Overseas Property Focus
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| Added 26/06/09 | ||||
| Dubai off plan investors demand full refund over misleading promotion | ||||
Further details have been sketchy due to the Dubai government reportedly imposing a news blackout on the issue after some investors, many of whom are from the UK, spoke to the media about the situation. It has been alleged that the developers, Al Fajer Properties, used photographs of another construction site in advertisement and promotional material to convince potential buyers that development was already underway when in fact no work had actually taken place on the £400m Jumeirah Lakes Towers that they were actually selling. One property website says the development company is part of the Al Fajer Group, ran by company president Sheikh Maktoum bin Hasher Al Maktoum, who is the brother-in-law of the supreme ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum. The towers development has been named Ebony 1, Ivory 1 and Ivory 2. Hundreds of members of the Ebony Ivory Investors Group have drawn up a petition calling for Dubai's Real Estate Regulatory Authority (RERA) and the Dubai Ruler's Court to investigate the project, Al Fajer Properties and marketing agent Dynasty Zarooni Inc. They want the RERA to cancel the Ebony Ivory project and force Al Fajer Properties to provide a full refund. The Dubai property market has been hard hit by the worldwide recession. Development projects are now under threat and there are concerns that they could result in debts running into billions. • Fly to Let investors with properties in Prague will be able to point their customers to a new route from East Midlands Airport recently launched by low cost airline, bmibaby for winter 2009/2010. Its new flights to the Czech capital will commence on 4 December 2009 and will operate until the 26 March 2010. They will be available from East Midlands Airport on Monday, Friday and Sunday, with extra flights being added over the busy Christmas period. Prices start from just £24.99 one way including taxes and charges. Julian Carr, commercial director, bmibaby, said: “We are pleased to announce the start of a new route from East Midlands Airport to Prague. The new service will be launched in time for people to visit the beautiful Christmas markets that take place in the city during December. “In addition to the three flights week, we will be adding extra services for the two week period over Christmas and new year to allow people from the East Midlands to enjoy the traditional Christmas festivities in Prague. For those looking to do something different for New Years Eve, the Czech capital has a host of events taking place that are sure to be very popular!” “We are proud to add another route from the East Midlands, and now offer 16 destinations from the airport. We recently went on sale with our summer 2010 flight schedule, so customers can now book flights from their local airport up until 23 October 2010.” bmibaby has also launched phase one of its summer 2010 flying programme from East Midlands, Manchester, Birmingham International and Cardiff Airport. More destinations and additional frequencies will be released soon, but phase one includes: Birmingham Airport: Alicante, Faro, Malaga, Murcia and Palma |
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