Emaar Properties yesterday said it has unveiled a flexible payment scheme aimed at making it easier for customers to purchase property in Dubai, as sales across Dubai's real estate has come to a near halt. With the innovative 'To Own' scheme, Emaar is initially rolling out two programmes - 'Plan to Own' and 'Rent to Own,' both of which will enable customers to own property under more affordable terms within Emaar's world-class master-planned communities in Dubai," the company said in a statement. The scheme reflects Emaar's commitment to extend further support to customers and be a stronger facilitator of property purchases. Domestic demand for real estate continues to outstrip supply in Dubai. Emaar's new programmes build further on the real demand for property, which has now positively shifted towards an end-user market.
The Plan to Own" programme will offer the flexibility of paying 25 per cent of the property price after the handover and over five years, making it possible to bridge the current gap due to lower loan to value ratios offered by banks and financial institutions. As per the "Plan to Own" programme, Emaar will help potential home-owners and commercial customers who can qualify for a mortgage through a bank to bridge the gap by extending their payment plans. Emaar's extended payment plan of up to 25 per cent of the property value will be paid back by the customer in single annual installments for five years, after moving into their new homes. The first payment will begin only one year after receiving their property. With the "Rent to Own" programme, tenants can adjust 100 per cent of the first year's rents as home finance if they decide to purchase the property within ten months of living in the home. It gives them the unique opportunity to rent, move in, assess the quality of the property and make an informed property purchase decision. The property price will remain fixed for a period of one year, and customers will have the option of acquiring the "Plan to Own" programme if they decide to buy. During the rent period, tenants will have the first right to buy the property.[Gulf News]