Investor wins BD88,900 refund
A property investor who paid BD88,900 for a flat that was never built and saw no returns on a four-year lease has won a court case against the real estate firm, which has been ordered to repay him with interest.
The investor took legal action against the company, seeking to void the contract tied to his purchase of a residential unit intended for leasing.
He also sought reimbursement after the firm failed to either transfer the property to his name or refund his money when the lease ended.
His lawyer, Rashid Al BinAli, said the lawsuit named both the real estate firm and its owner.
Sale agreement
The investor wanted the preliminary sale agreement scrapped, along with any later agreements tied to incentives.
He also asked the court to order the company to return his BD88,900, along with late payment interest.
Court documents show the investor bought the unit in 2019, paying in full through instalments, with the project meant to be finished in eight months.
He also signed a lease for the same unit, agreeing to an initial rent of BD629.708 a month for four years.
After that term, the rent was raised to BD1,889.125. Yet, when the contract ended, he did not receive his rental income.
The property had also not been built within the agreed time, leaving him out of pocket.
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