UAE-based property developers are staging sales launches exclusively for Emiratis this weekend.
Damac, the Dubai developer known for enticing investors with the promise of free yachts, speed boats or jet skis when they buy a flat, said that it was offering four-bedroom villas at its Akoya Oxygen scheme off the Umm Suqeim Road extension on the outskirts of Dubai to Emiratis at prices starting at Dh2.22 million.
And Tourism Development & Investment Company (TDIC), the government-owned developer of cultural and residential projects in the capital, revealed last week that it was marketing the first homes to be built around the planned Louvre, Guggenheim and Zayed National museums on Abu Dhabi’s Saadiyat Island to UAE nationals.
Damac, which started selling the second release of villas at Akoya Oxygen at the start of this month with a fractionally higher starting price for a four-bedroom villa of Dh2.25m, said that its sales events on Saturday and Sunday would also include deals on property in the Burj Khalifa and Al Maktoum airport areas.
“At Cityscape we listened to calls by Rera to ensure that all UAE nationals have the opportunity of owning their own home,” said Niall McLoughlin, senior vice president at Damac. “And so this is why we are offering special rates and terms to UAE nationals at our marketing event this weekend.”
TDIC, which is also staging an exclusive sales event for UAE nationals on Saturday for its new Mamsha Al Saadiyat development in Abu Dhabi, said that it would be using the event to give locals a first opportunity to buy its stock while sticking to its established pricing strategy.
“These exclusive launches to UAE nationals were common during the previous boom,” said Mario Volpi, the managing director of Prestige Real Estate. “I think there is a certain feeling among some developers that UAE nationals should be offered a first refusal for real estate projects.
“However, when it comes to special offers which are only valid for a limited period, these things can get a bit gimmicky,” Mr Volpi added. “Everyone likes to feel that they are being offered something exclusive that is not available to others but as always buyers would be well advised to do their homework and find out if the deal is actually any better than that being offered to everyone else.”
lbarnard@thenational.ae
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Emirate: Dubai
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