Could this be the news we are all waiting for - let's hope Ajman follows suit!!

[SusieQ]

Article from Gulf News

Keep everything crossed that Ajman will HAVE to foillow suit. I was a bit miffed that they would only refund 70% when it was 'out of their control', but that said 70% is better than writing off the whole amount!!

gulfnews : New law offers hope to investors of stalled projects

 

[Ramond]

All,

This is just for information. Having lived and worked in UAE for many years the best place to buy in probably Abu Dhabi. The other areas such as Ajman, Sharjah etc do not have much atmosphere if you were planning to spend much time there. However they probably would be good locations for renting to the many workers who live in these areas but work in Dubai.
Ramond

 

[georgihh]

Article from Gulf News

Keep everything crossed that Ajman will HAVE to foillow suit. I was a bit miffed that they would only refund 70% when it was 'out of their control', but that said 70% is better than writing off the whole amount!!

gulfnews : New law offers hope to investors of stalled projects

Yes they will give you something to shut up and you will take it as you have no other option.
They would like to finish with the back lock ASAP and start again – but this time who will believe them.
Let’s see how goes, but – something is better than nothing.
If they manage to start again, as early as next year it is very good news.

 

[anwar khan]

if ajman follows that refund policy that will be great .

 

[Taaha]

I am glad to know all this and I think that this will help to a bit extent for real estate investors to retain confidence in UAE real estate business.
At least something is better than nothing.

 

[PKI]

Hi all,

This certainly looks like good news. I have been trying to get a solicitor to take my case on a no win-no fee basis (I have no money left - damn economy) but with no luck. Development is stalled (as far as I can tell - no contact) so does anyone know how one would go about getting money back through this new law? Would I still need to get a solicitor? Or will the developer (Damac) just ignore it and keep all my investment?

Thanks
Pki

 

[Vicks]

Hi all,

Any news on the procedures to take to obtain refund?

I have been on the website for Dubai Land Department but its not very straight forward.

Any Advice?

 

[PKI]

Hi Vicks,

I have no info to add, but I thought I would reply to as I asked the same question and didn't hear anything.

I have also contacted a number of solicitors to try and get a refund but all want upfront payment of nearly 60000AED which I cannot afford - despite the ads, no one seems to be doing no win no fee cases.

I also tried to contact the guy that wrote the article above in Gulf News, but have heard nothing from their either (though, to be fair, that was only a few days ago).

So, while I cannot give you info on this new, potentially lifesaving law, I have at least let you know the other failed routes!!

If you are able to work out how to do this I would appreciate you letting me know.

Thanks,
PKI

 

[Vicks]

Hi,

Ii will continue to research this and will let you know of my findings. As always, with the UAE, it will be a slow process digging for more info.

But i will keep you posted.

Its certainly good news but the lack of information on this law is a cause for concern especially when noone knows of any procedures or steps to take to recover their funds.

They love passing laws but hate providing information on how to action those laws.

 

[PKI]

From the Dubai Land department....

In order to refund your payments.... you have to file a case in the property court. You can call their call centre (043347777) and they will guide you more.
Thank you for writing to the Government of Dubai Land Department.

It is not clear whether one needs to hire a solicitor for this. I would have thought that it was clear cut. If your development is delayed (mine by approx 1.5 years - so far) you are entitled to a refund, but if one needs to go through the property court it may take longer and be very complex

 

[Vicks]

PKI,

Exactly what my solicitors told me.

My development should be ready by end of this year but it hasn't started being built yet.

Did you call the number? I will call them as well first thing in the morning. What i have noticed is that the developers ignore solicitors letters as well as mine. So they don't feel pressured into sorting something out. Its a law unto themselves.

With the above i am going to try it myself and see how far i can go without a solicitor. They are a govt dept and on the investor's side with the new law that has been passed, iit should be more favorable?

 

[PKI]

Hi Vicks,

Did you have any luck ringing the property courts? I agree with you that they should be on our side, but who knows what red tape there will be there.

