100% finance offered on luxury UAE homes

One hundred percent finance is being offered on luxury properties on Abu Dhabi's Saadiyat Island, it was announced on Monday.

Tourism Development & Investment Company (TDIC), master developer of tourism, cultural and residential destinations in Abu Dhabi, and Abu Dhabi Islamic Bank (ADIB), have launched the home finance scheme for high-end residential communities on Saadiyat island.

The scheme, which applies to purchases of the luxury Saadiyat Beach Villas, will offer 100 percent finance up to AED30m repayable over a period of 25 years at a rate starting from 4.99 percent, a statement said.

Ahmed Al Fahim, executive director of marketing, communications, sales and leasing at TDIC, said: "This offer comes at a perfect time as we are witnessing an increased demand for our properties by prospective homeowners, reflective of the great prospects being brought about from the current real estate market"

TDIC said 80 percent of its first two phases of high-end luxury homes had sold out and is currently studying the launch of the third phase of the Saadiyat Beach Villas as a result of "strong demand".

The upscale community comprising 354 villas, which began to be delivered earlier in 2012, are in the process of being entirely handed over by the end of the year.

Al Fahim added: "Our aim is to support Abu Dhabi's growing real estate sector by strategically identifying the market's needs; therefore, each of the company's residential projects is positioned to appeal to a wide range of discerning homeowners and tenants."

Abu Dhabi is converting Saadiyat Island into an international tourist destination, at a cost of $27bn.

The island will have four museums and a performing arts centre designed by world-renowned architectural firms as well as a New York University campus, golf courses, hotels, and luxury residences.