Aldar Properties plans to launch a rent-to-own program for units in its West Yas residential project, which overlooks the mangrove forests surrounding Yas Island. The program allows customers to increase their ownership percentage in the units included in the program over a period of five years by paying annual rent payments of AED 220,000. (Emirates Real Estate)
Aldar explained that all rent payments made will be converted into equity shares in the rented villa at the end of the five-year period. In addition to the annual rent, customers must pay a fixed management fee of AED 15,000 per year over the duration of the program.
On this occasion, Talal Al Dhiyabi, CEO of Aldar Properties, said: ”We launched the rent-to-own program at West Yas to enable all customers to own villas during their stay in this integrated residential community. This initiative stems from our understanding of the genuine demand for flexible ownership programs that meet the aspirations and needs of customers in upscale residential communities like West Yas, especially as Yas Island has become one of Abu Dhabi’s most prominent and popular modern destinations, attracting residents, tourists, and investors. We aim to further enhance the status of this distinguished destination and attract more residents to own homes and settle down here.“
The “West Yas” project includes more than 1,000 villas consisting of 4 and 5 bedrooms, ranging in size from 488 to 580 square meters, and were designed and built by Aldar to the highest standards with custom touches to meet the individual requirements of customers.
Links to selected real estate news articles from issue 175 :
Property Inspection – UAE Real Estate – Real Estate – Property Inspection – UAE Real Estate
Riyadh Chamber of Commerce hosted an introductory meeting on the "Ejar“ program, explaining the benefits and advantages of the unified lease agreement for the commercial real estate sector.
The ”Real Estate Unit Sorting" program completes the sorting of more than 24,000 real estate units in the first half of 2019
The system, consisting of 33 articles, was approved by the Shura Council as part of the draft law on real estate unit ownership and subdivision.
The Sakani program announces more than 13,000 beneficiaries of housing and financing options.
The Ministry of Finance launches 4 electronic services through the "Etimad" digital platform to facilitate financial procedures and transactions.
The White Land Program has obtained more than 1,200 payment orders for total areas exceeding 411 million square meters.
The Government Services Observatory has outlined four steps for identifying and publishing services, providing a roadmap for digitizing transactions.
UAE Real Estate
For the fourth consecutive month, Integrated Telecom Company (ITC) tops the speed index for May 2019.
The Saudi Arabian Monetary Authority (SAMA) launches the national electronic platform for business invoices, ”Esal Platform".
The Developers Services Center ”Etmam" intensifies its preparations for implementing the electronic link for issuing building permits and meets with a number of municipalities.
The "Sakani“ program invites beneficiaries whose income exceeds 14,000 riyals to visit the “Support Calculator” electronically.
The strength of the Saudi financial system was confirmed as the Kingdom secured its permanent seat in the Financial Action Task Force (FATF).
Valued at approximately $230.786 billion, foreign direct investment has grown thanks to economic diversification in Saudi Arabia.
Abdul Latif Jameel Land Company begins construction of 158 residential apartments in the "Dari Q" residential complex
During the auction held by Itqan Real Estate Company, Nomo Assets Investment Company purchased Riyadh Gallery Center for 976.5 million riyals.
The Saudi Stock Exchange (Tadawul) approves the listing of shares of Al-Nayifat Finance Company for public subscription.
Penalties include fines. The committee reviewing the accredited appraisers system has identified 50 violations, and those found in violation will be struck off the register.
The Real Estate Development Fund adopts an amendment to the mechanism for supporting beneficiaries of real estate loans, aiming to increase the monthly support percentage.
UAE Real Estate
