As noted in previous blog entries, brands are increasingly resorting to “free” as a price tag to stay competitive, from “buy one, get one free” promotions and free shipping to various creative iterations. With Egypt’s biggest mobile service providers, MobiNil and Vodafone, neck and neck in the market, a new company is trying to gain a foothold with a promotion that some consumers might find hard to resist: Etisalat promises to pay customers’ phone bills every other month for six months.
And Palm Hills Developments, one of Egypt’s real estate giants, has come up with an interesting twist on “free” as competition in the real estate market continues to tighten. The offer is “Free Homes” to customers—the catch is that buyers actually pay 80 percent more for a property than its going price, receiving an investment certificate with each installment paid. When the installments are completed after seven years, property owners can cash in their certificates, which will be worth the total property price. At least in the short term, it’s a clever way for Palm Hills to raise cash and attract investors.
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