UAE-based regulatory authority Ajman Real Estate Regulatory Agency (Arra) is offering a ‘swap-deal’ to investors in projects where the completion has been delayed in an effort to resolve complaints.

“We are offering a swap facility, and that too at the current market price,” reportedly said Yafea Eld Al Faraj, executive director of Arra.

He added: “We are seeing that the mentality of the investors has changed. It is not like before when they would seek a refund. They now understand that moving court is a costly process and the chances of getting back their investment is slim even if they get a favourable judgment. To have something is better than have nothing.”

In any swap deal the money previously paid by the investor will be adjusted to the new apartment price. Investors will have to personally visit Arra’s offices to take advantage of the scheme and be given swap options.

Investors may also be able to reduce the size of their investment through swapping, as well as swap for units in Dubai.

Arra is also said to be on the brink of settling up to Dh250m (£43m) worth of claims.