- Plan offers 1.99% finance on villas and apartments
- Customers can benefit from waivers on evaluation charges and processing fees
- Offer comes as Dubai records a surge in first-time home buyers
Dubai, UAE: As demand for ready and off-plan villas increases in Dubai, DAMAC Properties has announced a home finance plan in partnership with Abu Dhabi Islamic Bank (ADIB). The plan offers a finance with a rate of 1.99% per annum for DAMAC villas.
Property buyers and rental customers can also benefit from waivers on evaluation charges and processing fees as well as the convenience of a home finance calculator via the DAMAC Properties website.
S. Venky, Executive Vice President, Head of Assets and Cards at Abu Dhabi Islamic Bank said: “ADIB is proud to be partnering with DAMAC to provide exclusive offers and pricing for our Home Finance customers. Amid the great surge in first-time home buyers in Dubai, we are committed to supporting our customers in realizing their goals of owning a house. Through our attractive home financing plan with DAMAC, we will be able to provide our customers with a great level of reassurance and trust when making an investment in Dubai.”
The pandemic has seen many families moving out of high-density apartment buildings in favour of more private outdoor spaces. A recent survey from ServiceMarket also points to this, highlighting a recent trend of residents moving to the suburbs rather than preferring to live centrally in the city. The survey has assessed the effects of the Covid-19 pandemic on the moving patterns among Dubai residents. Communities in Dubailand such as DAMAC’s AKOYA master development, topped the list with approximately 12.1 per cent of all moves.
Additionally, as market prices have dropped considerably, this year has recorded a surge in first-time home buyers. According to the Dubai Land Department, 10,728 people bought homes in Dubai for the first time and other assets in the city during the first nine months of 2020. They made up 70 per cent of all transactions during this period.
“With attractive finance plans, such as DAMAC’s collaboration with ADIB, many people are opting to upgrade to more spacious homes. What DAMAC offers — a combination of luxury and affordability — is an opportunity many customers are quickly seizing,” Niall McLoughlin, Senior Vice President of DAMAC, said.
AKOYA by DAMAC is a 55 million square ft — just over 1.5 times larger than Central Park in New York City — green master development, consisting of luxury villas and low-rise properties, surrounding the Trump World Golf Club Dubai.
“Apart from its serene greenery, that takes people away from the hustle and bustle of city life, AKOYA offers unique attractions through high end retail outlets and various entertainment facilities, making it a widely sought-after community,” McLoughlin added.
The plan also covers financing for homes in DAMAC Hills, a 42 million square foot luxury master development, located between Hessa St and Umm Suqeim road, just off Mohammad Bin Zayed road. DAMAC Hills has unique offerings such as A La Carte Villas and branded residences, high-end retail outlets, a top international school and a myriad of family entertainment and sport facilities.
Apart from this, it has Malibu Bay — the largest community wave pool in the UAE— a skate park, dog park, fishing lakes, and a petting zoo. The crown jewel of the community is the Trump International Golf Course, a champion-standard 18-hole golf course designed by world renowned architect Gil Hanse.
DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, and Oman, as well as the United Kingdom.
Since then, the company has delivered over 30,000 homes. Joining forces with some of the world’s most eminent fashion and lifestyle brands, DAMAC has brought new and exciting living concepts to the market in collaborations that include a golf course by Tiger Woods Design, managed by The Trump Organization, and luxury homes in association with Versace, Just Cavalli, Rotana, Paramount Hotels & Resorts, Rotana and Radisson Hotel Group. With a consistent vision, and strong momentum, DAMAC Properties is building the next generation of Middle Eastern luxury living.
DAMAC places a great emphasis on philanthropy and corporate social responsibility. As such, the Hussain Sajwani – DAMAC Foundation, a joint initiative between DAMAC Group and its Chairman, Hussain Sajwani, is supporting the One Million Arab Coders Initiative. The programme was launched by Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and is focused on creating an empowered society through learning and skills development.