Just a quick post for those who purchased property from the now non-existent company, Larionovo. This was a company based in Ennis, Co. Clare in south-west Ireland, with offices in Baggot Street in Dublin for a time. Larionovo was set up and run by brother-in-law combination Andrew Brett and Raymond ‘Ray’ Norton (pictured in Dubai).
Larionovo sold a lot of ‘investment’ property in Dubai over a three to four year period across the UK and Ireland around the period from 2004 to 2007. The company shut its doors in November 2008 in the midst of a huge economic downturn in Ireland in particular, but also across a number of markets in which Larionovo was active.
Larionovo was renowned for garnering widespread coverage across a range of media, it advertised heavily on radio and TV, but was most known for huge headlines garnered in the Sunday Independent property section. Most were written by then Sunday Independent property editor, John O’Keeffe, and many were quite tongue in cheek. You’ll find a sample here.
Larinovo sold considerable amounts of property in Dubai Sports City, it had a strong relationship with then CEO of DSC, Uma Balasubramaniam (known as Bala). The developments on which it concentrated were Profile Residence, Eagle Heights, Bermuda Views, Stadium Point and the ill fated, The World, Dubai, project.
Many of those who purchased from Larionovo in Dubai were what would be generally considered ‘speculative investors’, looking to ‘flip’ properties before completion. The rapid decline in the fortunes of the Dubai market (see a history of Dubai property prices here) meant that many of these owners have been forced to complete on properties of which they never really intended to take ownership. Unfortunately, many investors were not informed of the potential pitfalls of such investment in a market as unproven as Dubai was at the time. Consequently there are quite a few UK and Irish based investors with properties in Dubai that they don’t actually want.
If you are one of those owners and wish to sell your Dubai property then please do get in touch on info@SellDubai.co.uk and we’ll be happy to assist in any way we can.