Developers in Dubai offer 10-20% straight discounts and guarantees. Many developers, lenders are also deferring upcoming payments.
Dubai , Dubai
18 April 2021, 12:00 AM
30 April 2021, 12:00 AM
Dubai developers are getting quite active with Ramadan promotions, offering straight out discounts of up to 20 per cent. This 10-20 per cent discount comes to quite a decent saving for a buyer, ahead of the declining property values have seen in the last two years.
Azizi Developments was the first to come out with a broad set of offers with a Ramadan tie-in, and running it for a full month until May 12. Prices start at Dh373,000 and Dh573,000 depending on the location.
Starting prices at its Dubai Healthcare City, Al Furjan and MBR City projects have been brought down – and the developer is also offering a guaranteed 10 per cent annual return for three years.
Tizian Raab, spokesperson at Azizi Developments said, “The 10 per cent RoI is what’s attracting investors the most. The flash sale discounts are up to 18 per cent, but we’re not doing fixed service charges or waiving registration fees at the moment”.
“Average sales per day have been almost three-fold since April 12 - so far it’s been a success,” he added.
The highlighting of guaranteed returns – and 10 per cent at that – is what’s most interesting. Guaranteed returns are a way to try and more investors back into the property market while end-users chase ready or soon-to-be-ready homes.
While the current trends in the Dubai property market are in favour of ready properties, developers have quite a considerable pipeline of projects that will take another two to three years for completion.