HISTORY RISING and FALLING was the iconic slogan for Dubai in the past 10 years and it’s burgeoning property market. It is a fact, however, that people around the Globe know that for example the Burj Khalifa, the Burj Al Arab and the Palm Jumeirah are being espoused as the next Wonders of the World. Where else in the world is there such rapid and continuous growth. We at Al Midfa & Associates have seen, over many years that this is not just a fad but a reality.
With such growth comes change both in the Cultural attitudes of Dubais’ residents towards each other and also in the Corporate/Commercial World that we all live in. With such growth, care must be taken in ensuring that Laws are complied with and that we each treat the other with the respect and understanding that we all deserve. This means that, when dealing with Commercial Transactions, we provide equitable solutions and results for both sides of the transactions. To this end it is imperative that Contracts are fair and reasonable, are beneficial to both sides and record the terms and conditions and also the intention of the parties.
But then came the global recession, which drastically hit the property market the most. For the past 2 years, everything that was going up – began crashing and whosoever was involved in real estate transactions, started to seek his/her rights towards the other party to the transaction. Those rights were extracted either from the contract, the law or the reality in pursuit of emasculating the devastating repercussions of the economic crunch.
Then came Al Midfa & Associates with its boundless experience and knowledge in to the picture as one of the most convenient and professional tool to assist the clients to their best interest. For example it is critical to note that before deciding to institute a lawsuit is to make sure that all the legal and contractual obligations shouldered due to the Sale & Purchase Agreement are being fulfilled and satisfied.
Nonetheless the UAE Government was quick to act, in implementing new laws and in setting up special circuits to deal with the heavy influx of real estate matters within the courts.