Tuesday, December 08, 2009

Big unfinished building projects; Is the little guy finished?

And not only that -- you're dealing with a government-owned company.

The National
Mr Nassour’s home should have been completed at the end of this year but construction has not even started, nor is it likely to any time soon. He paid more than Dh350,000 in 2006 towards two properties at the long-delayed project, and now he is worried he may never see any return on his investment.

“They just cancelled my contract and I won’t get my money back,” he says.
Mr Nassour has turned to the Land Department for clarification and to find out what his rights are, but the experience has left a bitter aftertaste.

“That’s enough,” he says. “They need to make the issues they have clear to the investors. I can’t invest without having a clear view of what’s happening.”
But he did invest without a clear view. He's not alone as the article on small investors threatening court action makes clear.


Anonymous Mark said...

Unfortunately, there's going to be lots more of this to come, as an unregulated property market spits out cowboy developers and buyers deal with the fallout. I was involved in the property sector here between 2007 - 2009, and we worked with property valuers from NZ and Australia. They were setting up a joint venture to conduct valuations in the UAE and they were absolutely gobsmacked at the lack of regulation in the market. It literally frightened them to see the environment that they were operating in. I guess this guy's story illustrates why.

1:29 AM  

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