Emaar Properties steps in to support property buyers with ‘To Own’ extended payment plan
- ‘To Own’ scheme to debut with two programmes – ‘Plan to Own’ and ‘Rent to Own’
- ‘Plan to Own’ offers up to 25 per cent extended payments that make getting on the property ladder easier
- ‘Rent to Own’ assures flexible choice for customers to live in; discover the community lifestyle and convert the rent into a down payment
Emaar Properties has unveiled a pioneering ‘To Own’ scheme aimed at making it easier for customers to purchase property in Dubai.
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 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.
The ‘Rent to Own’ programme facilitates easier property transactions in prestigious residential properties such as those within Downtown Burj Dubai by providing customers the flexibility of living in a property, experiencing the qualitative difference provided by Emaar and make informed purchase decisions.
Both leverage on Emaar’s market-leading position in the real estate sector as the pioneer of master-planned communities. The programmes are aimed at easing the financial position of potential customers by offering them an extended payment plan with annual payments for 5 years.
Mr Issam Galadari, Chief Executive Officer, Emaar Properties, 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 property purchase.â€
He added: “The ‘Plan to Own’ and ‘Rent to Own’ programmes are aimed at further strengthening the property sector by facilitating easier purchases and making property more affordable for our customers. By providing customers the option of securing up to 25 per cent extended payment option, Emaar is stepping in to support our customers. These extended payment plans reflect on our commitment to them.â€
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. Tenants who do not wish to make the purchase still can enjoy the option of renewing the tenancy. The minimum rental period is for one year.
Potential customers can visit Emaar’s sales centres in Emaar Business Park, Downtown Burj Dubai and Abu Dhabi for more details and explore the rental and purchase options from 9am to 6pm – 7 days a week. For more details, call toll-free: 800-EMAAR (800-36227) or log on to www.emaar.com.
Emaar has a strong development roster of master-planned communities including Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living, which are pioneering master-planned communities with established neighbourhoods.
Several hundred homes have been handed over in the four communities. Described as the ‘new heart of the city,’ Downtown Burj Dubai already supports several residential communities and is one of the most sought-after home and office destinations in Dubai. The 500-acre neighbourhood features Burj Dubai, the world’s tallest building; and The Dubai Mall, one of the world’s largest shopping and entertainment destinations, which opened doors recently.
About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world’s largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor’s and Moody’s Investor Services, respectively.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world’s tallest building and free-standing structure, and The Dubai Mall, one of the world’s largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region’s largest private sector-led project. Emaar’s portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, China, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America’s second largest privately held home builder; Hamptons International, UK’s premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE’s leading Islamic home financing company. For more information, visit www.emaar.com.
For more information, please contact:
Kelly Home / Nivine William
ASDA’A Burson-Marsteller
E-mail: k.home@asdaa.com, n.william@asdaa.com
Speaking to Emirates Business, Zaid Ghoul, Chief Financial Officer, Union PropertiesUnion Properties, said the company has also eased payment terms on its Index and Limestone House projects in Dubai International Financial Centre.
“We have eased the payment terms on some of the developments. For our Index and Limestone House developments for example, we are altering the payment terms as we do not expect someone to walk in with the full 65 per cent required before hand over in today’s market conditions,” he said.
“We are therefore planning to distribute this 65 per cent over two or three payments until hand over to ease some of the pressure on buyers, considering the slow down on mortgage lending from the banks.”
The company has not reworked or altered any payment term for any of its other projects, Ghoul added. ETA Star Property Developers, part of ETA-Ascon Star Group, is ready to offer tailor-made payment plans to potential buyers as it gears to hand over close to 1,000 units in the next six months.
“We hold on to some units in our projects, which we generally sell on completion. However, this time around we are open on offering easy payment terms to buyers. We will sit across with them and work out a solutions that benefits both of us,” Shyam Sunder, General Manager, Marketing, ETA Star said.
Three of ETA’s project – 41-storey Liberty House Office and Apartments in Dubai International Financial Centre, 39-storey Goldcrest Executive and 39-storey Goldcrest Views 2 in Jumeirah Lake Towers / JLT / are nearing completion.
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