The Dubai Property Court is emerging as a champion of the small investor following its inaugural ruling last week, lawyers say.
On Monday, the Property Court ruled that Mizin, a development arm of the government-owned investment company Tatweer, had to pay back Dh7.4 million (US$2m) and 9 per cent interest to an investor because Mizin did not register the transaction with the Dubai Land Department within 60 days under a new law.
The ruling has triggered discussion among investors and lawyers who believe the court is planning to take a literal interpretation of laws relating to the property sector, which could mean many investors getting their money back.
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