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Thu 4 Jul 2019 02:14 PM

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Aldar launches rent to own scheme for Yas Island residential project

West Yas scheme allows tenants to build up their home equity over a five-year period while paying AED220,000 in annual rent

Aldar launches rent to own scheme for Yas Island residential project

Aldar Properties has announced that it is launching a new rent to own scheme for a limited number of homes in its West Yas community overlooking the natural mangroves that surround Yas Island.

The scheme will enable customers to build up their home equity over a five-year period while paying AED220,000 in annual rent.

One hundred percent of rent payments will be converted into equity in the villa at the end of the five-year period, the developer said in a statement.

It added that separate to the rent payments, management fees are set at AED15,000 per year for the duration of the period.

Talal Al Dhiyebi, CEO, Aldar, said: “We are launching this specific rent to own scheme in West Yas to enable customers to build ownership in their homes over time.

"We know that there is real demand for a rent to own scheme at communities like West Yas, so we are delighted to respond with a product that suits the needs of our customers.”

West Yas features over 1,000 four and five-bedroom villas, and offers two schools, three mosques, sports facilities, retail centres, a community centre. Villa handovers commenced in late 2018.