Emaar takes steps to boost residential sales

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Emaar hopes to assist buyers in developments such as the Downtown Burj Dubai.

Emaar Properties has announced plans to assist potential buyers with purchasing property in Dubai, in the face of a faltering residential sales market.

The "To Own" scheme includes two programmes entitled "Plan to Own" and "Rent to Own."

The "Plan to Own" programme will offer buyers the chance to pay 25% of the property price after the handover, over a five year period.

The programme is a bid to bridge the gap between loan values offered by banks and financial institutions, and property value, which has opened up as a reaction to the credit crisis.

The "Rent to Own" programme allows buyers to live in a property and make a decision on whether to purchase based on this time. Tenants can adjust the first year's rent as home finance if they decide to buy within 10 months of living in the home.

"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," said Emaar Properties CEO Issam Galadari.

"By providing customers the option of securing up to 25% extended payment option, Emaar is stepping in to support its customers."

The extended payment plan of up to 25% of the property value will be paid back by the customer in annual installments for five years after moving into the property. The first payment will begin a year after receiving the keys.

The move comes at a turbulent time for the real estate sector. Residential sales in many areas have all but dried up as a debilitating loss of confidence has settled over potential buyers in the region.

On October 4 DIFC Investments, the investment arm of the Dubai International Financial Centre, announced plans to launch a real estate fund to invest in Dubai and the UAE's real estate sector, an indication of the government's need to step in to maintain buoyancy in the sector.

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