Dubai South offers rent-to-own in a first for master developers
Dubai South master-developer first to offer rent-to-own scheme
Renting is easiest way to buy a home in Dubai
Dubai South has become the first master development in Dubai to launch rent-to-own schemes, as property market trends prompt developers to come up with reworked selling strategies.
Tenants who sign up are under no commitment to purchase. Those choosing to avail the offer will receive two months of free rent at the start of their contract. Payments will be made quarterly, and there is also no down payment with the Dubai South offer.
“Given the current environment, we are highly conscious of the challenges faced by many and have created a scheme that gives tenants the assurance of owning their own property without any major upfront investments,” said Mohammad Al Awadhi at the company.
Tenants who sign up for the Dubai South offer are under no commitment to purchase.
Gaining in popularity
This means Dubai South will offer rent-to-own — where you pay a small down payment and then monthly instalments — across its vast residential clusters. Rent-own-schemes are once again popular in Dubai after nearly 10 years, but so far, these offers have been limited to a building or set of buildings rather than across a massive destination. The timing could prove particularly beneficial for the developer.
The destination is likely to see more projects getting completed before the year is out.
Plus, with the Expo 2020 now scheduled for next year, it gives the master developer — and other developers with projects there — to work on their plans. The likes of MAG and Emaar have ongoing projects there and which were well-received by buyers at the time of their launch.
It was also in Dubai South where developers experimented with offering town houses under the Dh1 million range.