(MENAFN- Khaleej Times) Some Dubai developers had enticed customers with Aston Martins or Lamborghinis upon the sale of a luxury unit to maintain sales.
Dubai — Marketing of Dubai property to overseas inves-tors needs new regulation to prevent damage to “Brand Dubai” from gimmicks be-ing offered to coerce buyers including yachts and luxury cars the chairman of Emaar Properties was quoted as saying on Sunday. Mohamed Alabbar who heads Dubai’s largest-listed developer said there need-ed to be additional controls on local property companies when it came to attracting foreign investors.
“Instead of focusing on the fundamentals what we see today are marketing gimmicks. It is alright to have an aggressive marketing strategy but there is a red line” Alabbar was quoted as saying. “What is the logic of promising customers who are investing their life-savings in a dream home a luxury car or yacht?”Some Dubai developers had enticed customers with Aston Martins or Lamborghinis upon the sale of a luxury unit to maintain sales. With property prices in Dubai soft after two years of high growth the practice has been returning. Such “gimmicks” needed laws from Dubai’s Real Estate Regulatory Authority Alabbar was quoted as saying.
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