If you are encountering problems with an off-plan property purchase in the United Arab Emirates, then news of a recent landmark case being successfully concluded in the UAE may offer some hope.
Following a long, arduous and technically demanding legal challenge in the United Arab Emirate of Ras-al-Khaimah, Judicare through the use of our legal partner in the UAE have in recent weeks successfully returned in excess of £1.2M to a group of clients.
Litigation in the Arab Emirates can at times prove to be an intricate maze to navigate a path through and invariably clients often find themselves the subject of concerted efforts to frustrate them and the legal process; particularly when the defendant is a local property developer.
This certainly proved to be exactly the situation in relation to a project known as La Hoya Bay which was to be developed on the Al Marjan Island in Ras-al-Khaimah.
Over 700 investors in total had paid deposits to the developer Khoie Properties for the purchase of off-plan properties at the project.
Over many years from 2008 a catalogue of events eventually resulted in the project failing, leaving all 700 investors facing combined losses of almost $50M in deposits.
We had been contacted by hundreds of investors over many years however only a small number of investors eventually decided to formally take up their legal rights before the Arbitration courts in Ras-al-Khaimah and commence a legal challenge.
After a 6 year legal battle we were finally able to inform those clients who took up their legal rights of the good news in recent weeks and have now been able to fully reimburse their monies.
Sadly, the issues arising from this long legal battle are commonplace as investors all over the world continue to potentially and consistently place themselves – and their funds – at risk due to inadequate or at times no legal advice on their investments at the time of signing purchase contracts.
If you would like to discuss your case, have any concerns over your current situation or simply would like more information on our approach one of the team will be happy to take your call on a confidential basis at 01438 840258 or via email to firstname.lastname@example.org