Dubai property: Marketing gimmicks are back

In what reminds one of the imprudent offers witnessed during the property boom era of 2007-08, Dubai-based private developer Damac Properties is giving customers a selection of luxury boats and yachts with properties purchased during the month-long Dubai Summer Surprises (DSS) festival.

While the offer may look a bit indiscreet considering Dubai property prices remain under water (pun intended) when compared with their sale prices in 2008, and have still not recovered from the battering they received in 2009 and 2010, Damac wants customers to buy a property and ‘take to the water’ this DSS.

The company insists that the latest promotion is a well-thought-out one from the developer – who in the past has given away a jet plane and a private island in the Caribbean to two of its lucky customers in 2008.

“We considered long and hard our approach to the DSS. We felt it was critical to get our approach right in line with the market and to ensure that we did something that had mass appeal,” Damac’s Senior Vice-President Niall Mc Loughlin explained in a media release.

And that mass appeal, believes Damac, lies in bundling together a jet ski, or a luxury cruiser or even a super yacht (depending on the cost of the unit) with its properties sold during the DSS, which begins today (June 14 ).

‘’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. In addition, the climate here in Dubai is perfect for boating with estimates that there are over 50,000 leisure boats in the Middle East,” Mc Loughlin said. If Damac has its way, that number will swell by at least a handful if not more.

“We have a range of quality residential, commercial and retail properties in Dubai which already offer phenomenal value, but with the added bonus of coming with a luxurious boat, we expect people to take up our extraordinary offer,” insists Mc Loughlin.

The media statement says Damac Properties has a “long history of successful promotions” and that the developer believes that offering “a boat with each apartment is a great added incentive for customers during the month-long event. You buy a property in Dubai, you get a recreational jet ski, day cruiser or a luxury yacht.”

To be fair, with Dubai property prices showing recent signs of stabilisation, it may not be a bad idea to buy a unit. “The promotion has been designed to make a clear commitment to people who purchase a Damac property during the Summer Surprise and will ensure that a large number of people have the opportunity to take part.” How many will actually give in to the temptation will be known only after the promotion ends with the conclusion of the DSS on July 14.

“2011 was a very positive year for us. We handed over a total of 21 buildings, successfully launched our Versace-branded residences in Saudi Arabia as well as our hospitality offering ‘DAMAC Suites and Spa,’ and have won a string of regional and international awards including being named ‘Developer of the Year’ in the Big Project BGreen Awards” added Mc Loughlin.

“The promotion comes as Damac Properties registers the strongest demand since 2009 across its range of premium developments at Dubai Marina, Downtown Dubai and the DIFC,” the developer said in the statement.

“We have had a long and successful association with both the DSS and the DSF in Dubai and we are all looking forward to this 2012 event with optimism and confidence in our products and our promotion,” McLoughlin concluded.

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