Emaar Properties, the UAE's largest real estate developers by market capitalisation, said it will waive real estate registration fees and offer special payment plans on projects showcased at the government-backed Dubai Property Festival this week.
“We are supporting the event not only as its founding strategic partner but also offering a never-before incentive for our customers,” said Ahmad Al Matrooshi, managing director of Emaar Properties.
“They [investors] will have the opportunity to buy into some of Dubai’s most sought-after lifestyle destinations … in Dubai Creek Harbour, Downtown Dubai, Dubai Hills Estate, Emaar South, Emaar Beachfront, Arabian Ranches and Dubai Marina.”
The offer applies to Emaar schemes including Beach Vista and Sunrise Bay on the private island Emaar Beachfront project; Saffron, the first townhouse community in Emaar South close to Al Maktoum International Airport, and The Grand, a luxury residential community that is part of Dubai Creek Harbour.
Dubai’s real estate market has been subdued in the past two years, with sales and rental prices declining in most segments amid sluggish economic conditions and muted demand. However, analysts have predicted that the market could bottom out this year and witness a stronger investor sentiment on the back stabilising oil prices and a more buoyant business environment.
The Dubai Property Festival has been created by the Government of Dubai in partnership with the Dubai-based events company, International Property Show.
It is intended to promote the sale of completed and distressed properties across the emirate and attract more overseas investors, Sultan Bin Mejren, director-general of Dubai Land Department, told media at an event in January.
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“The festival will be instrumental in attracting and encouraging more buyers, providing them with access to new homes, and helping them obtain a comprehensive perspective of availability,” Mr bin Mejren said at the time.
The three-day expo will run from April 9 to 11 and include an auction of distressed real estate assets. Several UAE-based developers are offering discounts and other incentives to lure buyers, organisers said last week.
Emaar Properties, which last month entered into a strategic partnership with Abu Dhabi's Aldar Properties, said on Sunday it intends to waive property registration fees for both commercial and residential schemes it is building across the emirate, for the duration of the show.
“Waiving property registration fee and special payment plans brings added value for investors seeking to be part of Emaar’s prestigious developments in the city,” the developer said.
Other benefits on offer to Dubai Property Festival visitors include lower down-payment, free legal consultancy, zero processing fees and on-site approval by banks. There will also be a "brokers' village" presenting an inventory of exclusive deals.
