Live the luxury life for less? That certainly seems to be possible in the UAE – at least during the annual Dubai Shopping Festival.
This year, the luxury real estate developer Damac Properties has brought back a well-remembered shopping festival promotion. Buyers of selected new villas or apartments in Dubai this month can drive home in a 2016 Lamborghini or BMW or other luxury cars. Prices start from Dh692,000.
“Eligible buyers will get their respective car upon the payment of only 20 per cent of the price of the selected property or they can benefit from a cash discount,” says Niall McLoughlin, Senior Vice President, DAMAC Properties.
“Damac Properties is committed to supporting the Dubai Shopping Festival and its various promotional activities which attract millions of tourists each year to Dubai and help positioning the emirate as an exciting, vibrant city to visit, shop and enjoy,” he added.
Among the 2016 models of various luxury cars being given away are the Lamborghini Huracan, BMW 730i and BMW X6 xDrive 35i – depending on the type of the property purchased.
McLoughlin expects the promotion to boost interest in the Dubai market, which has seen a marked drop in prices this year. “During the past years and until today, Damac Properties spearheaded the promotion of Dubai and its real estate offering internationally in many cities around the world showcasing the experience of luxury living in Dubai and its financial benefits in terms of return on investments and this is based on our belief in the strong and sustainable status of the real estate market in our home city," he says. "The market position will be reinforced by the low supply of units expected in 2016. This will be the second consecutive year where the numbers of completed units delivered to the market will be below industry ‘experts’ expectations.”
The promotion runs across the full spectrum of the developer’s portfolio including golf villas, private apartments with designer inputs from Fendi and Versace, luxury serviced apartments in the Burj Khalifa area and villas on the Palm Jumeirah.
As of September 30, the developer had delivered 14,375 homes and has a development portfolio of over 37,000 units at various stages of progress and planning. Included are more than 13,000 hotel rooms and serviced hotel apartments under development.
But will that be enough to bring buyers back to the slow Dubai market? We're waiting for word from the developer...
