Dubai South has launched a rent-to-own scheme as a finance option for buyers in its upcoming ‘The Villages’ project, which was unveiled today at the Cityscape Global property exhibition in Dubai.
While the government-backed developer has not yet released details of how the scheme will work, rent-to-own initiatives traditionally involve a tenant paying rent towards a property over a number of years, which can then be converted into equity if they decide to purchase the unit after a certain period.
The offer is a bid to entice interest in Dubai South’s upcoming ‘The Villages’ project, which will consist of up to five community-based settlements of around 20,000 units. Construction on the first village will begin in early 2016 and the project is scheduled for completion in 2019.
The AED25 billion ($6.8 billion) development will also have a green focus, consisting of a greenhouse with a botanical garden and farms to allow residents to grow or buy locally grown produce. The greenhouse will also have indoor walking trails, enabling people of all age groups to pursue outdoor activities in a climate-controlled environment.
Mohammed Al Awadhi, Vice President, Real Estate, Dubai South, said: “The compact, people-friendly layout of The Villages reverses the urban sprawl by bringing life’s key necessities within an attractive, walkable radius. Each Village at Dubai South will have an inspiring community environment, featuring smartly designed residences, including buildings of up to G+8 containing bedroom apartments, studios, lofts, as well as villas and townhouses.
The residential component of each village will be wrapped around a ‘community core’, which will comprise exclusive assets such as a well-reputed and recognized K-12 school, a civic center, a health and wellness complex, high street and retail outlets.”
Unveiled at the Cityscape real estate exhibition in Dubai, property sales for ‘The Villages’ are expected to commence towards the beginning of 2016.
The unveiling of ‘The Villages’ follows the recent announcement by Sheikh Ahmed bin Saeed Al Maktoum, chairman, Dubai Aviation CityCorporation, which identified Dubai South as “the emirate’s flagship urban project that will set benchmarks for the rest of the emirate in terms of manifesting the themes of happiness as set out in Dubai Plan 2021.”
The 145 square kilometre city is also home to Al Maktoum International Airport, which will become the world’s largest airport upon completion, and will be the site for the World Expo exhibition in 2020.
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