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.

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