Business | Property
Flexible payment plans offered
Real estate developers in Dubai have begun offering innovative payments schemes to attract the captive end-user market in a bid to overcome the current crisis.
- Staff Report
- Published: 23:35 January 5, 2009
- An artist’s impression of the Royal Estates in Dubai. The new payments scheme will help end-users to buy apartments and villas.
- Image Credit: Supplied Picture
Dubai: Real estate developers in Dubai have begun offering innovative payments schemes to attract the captive end-user market in a bid to overcome the current crisis.
Aristocrat Star Investments, a multi-diversified business group with a real estate investment portfolio in the Middle East, yesterday announced a new payment plan for its Royal Estates development, offering existing customers 90 months to pay 85 per cent of the value of the property, once a threshold of 15 per cent of the purchase cost has been paid.
"This plan, introduced to alleviate customer woes during the current economic situation, is a first of its kind move introduced by a private developer," a company statement said yesterday.
"This extended payment plan is being offered directly by the developer, and involves no pre-approval process, making it hassle-free and affordable. More so, existing customers will have the freedom to extend this facility onto new buyers in the secondary market."
Osman Valli, CEO at Aristocrat Star Investments, said, "Studies have shown us the demand for affordable real estate continues to exceed supply in Dubai. Aristocrat's new financial payment plan has been created to build further on the real demand for property, which has now positively shifted towards an end-user market.
"With this scheme, our clients will have the option of settling the balance payment on completion, securing their own mortgage on handover, or continuing with Aristocrat's scheme by paying the balance over 60 months," Valli said.
Located within Dubai Investments Park, The Royal Estates is a mixed-use commercial, business and residential development.
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