rent or buy? sobha makes the decision easy with low-cost payment plans
As more Dubai residents find themselves caught in the middle of the ever widening gulf of - to rent or buy a property, Sobha Group has the answer.
The real estate developer has pledged to offer affordable housing options in the Emirate, with payment schemes equal to if not lower than monthly rental increments.
“We intend to reach potential home owners who are already paying monthly rents in the range of AED 5,000 to AED 6,000,” confirms Ajay Rajendran, Vice Chairman, Sobha Group.
Sobha Group has entered into talks with leading banks in the region to provide finance options with an EMI (Equated Monthly Instalment) equal to average monthly rental rates.
The Group launched its first residential project, Sobha Daffodil at Jumeirah Village, in October. Attractive finance options saw the 178-unit project virtually sold out within weeks of its launch.
Owners and investors were able to secure their units at Sobha Daffodil with a deposit of just 10% of the unit price. The payment schedule for the balance amounts is then linked to project construction. Individual home finance is also available through Abu Dhabi Commercial Bank (ADCB).
“The Dubai property market, although currently led by investors and real estate agencies, has maintained a stable growth curve helped by the influx of thousands of professionals. Our targeted approach is intended to provide greater value for money and higher customer satisfaction to those professionals actually looking to set up home in the Emirate,” Ajay Rajendran explains.
Sobha plans to follow its Daffodil success with more residential developments in the Emirate, all of which will offer affordable payment options.
For those still caught between renting or buying in Dubai, Sobha’s new developments could prove a popular option, helping more people make Dubai their home.
The Sobha Group expects to announce a regional portfolio of over AED 3.5 Billion by the middle of 2008, which will include a range of commercial and residential properties at premium locations in Dubai.
