PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

DUBAI INVESTMENT MESS help

dream888
dream888 Posts: 2 Newbie
in House buying, renting & selling
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

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 16,618 Forumite
    First Anniversary First Post Name Dropper Photogenic
    To be honest it sounds like a scam, and chances are your money has gone. Who was this"investment" with?
  • eddddy
    eddddy Posts: 16,436 Forumite
    First Anniversary First Post Name Dropper
    edited 16 June 2017 at 12:09PM
    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.)
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
    Name Dropper First Anniversary First Post
    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
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    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
    ReadingTim Posts: 3,970 Forumite
    Name Dropper First Anniversary First Post
    davidmcn wrote: »
    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!

    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
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    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
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    ReadingTim wrote: »
    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...
    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
    paddyrg Posts: 13,543 Forumite
    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
    Lavendyr Posts: 2,584 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    You came on here to talk about this? Either you are a troll or a numpty (sorry). Seek legal advice ASAP.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards