New Real Estate Fraud Surfaces In Gulf

A new real estate fraud case has surface and the number of victims is believed to be 1,000 from various Gulf countries who are said to have paid a whopping sum of $180 million to buy property in European and Arab countries, reports Al-Anba daily.

The victims said they bought residential units, apartments and villas from a Dubai-based company and the ‘goods’ were supposed to be delivered in 2016 and 2017.

Now it has been reported the owners of the projects were not able to complete the homes in time. To add insult to injury a housing project in Marrakech, Morocco has yet to see the light of day.

According to reports most of the victims had borrowed money to invest in the project to own residential units in various projects in Turkey, Morocco, Georgia and Bosnia while others have obtained mortgage financing from banks and financial institutions.

One of the problems faced by the victims is that they have bought residential units on the ground floor in one Turkish city while Turkish laws forbid housing on the ground floor because of snow during winter which is 1.5 meters deep.

The victims said they have sought help from the UAE government, mainly the Dubai Municipality to restore their rights from the company, which unlawfully robbed them of their money, but to no avail, while the company continues to market its properties within the UAE without any problems and its owners are still working freely and confidently, according to the victims.

 

SOURCE : ARABTIMES

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