By Sarah Townsend
Offer valid during Dubai Shopping Festival from December 26 to January 28
UAE developer Damac Properties said on Monday it is offering buyers a brand new BMW or other luxury car with the purchase of selected apartments during the Dubai Shopping Festival.
The festival runs from December 26 to January 28 2017, with a range of retailers offering product discounts and other deals.
Damac’s offer is guaranteed with the purchase of a luxury apartment priced at a minimum of AED599,000 ($163,100) at selected Damac schemes across Dubai.
The developer did not disclose which schemes were included in the deal in its statement to media on Monday.
Niall McLoughlin, senior vice-president at DAMAC Properties, said: “We’re pleased to offer investors a unique opportunity to experience the pleasure of luxury with DAMAC and drive away in a BMW or another luxury car, when they invest in a property across select luxury developments in Dubai.
“From luxury apartments overlooking Dubai Canal to branded residences in Dubai Marina, this offer allows property buyers not only to live the luxury, but to drive it too.”
McLoughlin added that with the UAE’s real GDP expected to grow by between 4 and 5 percent between now and 2020, “there’s no better time than now to invest in property that will show high appreciation in the years to come”.
He said: “With the city’s development still on the rise…and Dubai’s real estate returns averaging at 7-9 percent – easily 2-3 percent higher than its matured international counterparts like London, New York or Paris – the city becomes a more attractive investment destination. In prime areas, even a 10-12 percent return isn’t uncommon.”
As of September 30 2016, Damac had delivered approximately 16,800 homes, the company said.