Dubai estate agent touts three-year repayment

Estate agent touts three-year repayment plan at Dubai Sports City project
By Shane McGinley
Tue 12 Feb 2013 04:34 PM

A Dubai real estate agent is
aiming to drum up interest in the much delayed Dubai Sports City development by
offering apartments with a 38 percent initial deposit and three-year repayment plan.

Silver Heights, the sales arm of
real estate developer Orion Holding, is marketing the units at Olympic Park.

According to property listings portal Bayut.com, Olympic Park units start from AED431,040 (US$117,350)
for a one-bedroom. With a 38 percent down payment of AED163,780 (US$44,589),
a repayment over three years would be around AED7,423 (US$2,020) per month.

The agent's report claimed “that
factors like affordability, thin traffic, highway location, modern amenities
and global sport academies have made Dubai Sports City a favourite destination
for people working in TECOM and Jebel Ali Free Zone areas”.

Despite the agent’s claims and
the latest offer, Dubai Sports City has long been the subject of controversy
between disgruntled investors and sub developers on some of the stalled residential
projects.

In September last year, over 370
investors in some Dubai Sports City real estate projects were due to hand in a
petition to Dubai Land Department urging authorities to audit the project and
investigate delays by third-party residential real estate subcontractors.

Launched in 2003, Dubai Sports
City is part of the Dubailand master development and was set to include cricket
stadium, 60,000 multi-purpose stadium, 10,000-seat indoor stadium, sports
academies, golf course and a range of third-party residential and business
premises.

According to the investors’
petition, they claim “what we have is a half built sports city, with many
building plots standing abandoned and investors chasing non-existent developers
to try to get their money”.

While the US$4bn project
continues to host a series of high profile international sporting and
entertainment events, including the Pakistan Australia Twenty20 International
cricket series, Dubai was one of the markets hardest
hit by the global downturn, with real estate prices dropping by up to 60
percent and nearly half of projects in the emirate stalled or cancelled.

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