Nakheel offering up to 30% discounts on units

DISCOUNT MOVES: Nakheel is offering between 10 and 30 percent discounts to persuade investors to pay their installments on time.

Dubai’s state-backed developer Nakheel is offering investors discounts of up to 30 percent on its units to tackle payment defaults, it was reported on Thursday.

The move is aimed at encouraging customers to pay their installments on time, and is being introduced on its Jumeirah Heights Clusters, Marina Residences, Veneto and Badrah phases one and two projects, according to UAE daily The National.

Investors will be eligible for the deal if they are up to date with their installments and they continue to pay on time.

“Nakheel is aware that the current economic conditions pose a challenge to some customers and is, as such, introducing some initiatives to help customers meet their commitments and obligations towards Nakheel,” the company said in an emailed statement.

A number of Dubai developers have unveiled measures to tackle investor defaults as the downturn bites.

Emaar has recently relaxed payment plans and private developer Deyaar said in March it was slashing the price of its units by 30 percent.

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READERS' COMMENTS

Thank you Dubai
Posted by ametis, Dubai, UAE on Saturday 23 May 2009 at 12:46 UAE time


There are so many opportunities once again in Dubai..

Thank you defaulters, thank you..

and to the Moaners, You are the weakest link...Good byee

NAKHEEL SHOULD GET ITS ACT TOGETHER
Posted by aarkay, dubai, UAE on Friday 22 May 2009 at 13:44 UAE time


NAKHEEL NEEDS TO GET ITS ACT TOGETHER.

PEOPLE WHO HAVE PAID FOR ENTIRE BUILDINGS IN INTERNATIONAL CITY 18 MONTHS BACK ARE UNABLE TO GET THEIR TITLE DEEDS. A RECENT VISIT TO THEIR OFFICE WAS 6 HOURS LONG AND NOT VERY FRUITFUL AT THE END OF IT. SIMPLE MATTERS TAKE MUCH TIME AND HAVE A COMPLICATED WAY OF UNFOLDING. THERE ARE NO RESPONSIBLE MANAGERS TO HELP INVESTORS WHO HAVE INVESTED TENS OF MILLIONS IN THEIR PROJECT. THERE ARE MANY PEOPLE LIKE ME WHO WILL NEVER INVEST IN A NAKHEEL PROJECT AGAIN BECAUSE OF THEIR LAGGARD BEHAVIOUR. A BAD MARKET IS AN INVESTOR'S RISK RESPONSIBILITY BUT A BAD DEVELOPER IS A BLOT ON THE REAL ESTATE MARKET OF THE COUNTRY.

Not enough
Posted by Jebel Ali Baba, Dubai, United Arab Emirates on Friday 22 May 2009 at 10:40 UAE time


Considering the real value and uncertain market in the UAE 30% discount is certainly not enough. Even though Nakheel was always a bit more realistic in its pricing, 50-60% of the current sales prices are what I would call "the real value". Buyers who bought before and have an existing contract with Nakheel must hope that the developers reduces their end prices as well. So far those contracts are not effected by the reduction.

what RERA is contributing
Posted by Eswar, United Arab emirates on Friday 22 May 2009 at 09:30 UAE time


There are specific protection from RERA for those who have paid and left with no jobs. Rules are bent to the best of its extent to suit the developers. Why shall not be there a uniform rule to provide discounts from all the developments? The prices have come down. No acknowledgment of the fact on prices running down and passed on to the End users. Maintenance fees not reduced. Redundant way of luring customers. RERA! wake up! Help the end users!

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