Eighteen months after Dubai’s property bubble burst, investors who came late to the party are fighting to win compensation for the millions of dollars they ploughed into dream homes which they hoped would generate untold riches.
Hundreds of cases are snaking their way through the complicated and expensive legal system as investors seek compensation for unbuilt properties. For its part, the government is implementing laws to deal with the sums invested in buildings which have been started but not finished.
For some investors, a solution of sorts is at hand. The authorities are moving towards restructuring about $25bn of debts held by Dubai World, a troubled government-owned conglomerate. The plan, if agreed, will clarify the future for thousands of customers of Nakheel, a Dubai World subsidiary.
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