A property festival will be launched in Dubai this April with price discounts from developers and even a possible waiver of fees from participating banks on mortgage registrations during the event.
Developers with real estate projects backed by escrow accounts will be allowed to sell at the Dubai Property Festival.
Auctions will be included at the property festival, either at the venue itself or online, for distressed properties from investors or developers exiting the market.
The Dubai Land Department has offered official backing for the three-day event, though they will not be including any distressed properties on their database.
The new three-day Dubai Property Festival (DPF) will allow developers to sell from their stands. Something that was only first seen last September, following a ten-year period where such direct sales were not allowed.
The long-term plan is to make the property festival an annual event, giving developers an opportunity to meet with prospective customers and offer special incentives.
Off-plan property developers in Dubai have already begun offering extended payment plans, with the average now being 2-5 years after handover. Some developers are offering up to 10 years.
Overseas property investors can expect to be offered even better incentives during the three-day duration of the property festival, particularly on older developments.
Anuj Jain, head of sales operations at Sobha, said: ‘Much in the same way that retailers leverage the Dubai Shopping Festival, developers could do the same with the DPF.’
Property buyers at the Festival could also see participating banks ‘waive’ processing fees. Land Department officials declined to say whether they would consider waiving or halving the 4 per cent registration fees during the event.
The April Dubai Property Festival could be a date to put in the diary of all overseas property investors looking to purchase in the emirate.