La Hoya Bay, the sprawling development on a man-made island off Ras al Khaimah, was a hot property in 2007.
"There was less and less available and prices were going up and up," says one investor, who asked not to be named. "So I jumped on the bandwagon."
More than 700 buyers, most from the UK, eventually put down more than Dh200 million (US$54.4m) in deposits in the Dh2.5 billion project, which was supposed to represent the next stage in development for the northern emirate.
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