Delayed Projects Abu Dhabi

[investorppty]

I got caught into the UAE propert ymarket whereby I bought at pre-launch and my agent gave me all kinds of profitability figures when we sell at Launch. Unfortunately it is now 9months since I paid and to date the launch has not taken place. The developer is Hydra and they have given no indication as to when they will launch project.

Where do I stand? Am i able to secure refund plus Interest for loss os use of funds and opportunity cost?.

Furthermore I have no signed document with my agent on this investment.

Plse advise way forward for me AND WHERE DO I STAND.

 

[Ajmanprop]

I think there are lots of people that would be thrilled just to get out at their original investment levels - oppty cost etc. aside. Others would be happy getting the unit, they purchased, in a reasonable period of time - without any surprise increases in price etc. Neither side seems likely to be satisfied anytime soon.

Search using Google - enough material there to indicate the problems buyers are facing.

For instance - Arabian Business:
Mixed response from investors to Hydra meet - Real Estate - ArabianBusiness.com

By the way, Arabian Business also held a Q&A with the Hydra developer.

In addition, take a look at skyscrapercity.com - there is a forum there of other investors. Hydra Investors Group has been set up - ([email protected]) - not sure if it is current - but go through the threads on Skyscraper, or even on this forum.

Also on Facebook - under Hydra Investors - with 190 members. Good luck. I have not bought anything via Hydra.