ARTICLE
19 September 2018

Canceled Projects In The UAE

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STA Law Firm

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STA is a full practice law firm headquartered in Dubai with offices across UAE (Abu Dhabi, Dubai, Sharjah and Ras Al Khaimah) and overseas (Bahrain, Delhi, Doha, Luxembourg, Moscow, Portugal and Mumbai). We work alongside several groups of companies within the Oil and Gas, Maritime, Logistics, Real estate, Construction, Hospitality and Healthcare sectors in the region and internationally providing them with our signature bespoke and cogent legal advice. We successfully represent our clients at various courts and arbitration centers across the UAE. We are also approached by several investors internationally who wish to find suitable business partners in the region.
When buying property off-plan, it is more often than not a very profitable investment strategy, the ability to purchase the property at a lower price than you would for a completed apartment or villa is very appealing.
United Arab Emirates Real Estate and Construction

When buying property off-plan, it is more often than not a very profitable investment strategy, the ability to purchase the property at a lower price than you would for a completed apartment or villa is very appealing. However, this investment is not without its risks, and in Dubai, as precedent has shown there have been many times when projects have been canceled and the investors have borne the risks.

With attractively lowered prices, it is easy to fall victim to a canceled project. The Dubai Land Department, aware of the ever-growing list of canceled projects has established a specialized committee overseeing such projects, namely, the Cancelled Real Estate Projects Committee. The committee handles all regulatory aspects of property development, this committee specializes in the liquidation of these projects, which have been canceled by the Real Estate Regulatory Agency (RERA). The committee provides binding and final judgments on these projects which are incapable of being appealed through the regular appeal process and their decisions will be implemented by the Dubai Courts through execution.

STA provides bespoke legal advice and investor representation in canceled project matters. Click here to find out whether your canceled project falls within the ambit of the Cancelled Projects Committee

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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