Dubai’s developers bring back ‘generous’ incentives to sustain property market’s momentum

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Dubai: Developers in Dubai are once again extending their payment plans and waiving off in full/partial the property registration and other fees to ensure the offplan momentum is sustained. Some of the incentives are rated as among the “most generous” on offer in the last two years, including raising the payment period from three- to five years to five- to ten years.

There are other reasons for the developers wanting to push incentives along with their properties. The dollar has been gaining in strength and particularly so since the start of the Russia-Ukraine conflict on February 24.

That immediately means buyers from India or Pakistan will have to pay for the dollar’s strength over and above the property price

said Sameer Lakhani, Managing Director at Global Capital Partners.

This is why developers who had been trimming their incentives in the last year are suddenly bringing them back, particularly by luxury developers.

‘Guaranteed’ returns

Developers are thinking ‘flexible’ on what the payment plans should be. If the buyer wants to extend his payments to four, five or six years, it’s all fine. Also, one of the biggest developers in Dubai is offering an 8 per cent guaranteed return for five years at its recently completed project. More developers will likely go the ‘guaranteed’ route to keep their sales pipeline churning.

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