Damac is giving away Lamborghinis again
Buy a luxury property, get a luxury car thrown in for free. Makes perfect sense in Dubai, right?Neil Churchill January 4, 2016
There are many ‘only in Dubai’ moments that catch you off-guard when you first move to the UAE.
The ATM machines that spit out gold bars is one. The recent UberCHOPPER is another. But Damac’s promotion of throwing in a Lamborghini with the purchase of one of its properties has always been a local favourite.
Yes as part of the Dubai Shopping Festival this month, local real estate firm Damac is giving away luxury cars to buyers of its chosen villas or apartments; on paper at least it is a truly outstanding two-for-one deal.
It’s a tried and tested marketing ploy by Damac that has been running for a few years, stopping only briefly during Dubai’s financial crisis in 2008.
The promotion is relevant to buyers in Damac’s AKOYA development, for golf-course facing villas – the same AKOYA development that Damac was criticised over last month for its ties with Donald Trump, after the US Presidential candidate said he wanted to ban all Muslims from entering the country.
The promotion also applies to apartments in Damac’s new Residenze tower in Dubai Marina, serviced apartments in the Burj area and Versace-styled villas on the Palm Jumeirah.
Last year, when EDGAR sat down with Ziad El Chaar, managing director of Damac, we asked him what was the business acumen behind the apartment + supercar deal.
“The type of customer buying real estate in Dubai is mostly non-resident. They are people who are vacationing in Dubai, who see it as a second home and do business here. We try to show them the prospects of Dubai,” El Chaar said.
“The highest number of visitors is during the shopping festival, so we try to tempt them to make Dubai their second home. We say ‘if you buy this week, you go into a draw on a Lamborghini or a BMW or a Mercedes’, but it’s done to tempt them to make the decision to buy during the shopping festival. When you buy something in this month you expect to get something extra.”
There you go then. But is the Buy One Get One Free deal really worth it?
Prices for the promotional properties start at AED 692,000, with buyers receiving their car upon payment of 20 per cent – AED 138,400. Think of it as a down payment that gives you something back. A lot back.
Lamborghini Huracans are priced at AED 938,952, meaning you effectively drive away having paid less than 15 per cent of the car’s value. Not bad at all.
It appears that while beggars can’t be choosers, the wealthy can be as picky as they please.