Housing a lure: How to get Bentley ‘free’ in Dubai
Property developers offer attractive incentives to entice buyers
By Parag Deulgaonkar
Published Tuesday, November 24, 2015
Incentives are back in the Dubai property market to entice buyers, who have adopted the wait-and-watch policy, with developers waiving registration fees to service charges and even offering luxury cars.
The latest to join the bandwagon is the developer of Sparkle Tower in Dubai Marina – the tower that will glitter with Swarovski crystals in the night – is offering a Bentley to the buyer of the penthouse.
“The cost of the penthouse is Dh14 million and we are giving a Bentley with it,” said Tebyan Real Estate Development Managing Director Naji Alia told Emirates 24|7.
The two-floor penthouse covers an area of 4,500 square feet.
“The tower is almost 40 per cent complete and is sold 40 per cent. We aim to deliver it by December 2016,” Alia disclosed.
Previously, Damac Properties, Dubai’s largest private developer, offered luxury cars – from Mercedes-Benz to Aston Martin to Lamborghini – to property investors during project launch at the time of the Dubai Shopping Festival.
This website reported earlier this month that developers were waiving the four per cent property registration fees in order to attract new buyers to their off-plan or under-construction projects.
Read: Dubai developers waive 4% property registration fee
Furthermore, some of the reputed developers are also offering furniture vouchers, home appliances and holiday packages. To sweeten the deal further, real estate agents were waiving off their commission fees (Well! they get paid by the developer).
Incentives motivate investors to buy into the particular development to a certain extent, Parvees A. Gafur, Chief Executive Officer, Propsquare Real Estate, told Emirates 24|7.
“Some developers have been offering this incentive on a short-term outlook to boost their sales on off-plan properties. It has not become a regular trend though. Buyers have to do their homework well on the project they are buying into and its offer suits their investment acumen,” he advises.
Lookup.ae, a real estate portal, estimates that 120 new projects were launched in Dubai in the past 24 months. The numbers are expected to rise further in 2016 leading to more competition between the developers.