Buyer to pay Dhs250,000 as Dubai property sale voided

Dubai Real Estate Court has rescinded a sale contract for a real estate unit for re-registration of the same in the name of the selling company.

- Mohammed Yaseen, Staff Reporter

The court found that the buyer had breached his contractual obligations and failed to pay the instalments due under the sale agreement concluded between the two parties.

The buyer was also obligated to pay a compensation of Dhs250,000 to the company for failing to pay the unit price and causing the company to be denied access to the unit throughout the delay period, resulting in lost profits.

Earlier, the company concluded a sale agreement for a fully constructed real estate unit with the buyer in 2019 for a total price of Dhs2.386 million, provided that a IO per cent down payment was to be paid and the remaining amount to be paid in 21 instalments with specific dates.