British Government To Possibly Help Out With Dubai Property Disputes

With the Dubai freehold property market witnessing hard times, some investors are becoming increasingly frustrated with their dealings with Dubai developers. The explosion in new Dubai property a few years back saw a large number of developers jump on the Dubai property bandwagon, as Dubai real estate become a global phenomenon. With so much going on at the time, there was little in the way of regulation to ensure only developers with the necessary means to see property projects all the way through, were allowed to market projects. When all was well with Dubai properties, this went largely unnoticed, as property developments pretty much sold themselves, such was the large demand for Dubai freehold real estate. However the Dubai property market crash brought and end to this, and with credit all but drying up, many developers have found themselves unable to developer on their promised projects to investors. The Dubai government, in the form of the Real Estate Regulatory Agency (RERA) has already gone some way to rectifying this situation, with the implementation of new laws and regulations to crack down on bad developers , but for some it has come as too little too late.

And now a number of British based investors are calling on the UK Government to get involved, in what they say has been a clear mismanagement of their investments by Dubai developers. A number of investors have grouped together and sent a petition to British Prime Minister Gordon Brown, in which they ask him to intervene in what they see as harmful real estate dealings in the Emirate. It is estimated to be around AED 4.7 billion of British money currently invested in Dubai real estate, making up some 12% of the foreign real estate investors active in the Emirate. British investors rank 3rd, behind Saudi and Indian investors, so the call for the British government to get involved could potentially effect the market in a large way. Whilst from a legal perspective it appears that there is little a foreign government could do in such a dispute, one thing is for sure, and this latest news will only further harm Dubai real estates already damaged reputation, something is could really do without at the present time.
 

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