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Emaar Properties to foreclose on defaults

The developer says it will auction seized properties within 2 weeks.

May 13, 2010 8:49 by

Buyers who have defaulted on payments for Dubai Marina residences may soon have their property seized, as Emaar Properties has begun targeting delinquent payers, Zawya reported Thursday.

Emaar, the country’s biggest developer, said delinquent owners have 2 weeks before foreclosures will be auctioned at the Dubai Land Department, the report added.

The delinquency notices are reportedly sent through Dubai’s Land Department which has governmental authority to enforce foreclosures. Property seizures are facilitated through a new law that allows developers to repossess properties customers with late payments, Zaway reported.

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