x Abu Dhabi, UAEMonday 24 July 2017

In the market for a Dubai apartment? Here's an Audi R8 as a sweetener

Damac hopes to sell its multi-million dirham apartments at Ocean Heights and Burj-side Boulevard Tower with the offer of the German luxury sports car.

A 2014 Audi R8 could be yours when you buy a Dubai apartment at Boulevard Tower or Ocean Heights with Damac.
A 2014 Audi R8 could be yours when you buy a Dubai apartment at Boulevard Tower or Ocean Heights with Damac.

DUBAI // A property developer in the emirate is hoping to lure buyers by giving away a luxury car worth half a million dirhams with every apartment sold.

Damac says it will give away a brand new Audi R8 for those who splash out on a Dh40 million penthouse at the developer's new Burj-side Boulevard Tower.

The offer will also extend to those who buy a signature suite at Ocean Heights in Dubai Marina.

A spokesman for Damac was unavailable for comment on the price, but property websites list penthouses in the development for sale at Dh28 million.

It is not the first time the developer has made such an offer. Last year, a free Lamborghini was offered to those who bought selected penthouses.

"It's not a new phenomenon, developers have been doing this for a while," said Craig Plumb, head of research for the region at Jones Lang Lasalle. "Personally, I think it is a little gimmicky."

He said recent changes to mortgage lending would perhaps dictate sales more. Fears over the recovery of the housing market were raised earlier this week when the Central Bank capped mortgage financing to 70 per cent for first homes for Emiratis, and 60 per cent for expatriates.

"I think those changes would have more of an impact on somebody's decision to buy an apartment than whether they get a car or not," he said.

"However, if someone's already looking to buy an apartment, this may entice people to buy that property rather than another one."

mcroucher@thenational.ae