One of UAE’s top property developers, Aldar, is offering a new rent-to-own scheme in a select number of its units.

The scheme allows customers to build equity in their homes over one, two or three years in the ready-to-move-in units in Ansam, Al Hadeel and Meera communities, the biggest listed developer in Abu Dhabi said in a statement.

Customers will be able to exercise the rent-to-own option each year with no rent escalations or fees, while building up equity positions of 16 percent, 19 percent and 22 percent over the first, second and third year respectively.

Aldar will also offer a rebate to customers when they use the ownership option.

Rents start at 120,000 dirhams ($32.7 thousand) per year in Ansam, 140,000 dirhams in Al Hadeel, and 110,000 dirhams in Meera, the developer said.

“We wanted to create an accessible solution where customers can build equity in their homes in as little time as possible, while living in and enjoying their community,” Maan Al Awlaqi, Executive Director – Commercial at Aldar said.

“This is particularly important to those who want to own a home but are not in a position to handle the large down payments that are usually required,” Al Awlaqi added.

(Reporting by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2019