1000 Irish investors in Dubai saved by Indians

Up to a thousand Irish off-plan property investors in Dubai are to be offered a new completion deal by an Indian company next week. The Indian firm, Smart Investments has bought out three of the four the Sports City area of Dubai where up to a thousand Irish investors are believed to have bought, many through estate agency Larionovo, which went into liquidation last year. Since the problems began with the Dubai Sports City site, 150 investors mobilized through the Dubai Action Group in an effort to recover some of their investment which in some cases was up to €400,000. The deal should mean at least some of their investment is recouped although Smart Investments will be a position of strength to dictate terms. The investors have been invited to meetings in Dublin to discuss the takeover.

Source: Irish Times

Advertise here