A real estate developer was ordered by the Dubai Appellate Court to reimburse an Arab investor Dhs12.4 million, plus a 5% interest rate starting on November 19, 2024, until the whole amount was paid. The developer reportedly breached its commitment to deliver the house on schedule, despite the investor having signed an agreement to purchase a floating villa.
The investor told the Al Khaleej newspaper that a false real estate advertisement on social media duped him. He also mentioned that the ad advertised a project that caught his attention after he saw a heavy advertising effort that implied it was a part of a large-scale project in Dubai.
According to reports, the developer made alluring offers and guaranteed large profits, but the investor later learnt that the developer had broken his word and that the project had nothing to do with the well-known project that was being advertised.
The investor clarified that even though the court had decided to return his money, he was unable to do so since the developer’s companies’ bank accounts had been closed and they had declared bankruptcy. The investor disclosed that the same scheme duped numerous other investors and are planning to file more lawsuits.
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