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Developer calls on UAE banks to resume lending
by This email address is being protected from spam bots, you need Javascript enabled to view it on Friday, 27 February 2009
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Results 1 to 13 of 13
Posted on Sunday, 1 March 2009
SCHON GROUP
Posted by IRWIN at 17:48 UAE time
i really agreed with all above comments and would like to add one thing that these type of all developers should be fined by goverment and their accounts should be audited bt indepedent auditors to enable to assess where all these money from customers has gone.(May be in personal accounts of directors).
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Property Price adjustment
Posted by Rima at 11:42 UAE time
Blaming one party for the crisis which the property market is facing now will only aggregate the problem. It takes two to tango: Banks need to be a bit more flexible, and developers on the other hand need to stop acting like ostriches and digging their heads in the sand, assuming that someone else(banks, governments,etc..) should solve the property market problems. There is an immediate need for price adjustment by developers - they can not simply expect investors to pay for units which are priced more than double their actual value...and still delay projects forever...get real... the confidence in developers is on the ground..do something about it
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Posted on Saturday, 28 February 2009
Schon .. stop talking
Posted by Hossam at 14:25 UAE time
Waht did developers did and doing now ? And what did Banks did and doing now :
Banks :
1- Was lending money up to 95%
2- Is Lending money now up to 80%
3- Saving our money from bankruptcy
While Developers :
1- Was increasing price every week ( Sky is the limit )
2- Never started the work
3- DELAYS , DELAYS , DELAYS
My precious advice to you from a well experienced IT business man " Deal with the market with the way it is and not the way you wish to be "
my 2 cents
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When foolish men have a bumper crop
Posted by YAL at 11:55 UAE time
When foolish men have a bumper crop, they borrow against next year's presumed bumper crop and build bigger barns and buy more acres. They envision owning the whole county! With weather just a little less favorable, they lose their whole farm, for they cannot afford to service the debt.
Please !! it didnt rain money from the sky in the banks ! It is us depositors hard earned money you want to further risk in the real estate bubble
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Loan 2 R/E...?????
Posted by abdul jaleel damudi at 11:03 UAE time
UAE FOLLOWS USA BLINDLY.WHAT HAAPENS IN USA SAME HAPPEN IN DUBAI.EVERY ONE IS UNDER HUGE DEBT IN USA. SAME THING HERE. ALL LOCALS HAVE HUGE LOAN TO BANKS. EVERYONE IS LOAN BORN. AND THIS LAON CULTURE SLUMS THE ECONOMY.. EVERY WEEK ONE BANK CLOSING IN USA.
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Posted on Friday, 27 February 2009
Decrease Prices!!
Posted by Alaa Sharif at 02:21 UAE time
Developers should start to decrease prices so that banks and people can afford buying those insanly expensive apartments. How can 1 bedroom apartment in Dubai be more expensive than 2 apartments in New York city!!
Now they ask the banks to solve the problem and provide financing...the problem originated because housing market is very expensive!!
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Get Real
Posted by Khalid at 23:17 UAE time
Everyone who commented on this article made more sense than Mr. Schon, "Shut up and build" was spot on. before such "Developers" tell others what to do to fix this mess that we have found ourselves in i suggest they they stop asking for payments from end users before approval are acquired and start treating us as human beings and not con targets. i have paid 55% of a property that hasnt gotten approvals yet. second meet your deadlines or postpose payments. Third reduce your prices to earthly figures and not astronomical ones. It serves these developers right to be BANKRUPT now because of the cons they have pulled for the past 10 yrs. "Developers" need to realize that our lack of confidence does not only come from the current economic climate but mainly from our lack of trust and faith in these clowns that proudly label themselves CEO's of "Reputed Developers". seriously Schon deadline 2007 moved to 2011 and if i miss a payment by a week you have your team of so called real estate experts stalking me to get money.
we are sick and tired of all of you please leave the country ASAP and let the real builders of Dubai keep the ship afloat. We have built this city with our money and our 8-5 jobs.
thanks for reading
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Well said!!
Posted by SR at 16:48 UAE time
Well said Mart, absolutely right! If any Bank is going to even consider lending in the real estate sector at this time, they have to be out of their minds!
Get real Mr. Schon; if you have started your projects without having adequate back-up financial resources, better to pack your bags.
Remember, banks are not lending their money, it's depositers money.
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its easy to spend someone else's money
Posted by Mart at 15:55 UAE time
Its very easy for a real estate developer to ask that other people risk their money lending it into a crashing market just. Its easy to argue how other people should risk their money.
If it was his money, I very much doubt he's be lending it out to people to buy a rapidly depreciating asset.
The banks could of course respond that he should cut his prices, and make sure that he finishes his developments on time.
Banks won't start lending until property prices are stabilized. And that isn't going to happen until prices are back down to reality. We've quite a way to go! Developers who pocket large deposits and then fail to complete building on time just add to the general lack of faith in Dubai's market.
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shut up and build
Posted by debbie at 15:20 UAE time
schon should stop telling what other companies or people should do and just shut up and do his job which was to build. i am sure by now he should have realized that construction is not a little boy's fantasy game but requires maturity, seriousness and sensibility.
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No Confidence
Posted by Jonathan B at 11:06 UAE time
The problem is that we lost confidence in all these developers that Dubai failed to tame, it was and still is a jungle out there.
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Market to stagnate further
Posted by Haresh Kulkarni at 10:22 UAE time
People are hardly interested in buying a property in Dubai because of all the flaws, loopholes, potholes, ambiguous rules and regulations that are either amended or retracted every now and then and are not in favour of the buyer.
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Why Do U Give This Guy The PR?
Posted by PP at 09:50 UAE time
Mr Schon would be better off getting on with completing his projects rather than commenting on other matters!!
I am sure he is still taking a monthly salary during these difficult economic times. Normally pay is reward for doing something...... Earn it my friend and deliver on your promises - then I might start listening to you again.
RERA should be investigating 'high profile' (is this a self-annointed tag?) developers like this.
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