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Tameer repossess 400 units in Dubai projects

Federico Tauber, president of Dubai-based developer Tameer has said 400 units have been repossessed to-date and that no more defaults are expected ahead of handover of its two projects next year, Emirates 24-7 has reported. "During the last two years we put in place a strategy to deal with each investor particular situation, which has resulted in a considerable reduction in the rate of defaults already. We don't expect defaults at handover of our Princess Tower and Elite Residence in Dubai Marina, since the customers that are reaching that point have already paid a significant percentage of the purchase price," Tauber said.