21 Hrs
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الخليج
Companies Ordered to Honor Villa Sale
The Dubai Court has ordered two companies to register a villa valued at 14.7 million dirhams in the name of the investor who paid the full price, despite the unit still being registered in the developers’ names. It also ordered the investor to be compensated with 6.37 million dirhams for overdue investment returns that were not paid, with a legal interest rate of 5% on the owed amount until full payment. An amendment was made in 2021 ensuring the buyer an annual investment return of 10% for ten years. However, the two companies refused to register the unit or to return the returns, prompting the investor to file a lawsuit to recover his rights. The court confirms that the overdue returns for the period from 2022 to 2025 amount to 5.88 million dirhams, plus 490,000 dirhams for the first four months of 2026.
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