Dubai Residents’ Life Savings at Risk in Property Dispute

Dubai – After decades of renting, MK dared to dream of owning a home for his family. Born and raised in the UAE, MK researched extensively before settling on a Dh4 million property at Falconcity of Wonders – Eastern Residence. However, after investing Dh1.6 million, his dream hangs in the balance, wondering if he’ll get his home or money back.

MK is not alone. Hundreds who invested in the same project fear losing their homes and savings after their plots were auctioned off due to a legal dispute between Falcon Properties and Dubailand (LLC).

More than 20 investors have contacted Khaleej Times, seeking Justice and answers. “I have no answers for my family and children who keep asking when we move into our new home,” says MK. “We had no idea what was happening; we just kept paying.”

What Went Wrong?

The Falconcity of Wonders project, launched in 2005, promised to bring global wonders like the Pyramids and Taj Mahal to Dubai. The project faced delays but eventually completed the Western Residence. In response to a growing demand for spacious living areas, Falconcity launched the Eastern Residence in 2021.

Despite a long-standing dispute over unsettled dues between Falconcity and Dubailand, Falconcity’s sales team sold over 400 villas to unsuspecting buyers. Large hoardings and models at property fairs promoted the project, leaving buyers unaware of the behind-the-scenes legal battles.

Buyers’ Plight

Buyers like Abu Ahmad, 52, and DK, 49, invested their life savings, only to be informed that the project was cancelled, with no commitment from the developer to return their money. NK, who planned to retire in his purchased unit, now finds his Dh1.8 million investment stuck with Falconcity.

Bibi, 38, feels cheated, receiving only five per cent of her total investment after signing a cancellation form. Despite promises, Falconcity failed to deliver on its commitment.

Seeking Justice

More than 50 cases have been filed with the Dubai Holding Judicial Committee, seeking Justice for the investors. A final verdict is expected on March 18. MK, who had to take a loan to file his lawsuit, remains hopeful for a fair resolution.

With their dreams shattered, investors like CD are left scrambling to fight for their homes and savings. DK urges authorities to intervene and support investors in reclaiming their investments.