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CTBUH Global News
Jun14

Written by:hostPrint
6/14/2012 12:50 PM 

Dubai developer Damac Properties is giving away a yacht, a speed boat or a Jet Ski with every property bought this summer, in an attempt to boost sales in its residential towers. The gift the buyer receives will depend on the value of the unit purchased, the developer says.

The most expensive gift will be an Azimut yacht, which can sell for more than US$1 million (Dh3.6m), according to coverage in The National.

Damac specializes in tower developments. Apartments typically start at about AED900,000 ($245,000).

"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," Damac spokesman Niall McLoughlin told The National.

Prices for apartments in Dubai have fallen more than 50 percent since the peak of the market in 2008. While some areas of the market have started to rebound, there is still a deep oversupply of apartments, analysts say.

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