris family travelled to Egypt to confront the Birmingham businessman, but claim they were left with more broken promises.

“He swapped our apartment for another one that wasn’t in dispute and we have a signed and dated contract for it,” Dawn said.

“But a few weeks ago we found out Mr Harris had already resold our replacement apartment, which we had moved into and had spent money on.

“We have lost our apartment and our money.

“It wasn’t until the dispute we discovered Mr Harris had been disqualified in the UK.

“We are extremely upset and angry.”

Investors have flocked to the Egyptian coast in recent years to purchase bargain overseas holiday homes.

Hurghada has become increasingly popular with ex-pats, along with the nearby resort of Sharm-el-Sheikh.

Father-of-two Mark Goble, 50, also brought a holiday home through Mr Harris in Hurghada and criticised the Egyptian authorities for failing to act over the complaints.

“The police are turning a blind eye and there are no regulatory bodies you can turn to,” he said.

“The restaurant and bar at the complex have been cleaned out. And my property is one of nine broken into recently, with many items stolen.

“The security guards have switched sides. They seem to be helping the crooks, while tenants have been evicted either by threats or from water and electric being disconnected.

“Lawyers are also screwing investors for extra money when things go wrong and corruption seems to be rife.

“It’s scandalous.”

The Sunday Mercury has discovered that Mr Harris previously supplied holiday homes to Somerville Leisure, which was wound up by the Department of Trade and Industry in 2001 following an investigation into dodgy holiday deals.

The DTI found the Essex-based company misled people into buying its shares with promises of exclusive holidays through their ‘Dream Leisure Club’.

The business was wound up when investigators found it had gone bust, despite “taking excessive commissions for sales of shares with no adequate accounting records”.

Saturday 28 February 2009

New Property Forum.

New Property Forum

www.propertyhotspotsworldwide.com

Monday 12 January 2009

Dubai property boom halts as prices fall, jobs go









By Jason Benham

DUBAI, Nov 13 (Reuters) - Dubai property shares plunged and its biggest private developer slashed jobs this week as the global financial crisis tightened its grip on the tiny emirate, until now synonymous with the Gulf Arab real estate boom.

Dubai's glittering skyline and luxury tourism sector have lured investors in droves over the past five years. But property prices have begun to fall, according to brokers and banks, in one of the clearest signs to date that the bubble has burst.

A real estate crash in Dubai would call into question the futures of millions of immigrant workers, many from India and Pakistan, and whether energy exporter Abu Dhabi would run to the rescue of its high-flying but poorer neighbour. "Villas that were very hot before the crisis have fallen. The buyers were chasing the sellers but now it's the other way round," said Quaid Abbas, property consultant at Engel & Volkers. "Small real estate companies are going to close down."

Secondary prices in Dubai and Abu Dhabi fell 4 to 5 percent, with Dubai's advertised villa prices falling by 19 percent month-on-month in October after several banks tightened lending conditions in August and September, HSBC said.

Apartments in the Dubai International Financial Centre, the nexus of the banking and investment sector, fell as much as 30 percent, it said.

Rehab Gouda, senior sales agent at Al Jabal Real Estate, said that property prices had fallen 30-35 percent in Dubai since September.

A three-bedroom villa in the unbuilt Jumeirah Park project, a sought-after area of the seaside emirate, which was worth around 4.8 million dirhams ($1.3 million) in August, is now valued at roughly 3.8 million dirhams, she said.

"The market is going through a tough time," said Sana Kapadia, associate equity research at EFG-Hermes in Dubai.

"Whether or not it is the end of the market, remains to be seen."

ARRESTED DEVELOPMENT

Times are certainly tough for the real estate sector with shares tumbling this year due to the crisis and a number of highly publicised investigations into alleged corruption.

Emaar Properties EMAR.DU, the region's largest property developer by market value, fell 5.6 percent on Thursday to mark a drop of over 80 percent this year. Union Properties UPRO.DU, which has dropped around 78 percent during 2008, fell 6.7 percent.

Scaled-back projects and job cuts among developers provide more evidence that the financial crisis has hit Dubai, which boasts man-made palm islands, an indoor ski resort and the world's tallest building.


Emaar said on Thursday it was reviewing its jobs policy after Damac Holding, Dubai's largest private property developer, said earlier this week it was cutting 200 jobs, or 2.5 percent of its workforce.

The cuts follow news that developers are scaling back projects as funding becomes harder to secure.

State-owned Nakheel said recently it was slowing down on dredging work on its massive Palm Deira project, the largest of three palm archipelagos that, when completed, is planned to house more than 1 million people.

While soaring inflation has triggered civil disturbances in Dubai in recent months, a property collapse could trigger the same if the government decides to ship home thousands of labourers who climb scaffolding and pour concrete every day.

Dubai's ambition to be a regional economic hub would also be dented by a property crash, though some are optimistic that Abu Dhabi would intervene and that long-term growth prospects for the region would support the financial sector.

"Dubai appears to be able to continue to attract people and talent and this looks poised to maintain its standing as a regional power house," Kapadia said.

(Reporting by Jason Benham; editing by Thomas Atkins, John Stonestreet)