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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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