The downturn in the property market, many projects by both small and large developers have become questionable. We offer our clients assistance by helping them consolidate their off plan portfolio with various developers.

EMAAR Credit Notes, Credit & Consolidation

With a large number of projects by Emaar put on hold or deferred or cancelled, Emaar gives the opportunity to allow the money paid for these projects to be adjusted against future installments on other continuing developments. Whether owned directly by the customer or by a third party. This system is referred to as either Emaar Credit or Emaar Credit Notes or Emaar Consolidations. This credit or consolidation amount is traded in the market at a discounted price allowing customers that have future payments to Emaar to avail of a discount while allowing customers in cancelled projects to get a portion of their money back.

W2 Realty assists with the buying and selling of Emaar Credit or Emaar Consolidation amounts helping buyers and sellers obtain the best possible deals.

We also advice clients on updates to any changes by Emaar regarding credits/consolidations.

Nakheel Credit Notes, Credit & Consolidation

Similar to Emaar. Nakheel also offers credit/consolidations for projects that are differed or cancelled. Whereas the process is different it is in spirit the same. This system referred to as Nakheel Credit or Nakheel Credit Notes or Nakheel Consolidation similarly assists both buyers and sellers. It is extremely important to work with a good agent on these transactions as there is a large amount of ambiguity and grey areas that people try to exploit.

Current List of Deferred/Cancelled Projects 

• Water front Veneto - Phase 2
• Waterfront Al Badrah - Phase 2
• Al Furjan - Phase 2
• Lake District - All Buildings
• Jebal Ali Village - Plots
• Canal District - Plots
• Mina Rashid - Plots
• Palm Jebal Ali - Villas and Water Homes
• Trump Tower
• Promenade
• Palm Jumeirah -  N Frond Villas                 

With Nakheel stopping Transfers on cancelled projects, there has been a new method of having these consolidations work. This process is known as Third Party Consolidations, where the Seller, essentially gives up their rights to the property to the Buyer, along with the monies paid for the property. This Settlement process can take from 4-6 weeks, and it is very important to not to pay the Seller till completion of the process as risk of the transaction rests with the Buyer. There are agents offering to hold Manager Cheques or Irrovocable Power of Attorneys, or using Escrow Agents, whether formal or semi formal Escrow Agents. The bottom line is all the above, are risky processes, and have the potential of going wrong for the buyer.

The Credit & Consolidation Process by both Emaar and Nakheel has unleashed a wave of opportunists who are looking to cash in on this newly opened market, taking advantage of people’s lack of knowledge in this area.

Talk to us whether you are a buyer or a seller. See how our transparent process adds comfort and value for you.