Buyback option, no service charges: Dubai developers woo buyers with attractive deals
Savis Realty
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Dubai's property developers are making new, innovative offers — such as guaranteed annual returns, zero service charges, and full buyback option — to attract new buyers amid growing competition.
Dugasta Properties, for instance, is offering a 10 per cent annual return for ten years, zero service charges for a decade, and a 100 per cent buyback option as part of its investor-centric growth to woo both?investors?and end-users in its latest projects.
Other major established developers are also promising eight to 12 per cent returns — which is among the highest globally — on rentals and capital appreciation a year. Some developers introduce zero service charges time and again when launching a new project in the emirate with an eye on buyers who are new to the local market.
With the?market?maturing fast and poised to slow down after a four-year rally, both investors and end-users are seeking more stable and steady returns.?
Moreover, with the Dubai property market attracting a large number of developers from India, Pakistan, Europe and other Middle Eastern countries, developers are introducing unique ways to capitalize on the growing demand for properties from investors and end-users.?
Some of the latest entrants are Skyline Builders from India, BT Properties from India, Amaal, and PO B1 Properties among others.
“The idea is to be unique and stand out in the market…There is competition among developers, but demand is so high that whatever developers build, they sell it successfully. But if you sell a property with a different and unique concept, then people will line up for it,” said Tauseef Khan, Founder and Chairman of Dugasta Properties.
“Initially, we were expecting Dh300-Dh400 million sales in a year, but we achieved more than Dh1.2 billion last year.”
Dugasta Properties launched four residential projects — Teraa Tower, Moonsa 2 Residences, Al Haseen-3 Residences and Al Haseen-4 Residences — with a combined value exceeding Dh1 billion. It has 10 projects in the pipeline with an investment of Dh2 billion across Dubai to capitalize on demand.
Khan doesn’t see any slowdown happening because of the government’s innovative business-friendly policies. “Investors look for safe and secure opportunities and Dubai is the most luxurious and safest city. Supply is less, so the market outlook is good,” he added.
Azaan Khan, CEO of Dugasta Properties, said the developer provides stability and assurance which is the main demand of young investors, who are looking for stable returns.