Delays hit Dubai sector
United Arab Emirates: Sunday, January 21 - 2007 at 08:48
Major delays to the completion dates of Dubai's real estate developments are undermining confidence in the sector, reported Gulf News. Investors are facing delays of more than six months in many instances and currently have no recourse to compensation. Some experts have suggested an imposition of a fixed fine of up to 1.5% of the value of a property for every month's delay beyond an agreed date.
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Jonathan Sheikh-Miller, Deputy EditorSunday, January 21 - 2007 at 08:48 UAE local time (GMT+4)
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This Article was updated on Monday, January 29 - 2007
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