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Rent-to-own scheme now available in Dubai

10.09.2015
Rent-to-own scheme now available in Dubai
Dubai South offers an option of renting an apartment with its subsequent purchase.

Dubai developer Dubai South offers its customers a unique rent-to-own scheme in its new project ‘The Villages’ which is part of the Dubai South master plan (former Dubai World Central).

This offer was made by Dubai South in order to attract attention to ‘The Villages’ project at Cityscape Global, taking place in Dubai these days.

USD 6.8 billion project ‘The Villages’, consists of five compact residential clusters, each housing about 20,000 units. All villas, townhouses and apartments here will be designed with focus on modern eco-standards.

Mohammed Al Awadhi, Vice President, Real Estate, Dubai South, said: “The compact, people-friendly layout of The Villages reverses the urban sprawl by bringing life’s key necessities within an attractive, walkable radius. Each Village at Dubai South will have an inspiring community environment, featuring smartly designed residences, including buildings of up to G+8 containing bedroom apartments, studios, lofts, as well as villas and townhouses.

The residential component of each village will be wrapped around a ‘community core’, which will comprise exclusive assets such as a well-reputed and recognized K-12 school, a civic center, a health and wellness complex, high street and retail outlets.”

Developer also plans to create a lot of gardens and greenhouses in ‘The Villages’ to make it resemble the real village, where inhabitants will have an opportunity to grow flowers, vegetables and fruits by themselves, and also to enjoy fresh and green environment even during the hottest summer months. Each of the five small "villages" inside ‘The Villages’ project is grouped around a community center with shops, wellness and health complex, K-12 school and other necessary infrastructure units.

It’s not quite clear yet, how the scheme will work, but rent-to-own initiatives traditionally involve a tenant paying rent towards a property over a number of years, which can then be converted into equity if they decide to purchase the unit after a certain period.

Construction of the first cluster in ‘The Villages’ will start in 2016 and the construction of the whole project is about to be completed in 2019.

Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
SALE
8,200,000
Ref.No: AP972
3BR Apt
3,750 ft2
2,187 AED/ft2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management