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 make the most of a home finance calculator via the DAMAC Properties website.
Commenting on the plan, the executive vice president and head of Assets and Cards at ADIB, S Venky, 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 realising 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% of all moves.
AKOYA by DAMAC is a 5,109,667m2 green master development — just over 1.5 times larger than Central Park in New York City — consisting of luxury villas and low-rise properties, surrounding the Trump World Golf Club Dubai.
In addition, 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% of all transactions during this period.
The senior vice president of DAMAC, Niall McLoughlin, said: “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.”
“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 3,901,928m2 luxury master development, located between Hessa Street and Umm Suqeim road, just off Mohammad Bin Zayed road.
DAMAC Hills has offerings such as A La Carte Villas and branded residences, high-end retail outlets, an international school, and a myriad of family entertainment and sport facilities.
Apart from this, DAMAC also 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.
Source Construction Week Online