Developer ordered to return Dhs12.4 million to investor

DUBAI: The Dubai Appellate Court obligated a real estate developer to return Dhsl2.4 million to an Arab investor, in addition to a 5 per cent interest from Nov.19, 2024, until full payment.

- Mohammed Yaseen, Staff Reporter

The investor alleged that he signed an agreement to buy a floating villa, but the developer failed to fulfil his obligations regarding the timely delivery of the property.

The investor revealed to Al Khaleej newspaper that he fell victim to a misleading real estate advertisement on social media platforms, adding that the ad promoted a project that attracted him after seeing an intensive advertising campaign in Dubai suggested it was part of a major project in Dubai.

The developer allegedly offered attractive deals and promised high returns, but the investor later discovered that the developer did not fulfil his commitments and that the project had no actual connection to the famous project being promoted. The investor explained that despite the court ruling in his favour to return his funds, he was unable to recover them due to the closure of bank accounts belonging to the developer's companies and the declaration of their bankruptcy.