Send to a friend

News

Hundreds of Foreign Investors Relieved as Dubai Property Development Gets Second Chance - 11 June 2010

This week an Indian company is meeting with a group of Irish investors to make good on stalled property schemes in Dubai.

The hundreds of Irish investors who put money in the Dubai Sports City Development through Dublin-based agency Larionovo were furious last year when the project went into liquidation. This left some investors €400,000 in the hole, while others had to refinance their homes, as the three developments—Bermuda Views, Eagle Heights and Profile Residence—had barely broken ground.

Indian firm Smart Investments is hoping to turn things around. Over the next few days, meetings will commence at a hotel in Dublin to discuss how Smart Investments plans to finish construction of the three developments and seek further investment funds.

Smart Investments’ Probir Chatterjee, who secured a deal to buy the Dubai Sports City Development, will address the hundreds of investors, most of whom formed the Dubai Action Group last year to recoup their money from Larionovo’s parent company, the Profile Group. Chatterjee was the former financial controller of Profile.

Though the Irish were once among the biggest buyers of overseas property in the world, the recession has not been good to them. Many invested in schemes such as the one in Dubai when the economy was booming, and are now dealing with developments that were never financially able to get off the ground, or are coping with losses in recession-hit property values.

For those who invested in the Dubai Sports City Development things are a little brighter. Smart Investmenst plans to complete construction in the next two years.

Post this article to:

del.icio.us Digg Newsvine Reddit MyYahoo! Facebook

 


Browse our articles written by leading industry experts:

Overseas Property Buying Guides

UK Property Guides

Gardens and Interiors

Cosmetic Surgery Fact Sheets

Looking Good Guides

Money

Business

Community

Travel