Amlak Finance to provide mortgages to home buyers at Palm Jumeirah

Dubai-based Amlak Finance will issue loans to purchase real estate in Dubai Serenia Residences complex for 25 years.

Dubai home finance company Amlak Finance has signed an agreement with the Palma Development to provide mortgage loans to real estate buyers in Serenia Residences on the man-made island Palm Jumeirah.

In total, a USD 410 million Serenia Residences will have 250 apartments, the value of which buyers can pay off during a period of 25 years, under the terms of a loan agreement with Amlak Finance. Also the company will levy fixed interest rates of between 3.7 to 4.9% per cent for the first three years.

With this proposal Amlak Finance, 45% of which belongs to the largest the Dubai developer Emaar Properties, plans to return to the market of housing loans after the recession in 2009.

Serenia Residences is a super-exclusive complex of residential apartments, designed by the world’s famous architect Hazel Wong, who’ve created Emirates Towers previously in Dubai. The complex is located on the Palm Jumeirah Crescent surrounding the manmade archipelago, where it occupies almost 80,000 square meters of land. Among the property sales offers there are one to four bedroom apartments and also exclusive penthouses.

“We look forward to providing our Tatweer program to Serenia Residences’ customers,” said Adnan Al Awadhi, Chief Commercial Officer, Amlak Finance.

And Kareem Derbas, CEO and Co-Founding Partner in Palma Holding said: “Potential customers … now have access to a range of financing scheme tailored by Amlak specifically for this premium development.”

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