A property developer has been ordered by the Dubai Real Estate Court to return Dh7.4 million (US$1.38m) on the sale of several apartments.
Developer must repay Dh7.4m
DUBAI // A property developer has been ordered by the Dubai Real Estate Court to return Dh7.4 million (US$1.38m) on the sale of several apartments to a buyer after failing to register the sale with the Dubai Land Department's property register. The court ruled the sale null and void yesterday and ordered the developer to pay nine per cent interest to the buyer on the money from the date of the sale last April. The developer must also pay the full court costs.
According to a statement issued by the Dubai Courts Department, the ruling is the first of its kind to cancel a property sale since the court was established last August. In his summary, the presiding judge, Omar Miran, said the law stipulates that any transfer of ownership or other property transaction not registered in either the land department's property register or its preliminary property register is null and void.
The law gives developers a 60-day grace period to register all property sales concluded before that date. Failure to do so also renders the sale null and void. The sale in this case was concluded on April 8. The buyer filed his case on Jan 21 this year, asking the court to order the developer to refund the money he had paid for the apartments plus 12 per cent interest. email@example.com