We are all investors in Dubai Property Market.
Many of us wanted a holiday home in Dubai for our families and before that, we were part of the successful Tourism Industry that frequents Dubai every year. Some of us were planning to make Dubai our new home. We are not gamblers or speculators that invested beyond our means.
Our money was supposed to be protected by the escrow accounts. It is now 2012 with no end in sight...
The Developers have defaulted on mass scale since according to our contracts our projects were supposed to be completed between 2008 and 2010. Until today we have not received any request for an extension of our contracts and no explanation about why the projects have been stalled. Many of us were asked for more money and some of us were told that the construction was in progress when it was not. Many projects have stalled for years, but those Developers are still allowed to hold our money until "the market improves".
Despite numerous contacts with RERA our rights have not been upheld.
Furthermore, RERA is delaying the cancellation of non-vital projects. We feel
that this inaction has an additional negative impact on the Dubai economy and
more precisely on its real estate market.
It is our belief that if RERA applied the law equally to Developers and Investors, we would be allowed to choose to receive refund of our money as per our contracts and could then reinvest the money in viable projects. If the Developers have misused the money they should be penalised according to the law.
We, the undersigned hope for the best future of Dubai. As Investors in Dubai we ask:
1. The Government to stop the Developers demands for additional payments beyond those already contracted;
2. To provide every Investor with escrow/trust fund/invested money information in every project in Dubai so Investors can make informed decisions about their future involvement in the projects;
3. Create new escrow accounts for new payments,
4. Require the Developers to use the money already invested into the projects to complete them;
5.Mediate disputes between investors and Developers and come up with practical solutions -don't send everybody to courts.
6. Enforce the law equally to Developers and to Investors. Be real Regulatory Agency. Do not let us down. We build buildings, not the Developers.
Dear Sheikh Mohammed
I am writing to you because you are known as a good man and good Muslim. I have lost all my money because I truly believed in Dubai and also wanted to make money. Now I am Tax Driver in Moscow.
I have lost 10 mln USD. I invested in ACI, define properties, shon properties.
Down Town Jebal Ali
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