Dubai Property Developers Rams Up Cuts, Fee Waivers Amid Ramadan
The property market of the UAE seems to be grappling. The fall in sales is increasing day by day. Given this situation, property dealers in the UAE have come up with different plans to counter this fall in sales and increase sales of units.
Mr. Faisal Durrani, partner and head of research at property consultancy Cluttons said, “During the holy month, property transaction levels are known to dip and this when combined with a real estate market that is continuing to soften, developers will unsurprisingly, get creative to entice demand.”
He also told Arab News, “Offering to cover part, or all of the property transfer fee, or providing ‘special’ Ramadan payment plans are reflective of both a seasonal reduction in domestic buyer demand, as well as the persistence of a challenging market.”
To counter the fall in sales, real estate developers have introduced many tempting offers to attract buyers during Ramadan. Some companies are offering up to 15% discount on payment plans, while some are extending partial fee waivers on DLS charges.
Danube, a leading real estate development company in the UAE, offers free full furnishing and a 2 percent discount on Dubai Land Development (DLD) fees. Damac Properties and Tiger Properties, renowned real estate developers in the UAE, have introduced discount offers on selected properties.
Farooq Syed, CEO of Springfield Properties, told Arabian Business, “Tiger Properties is offering a 15 percent discount with a payment plan for units in its Red Square Tower, while DAMAC is also offering price discounts on select properties.”.
He also said, “Al Habtoor Group is also offering a 2 percent waiver on DLD fees for buyers in its Habtoor Tower project, and Sobha Realty has also come up with a similar offer.”
Given this, Mr. Farooq Syed said that this was a unique opportunity for home buyers and investors because several leading companies in the UAE were offering huge discount offers and waivers.
