Several of these investors have now turned to the courts in a desperate bid for justice and for their dream homes
After living in a rented apartment for 40 years, MK* dreamed of buying a property for his family. After much research and deliberation, the expat (who was born and raised in the UAE) finally chose a property at Falconcity of Wonders – Eastern Residence worth Dh4 million. But after investing Dh1.6 million into the property, he is now unsure if he will get his dream home or his money back.
MK is not alone. Hundreds of other individuals in Dubai, who invested in the same project, are currently living in fear of losing their homes and life savings after the plots on which their homes have been built were auctioned off following a legal dispute between Falcon Properties and Dubailand (LLC).
More than 20 investors approached media in desperation, seeking to have their voices heard and to receive justice. “I have no answers for my family and children who keep asking me when we are moving into our new home,” says an anguished MK. “We had no idea what was happening or when the property slipped out of our hands; we just kept paying.”
So, what exactly went wrong?
The Falconcity of Wonders project launched in 2005 at Dubailand was a unique mixed-use plan, integrating commercial, residential, and entertainment facilities. It promised to bring ‘wonders from around the world’ to Dubai — including the Pyramids, Taj Mahal, and Leaning Tower of Pisa. Although delayed, the Western Residence was completed and now has an established residential area.
In 2021, as the UAE and the world recovered from the Covid era, there was a growing demand for spacious living areas. Villas became highly sought-after properties. Responding to this demand, Falconcity launched the sale of the Eastern Residence with renewed vigour.
From first-time buyers to seasoned investors, everyone was sold on the project, unaware of a long-drawn dispute simmering between Falconcity and Dubailand over unsettled dues.
As per Dubai Courts documents seen by media, Falconcity was ordered to pay Dubailand Dh1.3 billion back in October 2020. Failure to do so resulted in the developer’s property — specifically, the project in the Wadi Al Safa 2 area — being officially seized in January 2021.
The Dubai Land Department (DLD) then warned that the property would be sold at an auction if the debt was not paid in 15 days. In July 2023, Falconcity was notified by email that the sale of their property would proceed due to failure to repay the debt.
After several attempts to sell the land, the court finally ruled in favour of awarding the auction to Dubailand LLC (the bidder) in October 2023.
Despite the ongoing court dispute between the two parties, Falconcity’s sales team proceeded to sell more than 400 villas to aspiring home owners. Buyers say large hoardings were set up along major highways and models of the project were also a prominent fixture at major property fairs.
These buyers are now desperately seeking answers. Angry and disappointed, Abu Ahmad, 52, said, “I was sceptical about off-plan properties, but was reassured by my real estate agent that Falconcity is a reputed property developer. I sold a house in Dubai and a property in my home country, to raise the funds to purchase a 5-bedroom villa in Falconcity. The agreement was to pay 50 per cent upfront and get the land title deed and the other 50 per cent upon villa handover.
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