Realty firm ordered to return Dhs12.4m to investor

The Court of Appeal obligated a real estate developer to return Dhs12.4 million to an Arab investor, who had signed an agreement to purchase a floating villa, and a 5 per cent interest from Nov.19, 2024 until full payment is made. This followed a legal dispute over the implementa- tion of the terms of the contract and subsequent amendments, as it was found that the developer had failed to fulfil its obligations regarding the timely delivery of the property.

- Mohammed Yaseen

The case dates back to a sales agreement concluded between the investor and the devel- oper on Aug.2, 2016, under which a floating villa was designated as one of the region's unique real estate projects.

The investor committed to making payments as per the schedule specified in the contract.

In 2019, the original agreement was amended to include new financial terms and a different payment schedule, which the investor accepted based on the developer's promises to deliver the villa on the new schedule with 8 per cent annual returns on investment.