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.