Property developer Seven Tides has launched a week-long incentive for its hotel and residential developments on the Palm Jumeirah.

The event will take place between December 23rd-31st.

The decision to launch a new payment plan was taken after sterling jumped in value against the US dollar in the wake of the recent UK general election result.

The event saw Boris Johnson lead the Conservatives to a landslide victory.

It is thought, optimistically, the move will end any further uncertainty over Brexit. 

“Our properties are very popular with British investors, however, due to uncertainty about Brexit and the slide in the value of sterling, many would-be buyers have been reluctant to commit.

“However, the pound has now risen by nine per cent against the US dollar since August, which will make property priced in dirhams more affordable.

“In effect, sterling investors wanting to buy a one-bedroom hotel apartment during the promotion period, will now save over AED170,000 had they bought on August 11th, for example, when sterling was trading at 4.4 dirhams, compared to 4.8 today.

“Add to that, the stimulus of a more flexible payment plan, and we are confident that this offer will be attractive enough to entice investors, particularly those in the UK,” said Abdulla bin Sulayem, chief executive, Seven Tides.

The new payment plan which applies to both hotel and residential apartments in Seven Palm is even more flexible, making it easier for investors who may have cash flow issues.

The Seven Palm consists of two developments, the Seven Palm Hotel Apartments and the Seven Palm Residences.

The apartments are located in two 14-storey towers, joined at the top by a stunning infinity pool and located next to Dukes the Palm, A Royal Hideaway Hotel.

Providing views over the Dubai Marina skyline, the development also features two restaurants either side of the pool, a fully equipped gymnasium, direct beach access and various retail outlets.