One of the biggest real estate developers in the UAE is looking at changes to payment plans to make it easier for prospective buyers to afford its new homes for sale.
Sorouh is said to be looking at a ‘rent to own’-style financing plan which could involve rents going towards the cost of deposits, according to newspaper The National.
The company is behind some of the grandest real estate projects in Abu Dhabi, including Tala Tower, a plush apartment project in Marina Square, Al Reem Island.
Sorouh is also building Shams Abu Dhabi on Al Reem Island, a vast development set to provide 55,000 homes and include several cultural and leisure districts.
Quoted by the National, Simon Cunningham, Sorouh’s new executive director of sales and marketing, said of the payment plans: “We are making sure we are structured to handle the market as it changes.”
The move follows efforts by other UAE real estate companies to re-think payment plans for people looking to buy homes in new developments.
Firms such as Emaar have already offered deals on down payments and developed rent to own-style plans for some other Dubai homes for sale.
Sorouh’s Shams Abu Dhabi scheme includes The Gate District, an eight-tower luxury residential development expected to be fully complete around the start of 2012.
Sky Tower in the scheme has homes for sale at around AED 1 million ($272,255) and up and is listed for completion by the end of 2009.