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 Real Estate Collapse Spells Havoc in Dubai

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Real Estate Collapse Spells Havoc in Dubai Vide
PostSubject: Real Estate Collapse Spells Havoc in Dubai   Real Estate Collapse Spells Havoc in Dubai Icon_minitimeThu Oct 07, 2010 8:37 pm
“It’s really a disaster, the situation in Dubai,” said Silvia Turrin, a real estate agent who bought into the property, 29 Boulevard, and has been unable to get her money out. “It’s not like in Western countries. It’s very difficult to exit here if there’s a problem. And we’ll never get our money back, but now we’re stuck dealing with this hole.”

Dubai lured people to a gold rush in properties at the height of its real estate boom — including business and political leaders from Afghanistan who invested the deposits from Kabul Bank, one of the country’s largest. The near-collapse of the bank in September was largely a result.

At the time, few asked if there was a legal framework for resolving potential disputes. Now, with the glitter gone, interviews with investors, legal specialists and real estate analysts here show that many who bought in are finding it hard to get out.

Despite the construction delay, Emaar is still holding the down payments of as much as 80 percent that were required to secure an apartment, Ms. Turrin and other property holders said. And Dubai’s opaque property laws have made it virtually impossible for those who bought in to walk away, even as interest accumulates on their construction loans.

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