26 January, 2015

New list of cancelled Dubai real estate projects... and refunds

The Dubai Courts has listed 166 real estate projects in its newly-issued project cancellation list. The Cancelled Real Estate Projects Committee is currently hearing 17 projects all of which were launched by Reliance Estate Development. Two projects by Khyool Investment – Abjar Tower and Faras 2 – have been liquidated and money has been distributed among investors. Read more ....

via Emirates 24/7

Not completely surprised at the so called new list of cancelled projects. I'm a lot more curious about the supposed refunds. I remember hundreds (if not thousands) of projects that were scrapped in Ajman half a decade ago and lots of people lost money. A few of them were people I knew. The same  could have been said for Dubai but it wasn't a complete washout like Ajman. I've personally never invested in freehold property here so have zero experience but do these refunds work now or is it just bad debts still?