Dubai Palm Jumeriah - Investors plan to take legal action

Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve
the developer behind the project with a legal ultimatum to hand over
their units or issue them with a refund.

Up to ten investors in the luxury complex plan to issue Souq
Residences with legal notice in a bid to force a resolution to a dispute
that has been ongoing for more than a year.

 “Most of us purchased these properties back in 2004, we paid for them
in full back in August 2009,” investor Martin Lawrence told Arabian
Business.

source Arabian Business continue reading.....

Dubai Rera said Real Estate cancellation rise to 500 in 2011

source Arabian Business 

The number of real estate developments in Dubai facing cancellation this
year has risen from 300 to 500, the emirate’s property watchdog Rera Dubai said.

Marwan bin Ghalaita from RERA Dubai told Arabian Business:

“We have finished the technical review, site visits have already been
done, so we know what stage the projects are at and the strength of the
contractor. Now we’re waiting for the financial audit to finish and we will release the names [of the cancelled Dubai Property projects] very soon.”
continue reading......

Journalist and Press blamed by Dubai Rera chief

Ironically, Ghalita’s comments come amidst reports
source Kippreport - Its all our Fault- by Eva Fermandes
It seems everyone’s favourite scapegoat has yet another cross to bear. A recent statement from a RERA official has blamed irresponsible reporting by the media for the “damage” suffered by Dubai’s real estate industry.
Speaking at a conference, RERA (Real Estate Regulatory Agency) official Marwan bin Ghalita said, “The real estate
sector in Dubai has been hurt by the journalists and media publishing  incorrect data on the market.
The media is blamed for rising real estate prices… as correct data has never been published… They did not
check the accuracy… did not get the correct information which is one of the prime foundations for making any decision. Journalists did not approach official sources to get the right picture.”

I find it interesting that, in light of court cases like this, some still see fit to blame the media for the mess that is the Dubai property sector. Perhaps the unrealistically ambitious and greedy property developers could take a smidgen of the blame as well?

I remember the days when huge construction projects were being announced on a monthly basis. In fact at the peak of the real estate boom, Emirates 24/7reports
Dubai had over 850 registered developers; a figure that has slipped down to a more sober 500 over the past couple of (humbling) years. In addition to the overabundance of developers, we clearly had too many
projects. Emirates 24-7 observes that the Government of Dubai’s bond prospectus, filed at the London Stock Exchange, suggests that a total of 495 registered property projects have now either been cancelled, are
in the process of being cancelled, or have work which has been otherwise stopped.

Don’t get me wrong, I don’t think the media can claim to be completely innocent (we were too eager to believe in the Dubai dream, and too timid to question the crazy growth), so we aren’t that
surprised with RERA’s convictions. But after the judicial, legislativeand executive branches, the media has been accused of being the fourth branch of the government (thanks to its softly-softly approach to the
Dubai economy and government). If anyone believed that, the ease with which we now shoulder the blame should make them re-think.

The media constantly comes under fire for pretty much everything: the Iraq War, the onset of teenage depression, the status of woman’s body image, to name just a few. The slow speed at which paint dries is
probably our fault somewhere along the line as well. Often these accusations are welcome, as they are maliciously motivated and imply weare (to some degree) fulfilling our role of watchdog. But for RERA,
there are surely more productive ways it can invest its time.