DAMAC Properties claims to be quite strong in its policy of preventing flipping of its property units and states that imposing rules cannot stop property flipping.
The company is of the view that imposing rules on the customers fails to work as people always find different methods to make agreements with interested buyers and end up flipping properties.
Hussein Sajwani said that DAMAC has always asked for 20 per cent upfront payments and then another 20 per cent within the first six months. This makes the customer pay 40 per cent of the price within 6 months and that’s the best way to curb flipping of property.
DAMAC Properties boasts of a revenue worth over Dh3 billion from its off-plan property sales.
Do you think this method will work? How do you think this will affect off-plan sales?