Dubai Forums Dubai Discussions Dubai General Chat

Anyone here in possession of an Emaar Credit Note? If yes could you please tell me bout it? What does it stipulate, how does it work etc. I hear people are trading these notes online. What price are they selling at?
And probably the most important question Are these credit notes transferable?
Why is Emaar issuing these credit notes? Lack of cash???
Finally what guarantees do these credit notes hold? Are they worth buying?

Probably no guarantee. Just like the freehold visas.

I have a credit note from Emaar of the value AED 350,000. I would like to sell it.
Pls contact me on 050-6559373

Are you saying that Emaar is giving credit notes, instead of paying people properly? That sounds very bad !!

Nayome, do mind explaining what you did for Emaar.......and when....to earn that AED 350,000 credit note?

How much is that in Sterling at the moment?

Precisely RK, I'd like to know more about these credit notes.
Nayome, You saying that you have a note of face value 350,000. Is it transferable? Does it have an expiry date or something? Is the credit note only for particular properties or can be used across the entire Emaar range. And finally how or why did you get that Emaar note? Is it because of late delivery on a project by Emaar?

Why the sudden lack of information on this?
Is it a sensitive issue which Emaar want to quash?

Here is how Emaar credit notes work. Lets say you had paid AED 350,000 in a project that has been put on-hold by Emaar. You can't ask them to refund your money, because project is not cancelled it is put just on-hold. They can ask you to pay further installment or face penalty. 3rd option is to transfer your money to another unit in another project. So most people search for buyers to buy their 350,000 credit transfer. Usually, it sells at a discount of 40%. So you have credit with Emaar of 350,000, you will transfer this credit to buyer's unit and buyer will pay you 210,000. You'll face 40% loss but still you are walking away with cash.