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Unit ARTA/25/2516 become my property on April 03, 2021. Now is managed in accordance with UMA by the manager named "PO Box 2195, Dubai, UAE". Under its management, after 3 years 8% Guaranteed Return of Investment, my unit generated on the fourth year of business an Annual Return of Investment of 0.62% (Selling price: AED 629,000; net annual return: AED 4,105).
Is this true?! Less than 1%! Is this possible in a business in Dubai in the year 2024?
Take a look at my Revenue Statement of Account as of December 2024. You'll see "Balance payable": AED 4,105. You can also see "Charged to Developer": AED27,135. You can see also "less:15% developer fee" in amount of AED 10,691.
Hello, Financial Department! Wake up! The Developer took AED 37,826 from the income generated on fourth year by MY PROPERTY while my self, THE OWNER of the unit, I took only AED 4,105.
Congratulations, wonderful management!
I want to receive a written explanation about these deductions. Are they in accordance with UMA provisions? Why the Developer (?) deducted these amounts from the income generated by MY PROPERTY on the fourth year of business. Please dissociate my unit from the most other hotel rooms which, I suppose, are Developer's properties.
I want to know who the Developer is. Please name it with his full name.
I still hope that there are few mistakes on my Revenue calculations. Please tell me if I am wrong.
Thanks,
Ch N B
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I did not get any answer/email to my compliant until May 08.2025. I'm still hoping that Financial Department is having an enough professional person able to solve my problem. There are five months from the date you issued a wrong Statement of account for my unit. This big delay in answering/solving my problem is a sure way to ruin my trust in DAMAC Properties.
