Pearl Qatar and how to get your money back?

as far as i know the developers offers 20% interest and returns the down payment when finding another buyer

i have a friend in the same situation and they offered him the same thing

depends on your contract

i think you should ask UDC about it

If your apartment is ready 2 years or more after the completion date, the contracts usually say you can get your money back, but you'd get no interest on it or penalties. So if you are REALLY desperate and your apartment is this late then that is an option.

I'll grant you one guess.....

which way?

Finally, a posting that makes sense! Realestate in Qatar can only go one way.....

Hello, I also bought in The Pearl. My advice is - don't panic! There are so many people with negative views out there. These are usually the same people who have positive views when the garden is rosy and the good times are rolling. It's easy to be optimistic in boom times, and pessimistic in recession times. The winners see opportunity in recessions but the losers panic and sell at a huge loss. If you can, hold on to your property if you can't sell it for a good price. Yes the contract has a lot of things which favour the developer but didn't you read your contract before signing it? I went to see the rental lady yesterday and she has a waiting list for people wanting properties there, and is currently successfully renting out 1 bedroom semi-furnished apartments for 14,500 a month in Tower 4. Even if I got half that I would have done far better than if I had invested in UK property. Sit tight if you can, I don't know what your mortgage repayments are but presumably you cab pay them, especially if you let the apartment?

baysw2, but as fubar said, I don't understand what is the LEGAL case in here? Did they cheat you? Did they take your money and run away? i really want to get what exactly would be the case?

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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry

Thanks for your replies, it was great to read your opinions, anyway I still welcome those who would like to join as I am sure that there are still a lot out there. It just makes it clear for me how they make money.

Property investment 101. Shortened version, yeah I know it is slightly more involved but....

Buy property through mortgage in a popular place (Pearl??? I think not). Pay your mortgage on time monthly. Live for a short while in the place. Get it 100% as it should be. Rent it out at terms that cover your mortgage, insurance, maintenance, etc.

KEEP YOUR TENANTS HAPPY.

Spend your profits on investing in another property.

Do it again and again and again.

Hey you have just joined the millionaires club.

Have fun

Prices just shot up another 10% since my last post so you better hurry and buy! While you at it, when you talk to any real estate developer about purchasing ask him/her to show you sales figures for the last year for any development. Please post their reaction here. Would love to see it. "You dont need to know that information!". "This is private and confidential". Past sales and prices in an area have nothing to do with your purchase!". Well I guess past sales figures are a right to the buyer anywhere except here.....

What do you mean you are having trouble?!Just ask any real estate agent or developer in town! Dont you read the papers?! Everything is great! Properties are selling like hotcakes! Oh yeah prices shot up 50% this week alone! Sorry we are all sold out but I just MAY be able to convince an owner to sell an apartment but SEVERAL OFFERS are in and you need to make a decision TODAY! Sound familiar? Call any real estate office or developer in Doha and you will be showered with information on how robust the market is now. In fact it has never been better!! Wow! Office space , residential , you name it, a property isnt on the books for more than a day now! Just ask any developer! Any of them will be more than happy to take you down fantasy lane and try to convince you to spend 25000 QR sq/mt on a matchbook size apartment. Dont you read the papers and the news! Dont you believe everything you see and hear about real estate here?! Just ask any developer or real estate agent! Things are GREAT! Rosy and bright for now and forever!! The market is so bright you need sunglasses !

Go to UDC and buy another apartment for millions and millions of QRs. HA HA HA !

I don't understand the basis of your claim against UDC.

You signed a contract to buy a property, paid the deposit, but now you want your money back.

Why? Did you just change your mind, or decide that you can't afford it after all?

Or is QDC in breach of the contract, thereby rendering it void and you are entitled to compensation?

I don't want to sound harsh but you aren't going to find much sympathy here for people who 'invested' in The Pearl. The general consensus before construction even began was that it was overpriced and a stupid investment.

The sceptics were shouted down by the brave investor with promises of great riches and huge returns. The sceptics were made to feel like idiots for not jumping on The Pearl bandwagon and were mocked for their foolishness.

Just don't say you weren't warned.

I am buying an apartment in Thailand that cost the equivelent of 1,200,000 riyals. I am at the half way stage of 600,000 riyals and not Thailand is in big trouble. The place has been delayed by over a year an is still nowhere near finished, the government is in turmoil and the property market has collapsed. i am guessing my place is worth 800,000QR at best... so what do I do, do I walk away from 600,000 as they wont refund the deposit or do I pay the remaining 600,000.

This sounds like your situation, and my choice will be to pay the remainder and ride the storm. Thailand may take 5 years or more to come back but it will return, i just have to take the hit and realise I have proably 150,000 dollars of negative equity for the next 5 years.

Nidge

You invested your money....why did you accept terms that favoured UDC?....They needed you not the other way around!!!

Now it the other way around. The best you can do is reinvest some more put up a legal case....and expect an out of court settlement.

Even if you loose you would have made it hard for them.

You would be loosing about QR 200,000.

eh? baysw2, you invested your money in a wrong place.. you lost it.. there are thousands and thousands in the world who loses their money with the wrong investments..some are losing millions…some even go bankrupt due to wrong investment… this is a game.. no one is obligated to return your money back once your shares (or property value in your case) go down… Look what’s going on in US.. people are getting kicked out of their houses as they cannot afford paying their mortgages anymore…. Stock market (and Real Estate market) is not a nursery.. Every one cares about his - and only his - money…Not about mine, and not about yours.. Accept this loss and move on..

Or wait till crisis is over and sell your place for as much as you can...

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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry

You made a decision that was not a smart choice, because you were greedy. See if you can find someone to buy you out for the 80% and count the 20% as a lesson learned.

I have read in the contract (of another developer of one tower) that you as a buyer can re-sell your unit so you can get your money back based on the present market value of your property. But you have to wait when they find another buyer or you can find your own buyers. Sad to say, but I believe that it is gonna be sooo difficult.

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"Admit your mistakes...before someone exaggerates the story."

from your mistakes. I have lost A LOT of money in the stock market in the last year. Who do I sue? No one, as it is the way the cookie crumbles. sorry to say, but you have no case.

You bought your apartment a year ago, at what you say was a high price, signing a contract you say was in favour of the developer. Why? Who forced you to do that? Now you want to sue them, before the completion date, because you have changed your mind and haven't been able to sell. It sounds like you were very naive and made an investment you couldn't really afford, hoping to turn a quick profit. Buying 'off plan' anywhere in the world, you have to factor in some possible delay in handover. Have you spoken to the developer about your situation and about the revised completion date?

I've heard a similar case, and I know some people that actually want to move in, but have second thoughts as the promised standards have been dropped too low.

Sorry for you, just wait and hope things get better. I know as a fact that things will get better.

So, you are an "investor". Now you see what you got. Wrong investment, I would say.