Developers in Dubai have started to repossess units from investors who have defaulted on payments.
Bonyan International said it had followed procedures laid down by the Real Estate Regulatory Agency to take back units in its Gate 2 project in Jumeirah lake Towers, Emirates Business reported.
Anas Atatreh, vice-chairman, Bonyan Intern-ational Investment Group, told the paper: "We have repossessed some units from investors in our Dubai Gate 2 project in Jumeirah Lake Tower. Currently, we are holding onto these units. We are ready to help the investors, but everybody has to be reasonable."