By Parag Deulgaonkar
Property agents admit builder incentives leading to more sale enquiries
Dubai developers are leaving no stone unturned this Ramadan to keep their sales buoyant, with property agents admitting incentives have increased off plan sales and generated buyer interest.
The Dubai Land Department said total transactions reached $817.44 million (AED3 billion) between June 12 and June 14.
Global Capital Partners-Reidin, this week, said off-plan property sales have jumped 58 percent in the first five months of this year compared to same period last year.
Damac Properties is offering one kilogramme of gold on buyers of “Aurum” [gold in Latin] villa in Akoya Oxygen during Ramadan. Prices for the units start from $435,967 (AED1.6m).
Niall McLoughlin, senior vice president, Damac Properties, in a statement, said: “This is incredible value, worth around $40,872 (AED150,000) at the current gold price. This is yet another opportunity for investors and customers to own a home in one of the finest golf course communities in the region.”
Separately, Deyaar Development has unveiled its Ramadan offer for Midtown residential project in Dubai Production City. It is offering to pay 2 percent of the four percent property registration fees and provide 60-day grace period for instalments, starting $1,770 (AED6,500) a month.
Last week, Emaar Properties offered to pay four percent DLD registration fees and offered two year post-handover payment option to buyers on number of its ready and off-plan projects.
Speaking to Arabian Business, Parvees Gafur, chief executive officer, Trustworthy.AE, a new real estate brokerage firm, said the incentives offered by developers during Ramadan have definitely boosted off-plan sales.
“We see developer’s contribution towards property registration fees being the most favoured initiative by buyers.”
Yash Shah, sales director, One Broker Group, added the incentives and promotional deals aid in generating interest among buyers, particularly those looking at the affordable housing project segment.
Sameer Lakhani, managing director, Global Capital Partners, believed that back-ended payment schemes have become increasing popular, leading to increase in number of [off-plan] transactions.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.