Damac Properties Unveils Special Offers To Woo Buyers

Announces a 3% annual returns on advance payments and capital guarantee scheme ensuring value of property for two years after possession.   

Following close on the heels of developers like Emaar Properties which had announced a special waiver of the 4% registration fee and 2% agent commission to entice buyers to its Casa Villas in Arabian Ranches project, Damac Properties has also rolled out special schemes to make it easier for salaried buyers to own property in Dubai.

The Dubai-bourse listed developer recently announced a 3% guaranteed annual returns on advance payments made for its under-construction projects. This, the company claims, is double the interest offered currently on fixed deposits and will be payable bi-annually until the completion of the project.  

Buyers will also have the option of choosing the capital guarantee scheme, wherein the value of the property will be ensured for a period of two years post delivery. In other words, the developer will pay the buyer or investor the difference if the value of the property declines from the time of delivery till the end of 2019.

According to industry experts such schemes are being rolled out to boost sales across Dubai’s realty market which has been under pressure this year mainly due to the global slump in oil prices and a strong rally shown by the US dollar.

However according to KPMG, the realty market is expected to get back on the path of recovery by early next year (2017), driven mainly by the slew of infrastructure development projects planned in preparation for the Dubai Expo 2020 and a spike in demand caused by a projected population growth to approx five million by 2030.    

Earlier this year, JLL the global real estate advisory had affirmed that UAE continues to enjoy a privileged position as an attractive real estate destination and buyers and investors with a long-terms perspective will see value at current levels with prices and rentals expected to rise by early 2017.