Dubai property giant offers price cuts and investment swapping

One of the biggest players in the UAE real estate market has unveiled some of the most ambitious price cuts yet in a bid to maintain investment interest during the credit crunch.

Deyaar, seen as a giant of Dubai and the Middle East, has announced a list of measures including cutting prices by 30 per cent and giving 100 per cent refunds to those who have already made an investment in postponed projects.

As part of a ‘2009 business strategy’ the firm is also offering the chance to swap investment in postponed real estate projects to schemes which are due to be completed.

The company is building the likes of Bristol Residential Tower and Fairview Residency, both in Business Bay in Dubai.

Both are now due to pass on 25 per cent price reductions those who have already made an investment in a unit.

Deyaar said: “The transfer option will be exercised purely on a voluntary basis and will give customers the option to transfer their ownership to premium projects in prime locations.

“It will also allow customers to consolidate their total outstanding payments.”

The move could pressure other Dubai property developers to make similar price cuts in an effort to fuel new investment interest.

The company will also provide “soft payment plans” to customers, replacing the original payment schedule with smaller payments to be paid out over an extended period.

The company said this tactic has already proved successful at the Al Seef II real estate project in Jumeirah Lake Towers, which was delivered earlier this year.

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