Smith & Ken, a property agency in the UAE has launched the “Real Estate Recovery Scheme” to help IFAs and their clients manage investments in off-plan property investments in the UAE.

Smith and Ken's Real Estate Recovery Scheme (RERS) is designed to help investors recover the monetary value of their real estate investments through a like-for-like credit note to the value of what they have already paid against one of Smith & Ken's properties.

According to Smith & Ken chief executive Benjamin Smith "there is always an element of risk involved when investing in off-shore development plans even when you do a thorough background check on the developer and the property. There are situations that are beyond one's control like worldwide economic challenges or the developer going bust."

RERS aims to help IFAs and investors “recover their money by swapping units in delayed or cancelled developments for completed properties in prime UAE and international locations” that have been approved by RERA.

“Once an application for RERS is approved by Smith & Ken,” says Smith, “the company invites the investor to choose a new property and Smith & Ken then deducts the amount the investor has already paid from their new apartment, office space or plot of land.”