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
Hamid Amir2 months ago Comments: me and my brother invested in Rufi Twin Tower in 2007 and it was a massive mistake to trust the state of Emirate and its law.
ike makansi2 months ago Comments: In 2006 we bought two appartements in Rufi Twintowers in Sportcity. We paid almost the whole purchase price till now. 9 years later the project is cancelled. What can we do to get our money back? We are desperate all our money for retirement is gone. We have waited and hoped for years. We hope there will be a solution
Jesse Kanga2 months ago Comments: I invested in a flat in RUFI TWIN TOWERS, Dubai Sports City, which was to be the flagship project for RUFI Properties in the UAE. The Project has been stalled since 2010 and there has been no action taken fro RERA to ensure investors like myself get their money back. I request RERA being a part of this great City of Dubai and being the authority to handle such cases to take the necessary action to ensure investor protection and not only protection of the developers. I have already paid 80% of the total amount from my flat and still await any news of the completion of the project or the refund of my monies that are currently held in an Escrow account which is apparently controlled by RERA. I need help to make sure all my life savings are not taken away by people powerful enough to play with the law in this great City. I believe in the Vision of his Highness Sheikh Mohammed and i believe if these cases are brought to his attention, justice will be served to investors such as myself.
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