Wednesday 11 May 2011

Property investors still waiting for settlements two years after crash - The National

Real estate investors whose properties remain unfinished are frustrated at what they call a lack of recourse more than two years after Dubai's formerly fast-growing market tumbled.

Processing a court case can take several years and tens of thousands of dirhams, while turning to regulators has often proved inconclusive, according to property purchasers and lawyers.

A minority of investors can seek resolution through the Dubai International Financial Centre (DIFC) courts or through arbitration, but only if they qualify.

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