Friday, 25 January 2008

Drive away with a Bentley in Dubai

A Dubai-based property company is hoping to lure Irish and other international buyers by giving away BMW and Bentley cars to any purchaser signing up to acquire one of its properties over the next month.

DAMAC, headquartered in the United Arab Emirates, says that BMW cars will be given to those who commit to buying a studio or two-bedroom apartment in Dubai over the next four weeks, while more expensive Bentleys will be given to those who buy duplexes and penthouses.

The promotion is expected to cost in the region of €16m and coincides with Dubai's annual shopping festival. All buyers are being entered into a draw to win a €1m aircraft and a private Caribbean island.

DAMAC is a significant player in the Middle Eastern property market, and is developing 80 properties in various countries.

This week it said that would construct an apartment complex in a new 140 sq km city being developed close to Dubai's international airport. The new city is expected to be home to 750,000 people when complete.

Dubai is in the midst of a property boom, with high oil prices helping to drive investment into the sector.

However, last week the US-based Institute of International Finance (IIF) said that a weak US dollar and any softening in oil prices could result in inflationary and exchange rate pressures in the region.

Inflation is already trending upwards in the United Arab Emirates.

Last autumn, global property firm Colliers International, also cautioned that Dubai's property market could hit turbulence by 2009.