Fifty six percent of people think property investors should go straight to court if developers halt or delay projects they have bought into, the latest Arabian Business poll has found.
Only 11.7 percent of respondents said investors should accept revised offers, especially in the current economic climate.
A further 27.4 percent said it would depend on factors like the value and location of a revised offer as to whether they would accept it in lieu of the original investment, the survey found.
Only 4.9 percent of people said they would hang on for the original development to come to fruition, no matter how long it was going to take.
The poll follows comments by lawyer Richard Bell, an associate with Clyde & Co, who told Arabian Business last week that Dubai investors were wise to accept revised property offers.
“My advice to them would be that if a developer is offering them revised payment terms or an alternative property in another development that’s in a more advanced stage of completion – take it.
More than 400 projects with a total value of over $300bn were placed on hold or cancelled in the UAE, according to a report on the construction sector by research company Proleads last year.
Arabian Business
