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  • FIRST POST
    • dream888
    • By dream888 16th Jun 17, 11:51 AM
    • 2Posts
    • 0Thanks
    dream888
    DUBAI INVESTMENT MESS help
    • #1
    • 16th Jun 17, 11:51 AM
    DUBAI INVESTMENT MESS help 16th Jun 17 at 11:51 AM
    hi all

    to cut a long story short, i have invested in two properties in dubai,

    one i invested in 8 years ago. it hasn't been built yet, is ongoing and has only been 40 % built. i have paid 90% of the full purchase price. do i have any recourse? why is it taking so long? can i just pull out of it and get my purchase price back? i have a signed SPA and all original documents in my possession.

    the other property has only been built 10% and is currently under 'cancellation' - also invested in 9 years ago now. do investors like me have any recourse?! i was not offered an SPA on this one but i have asked for one asap.

    I have been chasing the progress of both projects constantly and i am always met with the answer 'don't worry we are building it is just taking longer than expected' from both developers.

    preferably i would like to pull out of both projects and get my purchase price back!!

    any help would be much appreciated
Page 1
    • Keep pedalling
    • By Keep pedalling 16th Jun 17, 11:54 AM
    • 3,746 Posts
    • 4,013 Thanks
    Keep pedalling
    • #2
    • 16th Jun 17, 11:54 AM
    • #2
    • 16th Jun 17, 11:54 AM
    To be honest it sounds like a scam, and chances are your money has gone. Who was this"investment" with?
    • eddddy
    • By eddddy 16th Jun 17, 12:06 PM
    • 5,265 Posts
    • 4,907 Thanks
    eddddy
    • #3
    • 16th Jun 17, 12:06 PM
    • #3
    • 16th Jun 17, 12:06 PM
    Was the contract signed under Dubai law? (As you talk about an SPA, I guess it was.)

    It's not very likely that you will find people on this forum that know Dubai law - as this is a UK based forum.

    Looking at this link, it sounds like a complex area, with new legislation etc: http://www.thenational.ae/blogs/crane-country/dubai-land-department-answers-questions-on-law-no-9


    FWIW, I know somebody who was living in Dubai and bought "off-plan" and has been waiting years for building to start. But in their case, they say that property prices have rocketed in the meantime, so the developer wants to give them their money back and resell for more - but they prefer to keep waiting.

    (But your situation may be different.)
    Last edited by eddddy; 16-06-2017 at 12:09 PM.
    • ReadingTim
    • By ReadingTim 16th Jun 17, 12:08 PM
    • 2,046 Posts
    • 2,957 Thanks
    ReadingTim
    • #4
    • 16th Jun 17, 12:08 PM
    • #4
    • 16th Jun 17, 12:08 PM
    Suggest you seek legal advice from an Emirati property law specialist, but that'll cost you.

    My gut tells me that you've lost whatever you've 'invested' thus far, therefore the question you need to ask yourself is how much on top of that do you want to lose?
    • davidmcn
    • By davidmcn 16th Jun 17, 12:21 PM
    • 5,930 Posts
    • 5,685 Thanks
    davidmcn
    • #5
    • 16th Jun 17, 12:21 PM
    • #5
    • 16th Jun 17, 12:21 PM
    To add to the above, your rights (if any) will be stated in the contract (which I presume is what the SPA is). Have you read it? We don't know what it says!
    • ReadingTim
    • By ReadingTim 16th Jun 17, 12:26 PM
    • 2,046 Posts
    • 2,957 Thanks
    ReadingTim
    • #6
    • 16th Jun 17, 12:26 PM
    • #6
    • 16th Jun 17, 12:26 PM
    To add to the above, your rights (if any) will be stated in the contract (which I presume is what the SPA is). Have you read it? We don't know what it says!
    Originally posted by davidmcn
    Regardless of the rights the OP may or may not have under the SPA, the difficulty will be enforcing them. The legal system in that part of the world isn't very enlightened or advanced, especially in respect of foreigners...
    • G_M
    • By G_M 16th Jun 17, 12:33 PM
    • 41,425 Posts
    • 47,789 Thanks
    G_M
    • #7
    • 16th Jun 17, 12:33 PM
    • #7
    • 16th Jun 17, 12:33 PM
    This is a UK property forum.

    Unlikely anyone will know anything about

    * Dubai property law
    * Dubai investments
    * Dubai contract law

    This sounds like a scam - report it to Action Fraud?
    • davidmcn
    • By davidmcn 16th Jun 17, 12:52 PM
    • 5,930 Posts
    • 5,685 Thanks
    davidmcn
    • #8
    • 16th Jun 17, 12:52 PM
    • #8
    • 16th Jun 17, 12:52 PM
    Regardless of the rights the OP may or may not have under the SPA, the difficulty will be enforcing them. The legal system in that part of the world isn't very enlightened or advanced, especially in respect of foreigners...
    Originally posted by ReadingTim
    Indeed, but if the contract says that he doesn't have much of a case anyway then he needn't start worrying about the economics of trying to enforce it. OP doesn't say whether they got any advice about whatever scheme/scam they've signed up to.
    • paddyrg
    • By paddyrg 16th Jun 17, 1:48 PM
    • 13,046 Posts
    • 11,115 Thanks
    paddyrg
    • #9
    • 16th Jun 17, 1:48 PM
    • #9
    • 16th Jun 17, 1:48 PM
    The offer may have been legit initially - there was a HUGE building boom in Dubai in particular around the time you were investing, but the bubble collapsed. Estimates are that around a third of the skyscrapers in the city even now are completely unoccupied without any facilities connected, even. Literally just shells. I remember seeing part-built tower blocks around Jebel Ali where the cranes just stopped one day and never moved since many years later.

    To be honest, if your contracts have any liabilities left in them (eg fees payable on completion), I'd get rid of those contracts to whoever will pay for them, you might find someone local or the developer if they're still trading - there's certainly no guarantee of occupancy once built with so much vacant property.
    • Lavendyr
    • By Lavendyr 16th Jun 17, 10:08 PM
    • 2,029 Posts
    • 1,838 Thanks
    Lavendyr
    You came on here to talk about this? Either you are a troll or a numpty (sorry). Seek legal advice ASAP.
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