Dubai begins stripping buyers of titles

[georgihh]

The Dubai Land Department has started to deregister properties, stripping buyers of their titles, The National has reported. Letters were sent on behalf of developers that have completed 80% or more of a project. Seized properties will be auctioned by the department, with the funds going to the developer unless the sales generate a surplus, which will be passed on to the original buyers.

 

[muqarabin]

Can you elaborate??? Why are thye sezing the projects? I am sure it is not just for the fun of it

 

[simonbrew]

Dubai repossessions

Reposessions are because some buyers have stopped making stage payments in line with contract. This is because properties are no longer worth contract price, and it's better to get out while you can. This logic applies if you have paid up to about 60% of purchase price.
If you've paid 80%, you are probably better to stick with the contract, even if you end up with property worth only 40% of what you have paid for it :-(

 

[eyeC]

impossible to pass anything to the original buyer and with property prices more than 50% down in most cases it is more feasible to search for finished property to buy instead of completing your payments

taking risk for a chance the developer may not finish or the quality of the finished project is way lower than specified