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When the economic slowdown started affecting Dubai's property market in mid-2008, lots of investors were asking for refunds. However, most of them have failed because of the fact that the developers of the projects from which they have invested or purchased properties have indeed lacked of funds to continue their operations in the market; while others have remained stronger and made some strategic marketing so as to recover financially and pursue their commitment with their clients or property buyers in particular.

Now, after three years, the developers in the Emirate are on the track to let their investors refund what they have invested in the market during the pre-crisis years. As a matter of fact, based on the report, some of the law firms in Dubai are currently witnessing increase in the number of investors who are being offered refunds for some of their deposits on abandoned property schemes.

As a Managing Partner of HPL Yamalova & Plewka, Ludmila Yamalova said that the company has previously assisted between four and five clients who have already given deposits for the properties they bought from the realty projects which were not put into reality at all. Then, it has almost helped them refund around AED10 million since last year. For this reason, she further said that the first parties or developers are now starting to negotiate with their investors regarding with their right to make a refund of what they have deposited.

Moreover, as Managing Partner at Davidson & Co, one of the leading law firms in Dubai, Jonathan Davidson said that some of the developers in the Emirate are either waiving penalties or offering better payment terms than the original ones. In fact, the firm testified that most of the property investors have already refunded some of their deposits since the beginning of the current year. So, it means that the property market in Dubai is now recovering to some extent due to a number of positive signs shown in the market, including the fact that those developers who themselves could not assess their own economic positions during the economic crisis are currently able to make offers to their clients or investors accordingly.