Can ridiculous construction delays provide exit clause?

[Analyzer]

Off plan unit with large developer purchased in early 2007 has only just started construction.

For obvious reason I wish to exit and recoup my 25% paid, is there a known law that allows me to enforce this? Original suggested a 12 month delay in construction, not 24+.

All ideas are much appreciated. :hmmmm2:

 

[vonvonvon]

Hi Analyser,

I hate to see such a question with no replies!

I think everyone is so disillusioned with many of the projects in Dubai (mine is Bermuda Views Sports City) that they are tired of it.

I dont know much but it seems that the contracts cover all kinds of delays by the developer and we cannot get out without spending good money after bad. The only hope we have is if they go ahead with the projects. This would be the best outcome for us.

Is this too simplistic?

 

[Analyzer]

So Dubai protects itself at the expense of future prosperity

Appreciate the reply.

Been monitoring the situation since October 2008, the unit in question (ETA Star - Jumeriah Village) has just begun construction although purchased 2 years ago.

The pictures sent across shows no plant machinery on site, heard developers use this as a strategy to lock in already paid funds.

So with virtually non or extortionate finance available, real-estate prices collapsed and developers determined to hold onto payments to date, although their delays and their banks dragged us into this mess - is this exstinction for the Dubai property investor?

So the Dubai cartels manipulate the real-estate market to protect their profits at the expense of their custom base. Let’s hope this short term gain is insufficient to future proof their finances when global investors return.

Because Dubai will not be on my short list, as I doubt many others!