Developers ease property payment plans

A number of developers in Dubai are announcing easy payments plans to attract and hold on to buyers, as property market worries intensify across the globe. Emaar Properties yesterday officially announced it will launch two schemes, of which the first extends property payments over five years after handover and the second allows buyers to rent a property before deciding whether to purchase it or not. « The ‘Plan to Own’ and ‘Rent to Own’ programmes are aimed at further strengthening the property sector by facilitating easier purchases and making property more affordable for our customers, » Issam Galadari, Chief Executive Officer, Emaar Properties, said. Another developer, Union Properties, said it has eased payment terms on two of its real estate projects – Index and Limestone House in Dubai International Financial Centre. « We are altering the payment terms in these two developments as we do not expect someone to walk in with the full 65 per cent required before hand over in today’s market conditions, » Zaid Ghoul, Chief Financial Officer, Union Properties, told Emirates Business. ETA Star Property Developers is open to talks with potential buyers and will offer tailor-made payment plans in some of its units, said Shyam Sunder, General Manager, Marketing, ETA Star. New regulation Off-plan buyers wishing to halt purchases will have to obtain a cancellation notification from the developer and forfeit 30 per cent of the total value of the units. The announcement by the Dubai Land Department is intended to deter speculation in the property market. By Parag Deulgaonkar