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Dubai's leading property developer Damac said it will hand over free BMWs or any other similar luxury cars to buyers of new apartments
UAE’s Damac properties announced a free BMW or a similar luxury car on the purchase of an apartment in Dubai with a starting price of 599,000 dirhams during the Dubai Shopping Festival that runs from December 26 to January 28, the leading property developer said in a statement on Monday.
The real estate company runs a portfolio of over 44,000 units that include hotels, commercial and residential buildings, with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom. It has delivered around 16,800 homes since its establishment in 2002 up until the end of September.
Damac has done a similar promotion in 2014 when it announced a wide range of luxury cars on the purchase of any unit from the company’s various projects in Dubai.
“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,” the company’s senior vice president, Niall McLoughlin said in the press release.
The Dubai-based private real estate firm has further urged investors to invest in the UAE’s property market now, saying its yields are higher than real estate projects in other international cities.
“There’s no better time than now to invest in property that will show high appreciation in the years to come. With Dubai’s real estate returns averaging at 7-9%, easily 2-3% higher than its matured international counterparts like London, New York or Paris,” McLoughlin said in the company’s statement.
Damac had reported in November 11.7 percent decline in its third quarter net profit, but it saw a 5 percent rise in the sales growth in the quarter compared to the previous one.
It announced last month the launch of a new series of brightly colored villas, with prices starting from 2.3 million dirhams ($626,200) in its flagship Akoya Oxygen project that include a golf course operated and named after American President-elect Donald Trump.
© Zawya 2016
