Damac Lusail Project - Is it at Risk?
I have heard rumors that Damac project in Lusail if facing financial problems and there is a risk that Damac will not be able to deliver the project and customers who paid downpayments are not able to get their money back .. Have you heard about this? Do you have any information about the progress of the project?
All Real estate projects are at risk...In the Gulf the risk is 3 to 4 times:
1. The Buyer will not be planning to stay here for an entire liftime.
2. Thus the market is purely like the stock market, but unlike the stockmarket the Real Estate investors are very very limited...could be about 5% of the total Expat+local Population.
3. The property is exposed to the Sea. That itself lowers the longevity of the building, the rebars, the owner's car, the Iron & metalic furnishings & even lighting fixtures due to the salt laden mist & dew.
4. The Finances of the Country is solely dependent on One Comodity - the Gas Price. Thus all the Eggs are in one basket.
yes and no. I am unfortunately on the receiving end, Damac seem to be making a loss not the entire Lusail project, i have invested with Damac they have taken my hard earned cash and not giving it back, im in talks with them but its a slow process, invest with Qatari Diar, Damac is unstable
Agree with logicsays. I have no info on Lusail.
Call Qatari Diar offices located at the site.
"The best way to predict the future is to create it".