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| Home  Latest UAE Buildings without Power |
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UAE Buildings without Power |
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Monday, 01 December 2008 |
Investors in the UAE property market have been facing some serious frustrations recently, particularly in the northern emirates of Ajman, Ras Al Khaimah and Umm ul Quwain. Ajman has been a particular destination of choice for many Pakistanis who have been attracted by the cheap off-plan property prices and the promise of a residence visa. Now that some of these projects have completed or are nearing completion, they have discovered that they get a 1 year visa which needs to be renewed EACH year at a cost of AED 1,500 (Rs.33000) and even worse, they may not have any electricity in the hot and humid desert climate for several years !! Thousands of buildings are being constructed in the United Arab Emirates during the current development boom but they have neglected one serious development issue - ELECTRICITY !! Many brand new buildings that have already been completed, stand in darkness while the owners of the apartments in these buildings stand frustrated. Many moved in furniture and belongings expecting the electricity to be connected with a few days but they are still waiting months later and it seems that the problem will not go away until 2012 at the earliest. in Umm al Quwain, a Dh30-billion project by the Dubai-based developer Tameer, Al Salam City, was put on hold in May due to the shortage of electricity and water. The delay in such a high-profile project, which was believed to have been 70 per cent sold, was a major blow to the emirate. Safeer Mall, in RAK, which was completed in June, and has the largest hypermarket in the region, remains empty due to the electricity crisis. A spokesman for the mall said they have lost all hope of solving the problem and businesses are starting to withdraw stock. In RAK alone, 3,532 building permits have been issued. But up to 2,145 buildings in the emirate are still waiting to be connected with electricity, according to the municipality. In entire districts of Ajman, brand new high-rise towers, finished to
perfection, have stood empty for months. At night, occasional lighting
powered by generators highlights the idle buildings.
Developers,
unable to persuade the federal or municipal authorities to switch the
power on, are watching investments running into millions of dirhams
show no sign of producing the expected return.
Ajman has signed a $2bn agreement with the Malaysian power
producer MMC to build the Gulf’s first coal-powered electricity plant.
The project will not be ready until 2012.
It is unlikely that the energy crisis will be resolved before 2013.
Mr Shaban spent millions on setting up business in the Emirate and is
now facing ruin and haveing to return to Egypt with nothing and says
others are in comparable predicaments. “Many people
bought a flat here. They may have bought it for Dh900,000 and now they
have had to sell it for Dh500,000.”
Without power, he says, there can be “no life, no development ... you are nothing”.
“You
can expect this to happen in other countries, but not the UAE,” he
added. “How will the development of the city be achieved if all the
business people leave? People are already saying there is no power in
Ajman, so why are they still giving approval for the buildings?”
Many Pakistanis who invested in the property markets of Dubai, Ajman
and Ras Al Khaimah are now dumping their properties at below their
purchase prices and are trying to take out whatever they can of their
investments. Islamabad is experiencing a resurgence in real estate
investment as much of this money s being repatriated to the safety of
the federal capital of Pakistan.
Have you bought property in the UAE? Have you been made aware of this situation? What are your thoughts on this?
» 3 Comments
1Comment
at Saturday, 06 December 2008 09:52
luckily we did NOT buy anything in the UAE but we have friends who did and they are now stuck and don't know what to. they have to keep paying their installments and their property won't even be ready until 2012!!!
2Comment
at Saturday, 06 December 2008 09:58
lots of people i know have bought property in uae including family but they are angry about this problems there but they are stuck and in the same position as thousands who got conned into buying property there. the arabs have all the money but none of the sense and everyone was silly to think they could actually go all the way properly
3"Mr"
at Friday, 23 January 2009 23:38
I saw the whole Dubai/UAE property market develop from a very close range and always had a gut feeling that this was too much too quick and at some point the whole edifice was going to come tumbling down. Any development of this scale needs to get the basics right first. Problem is that greedy developers pounced on people\\\'s vanity and started putting up buildings left right and centre without any afterthought or planning. The situation is only gonna get worse. Get out whilst you can is my
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Last Updated ( Saturday, 06 December 2008 )
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