Property investors get refund deal on stalled dubai project

Property investors in Dubai have managed to negotiate a deal for payments on a stalled project to be refunded without resorting to court action.

Investors in Dubai’s Palm Springs project said that property developer Damac has started refunds on payments made for their uncompleted properties.

Buyers on the Palm Jebel Ali project, who have waited eight years for construction to begin, were previously offered a 70% refund of their deposits, or 25% immediately followed by a further 25% annually for the next three years.

Of the 48 investors involved, 21 have received payment, and a further 27 are expected to receive their cheques in the next two weeks.

Source: PropertyWire.com