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Damac Properties has a yacht to offer home buyers
Jun 14, 2012
Property developers waiving purchase fees or throwing in cheap furniture to entice customers to sign on the dotted line is perhaps not an entirely unusual occurrence.
But Damac Properties has gone much further and is giving away a yacht, a speed boat or a jet ski with every property bought this summer.
The move to offer such extravagant gifts to buyers is reminiscent of the boom years in Dubai before the global financial crisis and the subsequent collapse in the emirate's property prices.
For 30 days from today, anyone buying a Damac property will receive a Sea-Doo jet ski, a Monterey cruiser or an Azimut yacht, which can sell for more than US$1 million (Dh3.6m), depending on the model and specifications. Damac's properties start at about Dh900,000.
"We have a range of quality residential, commercial and retail properties in Dubai, which already offer phenomenal value, but with the added bonus of coming with a luxurious boat, we expect people to take up our extraordinary offer," said Niall McLoughlin, a senior vice president at Damac.
"We believe that the current market conditions will be more receptive to a wide-ranging promotion like this rather than a more extravagant raffle prize where there is only a chance for one person to win."
The gift the buyer receives will depend on the value of the unit purchased, Damac said, without disclosing how it would purchase the vessels. It was also not clear which models of each luxury toy would be awarded.
The developer estimates there are 50,000 leisure boats in the Middle East. It is offering properties in Dubai Marina, Downtown Dubai, the Dubai International Financial Centre and other areas.
This promotion is not the first time Damac has offered extravagant perks to its property buyers.
In 2005, the developer threw in Audi and Porsche cars with apartments purchased in one of 13 upscale developments.
That deal was part of a Dh30m promotion during the Dubai Shopping Festival (DSF) in the first few months of that year.
'We have had a long and successful association with both the [Dubai Summer Surprises] and the DSF in Dubai and we are all looking forward to this 2012 event with optimism and confidence in our products and our promotion," said Mr McLoughlin.
Damac Properties has 50 buildings at various stages of construction across the Middle East and North Africa, consisting of 9,849 units. It was one of the key players in Dubai's property boom and subsequently was forced to put projects on hold, suffering as buyers fled the market in 2009. It has completed 36 buildings to date, translating to 7,374 units.
"We considered long and hard our approach to the Dubai Summer Surprises," said Mr McLoughlin. "We felt it was critical to get our approach right in line with the market and to ensure that we did something that had mass appeal."