One Dubai developer does away with down payment - will others follow?

Reportage Properties will instead seek commitment for monthly payments

Last updated: February 19, 2021 | 14:57

Manoj Nair, Business Editor

1 MIN READ

Post handover payment plans, service charge freeze and now, no down payment. Dubai developers are upping their promotional plays to net buyers.

AFP

Dubai: No down payment – that’s the latest marketing tool being used in Dubai’s property market. At least one developer is doing so.

Reportage Properties is eschewing all down payments for its Alexis Tower units – located in Downtown Jebel Ali on Shaikh Zayed Road - as a special offer.

Instead, buyers for the studio units, priced from Dh399,000, will have to commit to paying Dh8,000 a month. The high-rise – opposite the UAE Exchange Metro Station - offers 378 units.

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Recently, Reportage had come up with an offer to waive service charges for 10 years. According to Islam Ahmed Suleiman, Chief Operating Officer, said: “There are good indications of improved demand in Dubai.”

The high-rise is about 20 per cent complete, and set for handover in the the last quarter of 2022.

The Alexis consists of 16 floors, with three floors for parking.

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