Damac Properties sweetens deals for buyers from China with a free flight to Dubai

Ziad El Chaar, the managing director of Damac Properties, says the return on investment on their projects is between 7 per cent and 8 per cent. Reem Mohammed / The National

The property developer Damac is seeking to entice Chinese buyers into the Dubai market by offering a free holiday to the emirate.

The company and its Shenzhen-based partner Qfang, with which it signed a deal this month, has offered Chinese investors between now and the end of January the chance to visit the city with a free flight ticket, hotel stay and visa.

According to Damac, prices for its property range from Dh1.8million to Dh36.8m.

“The idea of this offer is based on our belief that the Dubai real estate market can offer very lucrative returns for investors from China, and from all over the world,” said Ziad El Chaar, the managing director of Damac Properties. “The return on investment for Damac projects is between 7 and 8 per cent in a tax-free environment.”

Qfang’s chairman Liang Wenhua said the offer was “intended to reward Chinese buyers with a special gift by allowing them to visit Dubai and discover in person the magnificent attributes that this metropolitan city is offering”.

Damac Properties has been making a concerted effort to sell the Dubai property market in China over the past few months as the stronger dollar has made the market less affordable to Russians and buyers from the euro zone.

Its first deal was signed with broker 5i5j in June. A roadshow followed in August.

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