Dubai South First To Offer Rent-To-Own Schemes

Dubai South has become the first master-development in Dubai to launch rent-to-own schemes, as the state of the Dubai property market has developers come up with reworked selling strategies. For a token down payment or even zero upfront costs, a resident in Dubai can rent a home direct from a developer, keep paying rents over years, and if or she decides, end up buying it. Now, even the biggest developers are getting into the rent-to-own trend. The schemes have a 10-year payment plan. People 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. In this particular offer, tenants/buyers can make quarterly payments and there is also no down payment. The Abu Dhabi developer Aldar too has been offering rent-to-own schemes at its communities – and chances are this could be the next big trend in the UAE real estate market. Developers are going aggressively after genuine end-users for their ready – or soon-to-be-ready – homes. By tying the payment of the property to rentals, the buyer need not bother too much about paying a hefty down payment, or having to come up with sizeable installments tied to construction milestones. And they don’t need to involve banks and be charged high mortgage rates. All of the dealing is direct with the developer.