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Nightmare property deal in Dubai-help needed
trevor17
Posts: 2 Newbie
Hi,
My first time on this sight & trying to see if anyone out there can help or offer advice. I bought a property off plan in 2006 in International City Dubai, supposed to be complete in 2007 & to date still looks like a shell. Been out many times to try & get my money back as already paid half the purchase price, but no joy. Can anyone recommend a good solicitor or other alternative as don't know what else to do.
Have tried to sell but in current recession no buyers & without completion no interest at all.
Thanks
My first time on this sight & trying to see if anyone out there can help or offer advice. I bought a property off plan in 2006 in International City Dubai, supposed to be complete in 2007 & to date still looks like a shell. Been out many times to try & get my money back as already paid half the purchase price, but no joy. Can anyone recommend a good solicitor or other alternative as don't know what else to do.
Have tried to sell but in current recession no buyers & without completion no interest at all.
Thanks
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Comments
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I would suggest you need a good English speaking solicitor in Dubai as they will be familiar with local law, not a UK-based solicitor.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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The folks who post on the Bulgarian thread will buy it.0
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A bit more detail?
Did you buy direct from the builder? Did you buy through a UK-based or Dubai-based 'property sourcing company' or similar?
Have you got an existing solicitor or attorney familiar with property law in Dubai, or did you sign up without legal advice?
What does the contract (if any) say about what happens if either party defaults on the deal?0 -
Hi,bought direct from the builder in Dubai, foolishly bought without legal advice. There is a clause that says if there is a delay on their part they will pay a percentage after 180 days but this cannot be claimed until the deal is done & we have paid in full, keys handed over etc.
If we pull out we have to forfeit 30% of the full asking price.The delay is unacceptable & we have sought legal advice but need to be in Dubai to sort this & pay out up front, which at the moment is unaffordable.0 -
Sad to say I think you're probably well & truely forked! You took a punt on black and it came up red.
The reason the project isn't being finished is that no-one is buying so the builder hasn't got the money to finish it. Unless there were genuine bank guarantees to return deposits and stage payments in place the words "blood", "stone" and "out" spring to mind.
All the English speaking lawyers in China won't get money back that aint there to be got, but they will want their fees up front. In the longer term maybe the development will recommence ... who knows?0 -
don't want to upset you but have to agree with ian.
There are clearly "tricks" in the clauses. Say if you can find an English speaking lawyer there, it might take long to get a result (with or without money back).
the seller always have advantages coz you are not local0 -
Hi,bought direct from the builder in Dubai, foolishly bought without legal advice. There is a clause that says if there is a delay on their part they will pay a percentage after 180 days but this cannot be claimed until the deal is done & we have paid in full, keys handed over etc.
If we pull out we have to forfeit 30% of the full asking price.The delay is unacceptable & we have sought legal advice but need to be in Dubai to sort this & pay out up front, which at the moment is unaffordable.
If you can afford the other 50% then why can't you afford to pay for legal advice in Dubai? Also why didn't you get legal advice in the first place? Doesn't make any sense! Sorry to say it sounds a lot like you are going to have to walk away from the money and the property and chalk it up to experience.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Sad to say I think you're probably well & truely forked! You took a punt on black and it came up red.
The reason the project isn't being finished is that no-one is buying so the builder hasn't got the money to finish it. Unless there were genuine bank guarantees to return deposits and stage payments in place the words "blood", "stone" and "out" spring to mind.
All the English speaking lawyers in China won't get money back that aint there to be got, but they will want their fees up front. In the longer term maybe the development will recommence ... who knows?
Yes there was a program on Bloomberg yesterday that the Dubai 'real estate' market is pretty much in the toilet. I don't know what figures you are talking about as you have only mentioned percentages but it may be worth cutting your losses and getting your 20% back (if you can?!)0 -
Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
:rotfl::T:rotfl::TCloudCuckooLand wrote: »0
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