Friday will be a carnival day at Dubai Hills Estate, an upcoming real estate project within the Mohammed bin Rashid City (MBR) City for property buyers, as Emaar Properties will offer an instant 2 per cent discount on all its properties.
The developer will pay 2 per cent of the four per cent property registration fees of Dubai Land Department (DLD).
“For any property unit sold on the Carnival Day, we will bear 2 per cent land registration fee,” Emaar Properties, Dubai’s largest property developer, said in a tweet.
A number of real estate agents have been sending e-brochures, informing their customers of this one-day offer available on most of the company’s projects.
Emirates 24|7 reported in February 2016 that Emaar had waived the four per cent DLD registration for Casa villas in Arabian Ranches, but many other developers have also offered similar freebies to entice buyers.
The developer said earlier that demand for residential property in Dubai has been strong in 2015 with total sales at Dh10.23 billion with sales across various international markets valued at Dh5.05 billion ($1.37 billion). It has handed over more than 40,000 residential units in Dubai and other international markets to date of which over 33,600 units were in the emirate.
Last year, the developer launched several projects including Dubai Creek Residences, Creekside 18 and Harbour Views within Dubai Creek Harbour, while its ongoing projects include: The Address Boulevard Dubai; The Address Fountain Views I, II and III; The Address Sky View; Vida Residences Downtown Dubai; BLVD Crescent; BLVD Heights; Boulevard Point; Burj Vista and Downtown Views – all in Downtown Dubai.
In March 2016, Emirates 24|7 reported that Dubai Hills Estate, a joint venture between Emaar and Meraas Holding, will house 26,400 residential units and will have its own rail line connecting to the emirate’s two international airports.
Although global property consultancies have predicted a slowdown in real estate deals and a price decline of between 5 and 10 per cent this year, the chief of Dubai Land Department Director-General Sultan Butti bin Mejren has told this online newspaper that investors were buying into the property market with Dh68 billion worth of deals registered since January 2016 till February 22, 2016.