New payment plan for buyers of UAE new homes

burj-dubai
Creative Commons License photo credit: octal

A United Arab Emirates developer is easing payment plans for its Dubai property in an effort to spark slowing buyer demand.

Emaar, the biggest name in the Middle East real estate market, launched a scheme which allows buyers to pay a quarter of a unit’s price over five years.

The company also announced a rent to own programme, allowing people to rent high-end properties before deciding whether or not to buy.

Emaar said its strong position allowed it to extend a helping hand to buyers finding it harder to get finance during the global credit crunch.

Issam Galadari, chief executive of Emaar, said:

“Domestic demand is one of the key drivers of Dubai’s real estate sector, and through the ‘To Own’ scheme we are leveraging on our market-leading position to support our customers and offer them more access to a property purchase.”

The rent to own programme extends to the likes of the Downtown Burj Dubai scheme – one of Dubai’s most high-end developments.

Analysts Landmark Advisory recently released a market report on the state of Dubai’s real estate market.

The group predicted a mixed experience for the emirate’s developments, with some seeing notable downturns in demand due to the impact of global conditions.

However, the report added

“solid investment opportunities will surely remain”

, with buyers needing to take into account market segmentation when making decisions.

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  5. Mixed reaction to UK 'rent now, buy later' plan

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One Response to New payment plan for buyers of UAE new homes

  1. Sam says:

    Are you seriously planning to purchase in UAE?
    1. Check if you & your family can be issued a UAE Residence Visa? – DO NOT TRUST THE ADS
    2. As per Gulf News dated 14.11.08 it is reported that as per some real estate agents and brokers there is a 40% decline in property prices in Palm Jumeirah and about 22% in Down Town Burj Dubai, you can very well imagine about the other not so great developments.
    3. As per G.N, Emaar’s share value is now 3.18 from a high of 25+ (DFM trading info)
    4. Emaar has just started advertising – Rent to Own … would you still be willing to pay high inflated and irrational prices?
    5. Banks in UAE have become more choosier to len mortgage … it used to be 95% LTV and now it is around 50%.
    6. Is the project under construction?
    7. Read the new intrepation of rule 13, regarding contract cancellation and how a buyer can be stuck in the current financial mess.
    8. Contact Rera for geniune information and details…trust nobody.

    Its good to live in a dream world but the ground realities are scarry.

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