Dubai Property Scam
There does tend to be a feeling in some quarters of the UK that the Dubai property market is, in fact, the Dubai property scam. In reality this outlook is a bit harsh. It is hard to deny, however, that there have been more property related troubles in Dubai than in most jurisdictions. This isn’t all down to the Dubai government, but at times they haven’t covered themselves in glory. To say the system in Dubai is pretty opaque is quite an understatement.
We do have to take into consideration that the Dubai property market is very young. It has only been open to foreigners since 2002. So you would expect that there would be some teething problems. The worldwide financial collapse of 2008 hasn’t helped matters either.
On the other hand, it is hard to deny that a range of estate agents around the world were happy to peddle promises of returns that quite patently could never be met. This in itself doesn’t amount to a scam. The fact that many of the properties planned for construction in Dubai will never materialise, however, could well be considered the great Dubai Property Scam.
If you contact us at info@SellDubai.co.uk we can tell you whether your development and property is being built or is ever likely to be built. If it is being built or there is a liklihood that it will be built then we can, in all probability, find somebody willing to buy it from you.
It is not all doom and gloom in the Emirate though. Thanks to great work by the likes of the Dubai Action Group a number of properties that may otherwise not have materialised are in the process of being built. They are primarily concerned with the developments of Bermuda Views, Eagle Heights, Profile Residence and Stadium Point.
There have also been legal successes. KBH Kaanuun took a successful action against Damac Properties on behalf of an Irish couple. The couple claimed the group was responsible for delays to their property at Park Towers. It should be noted that the case was taken in the Dubai International Financial Centre (DIFC) free zone, which is regulated by a different set of laws than the rest of the emirate. It does, however, give hope to those who have been caught up in what they perceive to be the great Dubai Property Scam.
If you are in the position of owning a property in Dubai or have put a deposit on one, here at SellDubai.co.uk we have a large Dubai database of end users, landlords, investors and institutional property buyers looking to make an offer on your property. You can list your property with a local agent but it could be on the market for many months, if not years. If you wish to sell your property quickly then SellDubai.co.uk may be able to offer you alternative options.