About 100 property investors showed up at Nakheel's sales centre on Al Sufouh Road this morning to demand that their payment plans be extended after years of delays on their villas. A group of the investors was invited inside by Nakheel to discuss the issues, according to our reporter, Angela Giuffrida, who was on the scene.
Many of the investors have paid as much as 30 per cent of the price of their villas and are due to pay another 20 per cent in April. The letter had 350 signatures. Nakheel said it was working with the Real Estate Regulatory Agency to come up with a "solution".
Investors across the UAE have been wary of paying more money to developers during the property downturn because of a lack of confidence about prices and the abililty of developers to finish projects.
The gathering today is a real study in contrasts. Almost a year ago, Nakheel was dealing with a completely different problem: People were waiting outside their headquarters overnight for the chance to buy as many apartments as they could get their hands on.
