Marketing of Dubai property to overseas investors needs new regulation to prevent damage to “Brand Dubai” from gimmicks being offered to coerce buyers including yachts and luxury cars, the chairman of Emaar Properties was quoted as saying on Sunday.
Dubai has ramped up its oversight on the emirate’s property sector in the wake of a real estate crash at the end of the last decade which sent prices down by around half from their peak, including measures to cap loan-to-value ratios on mortgages and a doubling of the fee paid to register transactions.
The property market has recovered strongly since the crash, aided by cash from foreign investors, many of whom have invested as they perceive the emirate as a safe haven in a region impacted by political tensions.
However, speaking to Arabian Business on Sunday, Mohamed Alabbar, who heads Dubai's largest-listed developer, said there needed to be additional controls on local property companies when it came to attracting foreign investors.
“Instead of focusing on the fundamentals, what we see today are marketing gimmicks. It is alright to have an aggressive marketing strategy but there is a red line,” Mr Alabbar was quoted as saying.
“What is the logic of promising customers, who are investing their life-savings in a dream home, a luxury car or yacht?”
Some Dubai developers enticed customers with Aston Martins or Lamborghinis upon the sale of a luxury unit during the worst of the previous downturn to maintain sales.
The measure isn’t restricted to Dubai: in Ajman, one developer in 2014 offered citizenship of Antigua and Barbuda in the Caribbean, in exchange for buying a four-bedroom villa.
However, with property prices in Dubai soft after two years of high growth, the practice has been returning - buyers on one development currently being marketed will receive a personalised golf cart.
Such “gimmicks” needed laws from Dubai’s Real Estate Regulatory Authority, Mr Alabbar was quoted as saying, as such practices threatened to undermine the trust of consumers in “Brand Dubai”.
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MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes
Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
Scores
Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
UAE%20Warriors%2045%20Results
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THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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KILLING OF QASSEM SULEIMANI
