S
sasherwani2
New Member
Its amazing how things have turned around in Dubai. Property crises has not only shown the overpriced projects their true value but has also exposed the amounts of corruption within Dubai. The world economic crises has affected the entire world and in most of the countries the govt and the authorities are willing to cooperate with the consumer and the investor to minimize their losses (lowering basis pts on lending rates, bailouts, tax reliefs etc). Here however the laws keep changing to favor the developers and the authorities. One moment a law is protecting your investments (Law 13) and then an "ammendment" changes the entire senario to favor the developer. You see hope when a law is passed stating the investor is not obliged to pay the developer anything more than 20% unless construction has started and the next moment the percentage changes to 30%. A law is passed stating only one family in a villa shall be allowed and the law is scrapped weeks later for reasons not known to mankind.
However, one thing that I have noticed is the amount of help the Dubai investors have provided each other during this crises. A big thanks to all those who have helped each other by uniting against the greedy developers, by providing the victims with contact details of good lawyers, by providing each other with feasible solutions to tackle this meltdown, by exposing the developers so no new investor gets trapped in their scams. I could list a million reasons why I feel grateful to many of the Dubai investors who have provided support to the fellow investors in this crises. I dont see any such support from the authorities or develpors. Not one bit.
However, one thing that I have noticed is the amount of help the Dubai investors have provided each other during this crises. A big thanks to all those who have helped each other by uniting against the greedy developers, by providing the victims with contact details of good lawyers, by providing each other with feasible solutions to tackle this meltdown, by exposing the developers so no new investor gets trapped in their scams. I could list a million reasons why I feel grateful to many of the Dubai investors who have provided support to the fellow investors in this crises. I dont see any such support from the authorities or develpors. Not one bit.
