Damac comes up with 5-year service charge waiver

04/07/2016 10:11 AST

Dubai’s developers are pulling out every incentive in the book to get buyers interested. If in recent months they were competing on post-handover payment plans, Damac could be setting a new trend by waiving services charges for the first five years after taking possession.

This incentive is being offered with the developer’s Akoya Imagine villas in Dubailand, with prices starting at Dh1.2 million. Targeted at a younger demographic, the three-bedroom villas — representing phase 1 and going on sale from July 9 — have a three-year payment plan.

“This type of community is proven to consistently yield higher returns than a purely residential one and there is a limited supply in Dubai,” said Ziad El Chaar, Managing Director. “Combined with the Tiger Woods Design element, a villa in Akoya Imagine presents a very lucrative investment.”

According to the consultancy KPMG, golf courses typically increase the valuation of adjacent properties by up to 20 per cent compared to similar real estate in a neighbourhood without one.

The new set of villas forms part of the 55 million square foot Akoya Oxygen master development.


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