Abu Dhabi's Aldar launches rent-to-own scheme for West Yas homes
Handover on the project, which was built by UAE giant Arabtec Construction, started in late-2018
Abu Dhabi-listed developer Aldar Properties has launched a rent-to-own scheme for select homes in its West Yas residential community on Yas Island in Abu Dhabi.
The scheme, according to an Abu Dhabi Securities Exchange missive, will allow customers to build up home equity over five years while paying $59,894 (AED220,000) in annual rent.
All rent payments will be converted into villa equity at the end of the five year period.
Aldar said the offer was open to a “limited number of homes” at West Yas, which features more than 1,000 four- and five-bedroom villas, ranging from 488-580m2 in size.
Handover of the homes, which are priced starting at $1.2m (AED4.3m), began in late-2018.
Talal Al Dhiyebi, Aldar’s chief executive officer, said the developer was launching the scheme in West Yas to “enable customers to build ownership in their homes over time”, noting a “real demand for rent to own scheme at communities like West Yas”.
UAE contracting giant Arabtec Construction was awarded a $544.5m (AED2bn) contract from Aldar in January 2016 to build the 1,017-villa project.