I would be great if an individual was able to this as it would mean no solicitors fees. I have had my case reviewed by one solicitor who said I had a very strong case (in general, never mind under this law) but of course he wanted his fees up front which I cannot afford.

Looking forward to an update!
PKI

 

[Vicks]

Still progressing, i called the number but they said to call back at a certain time, which was very peculiar, but i couldnt call back so will try again later this week.

Also , i wrote to Abu Dhabi Government Contact Centre , below is the reply. It seems that the Govnt doesnt have a dept to assist in these matters or turnung a blind eye or washing it hands off it. I was not happy with the reply and requested a response as to what the government is there for?! ;-)

Dear Sir/Madam,
Thank you for writing to ADEG Customer Support.
The Government of Abu Dhabi contact center is your telephone gateway that will allow citizens and residents of Abu Dhabi to:

1. Inquire about information on government services
2. Review or follow-up government transactions
3. Submit suggestions or complaints

Unfortunately your request is not associated with ADEGCallCenter scope as Al Reem Project is a private projects and not governmental one; hence it falls out of our service, and we are sorry to inform you that we will not be able to assist you in your request.
However, you may consult a lawyer if any action to be taken against the developer with POLICE or COURT ,


Please don?t hesitate to contact us on our toll free number 800 555 (24 hours / 7 days a week) or email us at [email protected]


With Best Regards
Abu Dhabi Government Contact Centre
(Int?l) +971 2 666 4442 | F +971 2 671 5550

 

[PKI]

Hi Vicks,

I have been away so was not able to contact the property courts. Did you have any luck?

Thanks,
PKI

 

[Vicks]

PKI, still progressing. I had to take a couple of weeks of to de-stress, which has done some good so now ready to take it full on.

Watch this space.

 

[PKI]

Hi Vicks,

Any luck at your end? I did not get any where and so have started ringing solicitors again. My development was meant to be finished last January and as far as I am aware they are only finishing the ground work. But I live in fear of another demand for money because I cannot afford it. I would rather not kiss goodbye to the money already invested but I cannot pay any more as that would put my family home at risk.

If you have any updates on the process please let me know and if I find a solicitor who will do a no win no fee case, I will post it here.

Good luck!

 

[Vicks]

Hi PKI,

Not getting anywhere at the moment.

Abu Dhabi is it like the wild west. No Law, and the government doesn't seem to want to help or get involved to help investors!

No law for the investors.

If the developer has missed their completion date, its not your fault, it their's, so shouldnt you be entitled to a refund.

the rason i asked is that my developers should have completed at the end of this year and they haven't started ! So do we have a case?

 

[Vicks]

PKI,

It seems NOONE wants to help and the solicitors cant do much!

SO i have raised a case with INTERPOL.

 

[SusieQ]

It does feel like no one wants to help. This has affected people from across the globe.

We have written to just about everybody we can think of including the Foreign and Commonwealth ofice in both countries who are competely disinterested.

We even went to see our local MP who was something to do with the Foreign office - still no luck.

No newspaper/journalist/tv programme seems interested either, yet when one or two people lose their homes in Spain or the appartment they bought in Bulgaria hasn't been finished and it becomes a major news story - Holiday Homes from Hell.

There must be thousands of us across the world in the same situation. I just don't get why people won't hear us!! What's going on?

 

[dubbers]

Hi PKI,

Not getting anywhere at the moment.

Abu Dhabi is it like the wild west. No Law, and the government doesn't seem to want to help or get involved to help investors!

No law for the investors.

If the developer has missed their completion date, its not your fault, it their's, so shouldnt you be entitled to a refund.

the rason i asked is that my developers should have completed at the end of this year and they haven't started ! So do we have a case?

for sure, totally empathise. in 2008, i bought an apartment in a development that was meant to be completed by 2011. nothing - and i mean absolutely nothing - has happened on the site. it's a disgrace.